Mohsen Samimi | Unsplash
You may have wondered more than once, how is it that every day we see new protocols emerging that seem very promising. While we are witnessing a high number of new projects, each one requires exceptional planning, with testing phases and implementation.
This journey can take years, during which investments will also need to be made to ensure that it not only adapts to current technology but also looks towards the future. The key is for the protocol to be flexible, with the ability to expand (scalable). This is something that the founding team itself funds, although we should also mention the partnerships that are forged with other firms, which can contribute funding for its development.
Steve Johnson | Unsplash
The evolution of a protocol is not only determined by the funds raised, but also by the problem it aims to solve. This would be the initial idea if we look at it from a perspective, as it also makes sense in terms of how it will face competition. It is something that must be kept in mind so that the product being created has a greater impact and is chosen over others.
Ideally, a path should be outlined in advance. Generally, a collection of ideas is implemented through a Roadmap, which are the developments planned for the future. This is something that in my opinion must be strictly followed, as it represents how we perceive the continuity of the project. It makes even more sense if at a certain stage, we have made some investment as potential users. However, we must be prepared for any eventuality, such as delays in the launch of new features or functions, or perhaps in the launch of new modules that expand the ecosystem being created, which is of interest to us.
A passionate, consistent, and disciplined development team, with great respect for commitment, is necessary for any technology to become the next big star in the cryptographic world. This also plays a role in favor of those who will be our allies, putting us on par with major influencers.
airfocus | Unsplash
Initially we had talked about the testings. These play an important role in technology development, because we do not put real funds at risk. What is done at this stage is the creation of a token, which can be acquired through faucets, which are sites where the user can obtain small amounts of cryptocurrencies for free to run tests. Usually, the users who perform the tests leave a record in the blockchain, which helps developers to detect flaws or bugs making the application much more stable.
I don't want to stray too much from the main topic, but generally the same project has a section dedicated to tokenomics, where it is established how the distribution of the token to be created will be. A small percentage is allocated to those who perform the tests, the rest can mean what percentage will enter circulation through liquidity, how much will go to developers as payment for their work, how much will go to marketing, private sale, governance mechanisms, etc. These are key aspects that must be documented and kept in mind.
ThisisEngineering | Unsplash
The interesting thing is that there can be two situations. That a blockchain is being built or that it makes use of an already established blockchain, such as Ethereum. In this case, said network will be used as the basis, with a subnet that will be the protocol to create. In this case, I imagine that if the blockchain is already predefined, it will help the developer a lot since they can consult and consume the APIs, which are functions already created that can be implemented in the protocol code. This could facilitate the development of smart contracts, as well as other development aspects.
Otherwise, the development team will have to do everything from scratch, including creating an API. But this has a basis if what you want to build is not just a protocol, but a huge ecosystem. New dApps could be created within it that consult these functions, already running by other developers who are not related to the founders of the project itself.
Taken with my cell phone for illustration purposes | Hive Blockchain Whitepaper
Something that is essential is the documentation of all development once this aspect is completed. The Whitepaper is necessary to record the technology in each section, for educational purposes for the user. Although it is also something that people who are not part of the project should refer to if interested. Many times, during marketing activities, users themselves provide this type of information to convince the public that they are facing a revolutionary technology.
Possibly a Whitepaper is quite detailed as it delves into quite technical details, but believe me, reading them at least once will greatly help to understand how their mechanisms work and how they fit into the structure built. In some cases, some projects offer a shortened version of this documentation called Litepaper; produced for a much clearer and concise understanding, aimed at all types of users. It is a "light" version of the documentation.
So, if you think creating a protocol is easy, maybe it's an unrealistic perception. There is a great commitment behind it, where many things will happen, and time is ticking to complete an estimated projection that will keep its users, investors, and the trust placed in a whole team that initially wanted to create technology that makes a difference in a fast-paced technological competition.
- Main image edited in Canva
- Translated with Hive Translator