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RE: 7 Rules You Should Follow When Doing Due Diligence For Crypto Coins
A well written and clearly classified post.
@inventor16
As per 4th point -> selecting a coin for having broader niche.
Recently I am looking to Storj project which can be used to rent out the extra hard drive for crypto. I felt this is gonna be really innovative project.
But, the point of broader market... I doubt it.
What's your stand against this project? Any suggestion?
Of course, I agree all points you had here....
I haven't done enough due dilligence on storj to really make an informed comment. I think the idea makes sense, also with Siacoin and decentralized hosting also makes sense. But with these new decentralized operating systems coming out, such as BOScoin, EOS and maybe even Ethereum, you have to ask the question of whether these one off blockchains will gain more demand versus a dapp that's built on top of another blockchain. That question we will only know in the future.
Exactly @inventor16
Only future knows. But it would be better to have investment on the projects initially... Of course yes they gain demand in the course of time.
I feel not more than DAAPs...
For this instance,Storj to gain more demand. It has to offer more speed, bandwidth, privacy and censorship comparing with traditional cloud storage. But lets see in future. I would like have your review on this coin or similar innovative projects. It would be great and helpful than a noob like me telling about it.
@chandu91 I'll look into doing a review of Storj, my initial thoughts is it's a solid idea. One cause for concern is storj competitors like google drive offer 15GB of free storage which is very secure and reliable, so most people will just use that, so demand may be lower. Demand is going to be a key player in the marketcap of the coin itself.
What about pirates?
I remember once I read Peter Sunde's post when Kickass torrents been shut down. He was in opinion in future the data must be distributed and uncensored without any Centralized control. Data should be free and accessible to every one.
May be, the pirates of with same opinion may employ this idea. Which means even the host don't know what data was hosted except with the user who had its key.
Because the data hosted on the blockchain will be encrypted with cryptography.
May be this may tap the untapped potential.
It's just my view. Waiting for your review on Storj and other kind of projects.
Peter Sunde's is the founder of Pirate Bay.
His interview
https://torrentfreak.com/pirate-bay-founder-piracy-scene-needs-innovation-160726/