How to build trust and transparency into your blockchain project

Make your blockchain project catch the eye and build the trust and transparency of your participants, supporters, and clients.

We’re living in a digital world. Everything around us is constantly changing. For example, now we have digital assets like Bitcoin or Ether that enable us to directly transfer anything without third parties.

This is enabled by the blockchain technology. Blockchain is the world’s leading software platform for these digital assets. This new technology is building a simple, innovative and better financial system for anyone.

The blockchain database is distributed across a network of computers, leaving no place for hackers. Its system is completely transparent, where all users can see the transactions and changes made on the public blockchains. That is why many industries are working on blockchain implementation into their sectors, and there are more and more blockchain projects as the days go by.

Are you currently working on a blockchain project? This article is ideal for you. It is important to know how to build trust and transparency into your blockchain project, during the whole process. Losing the trust of your community can destroy your project at any time.

The main recommendation for any blockchain project is to maintain the credibility of your project. This means that you have to be honest, real, open, and available for your clients at any time. Never forget that the members of your community will see if your project is gaining success or a failure.

We would like to share some advises about building trust and transparency into your project:

• When it comes to the blockchain, one of the most important things for a transparent and trustworthy project is for you to clearly state the allocation of funds. That is how users will gain more trust and confidence into your project. The people or companies that are launching an ICO are not obligated to share this information, but this is one of the best ways to show your supporters that your project is serious and transparent.
• It’s always better if you have a live and real product to present in front of the clients, so that they can see how it works. But, there are some projects that raise money without any working product at that moment. Whether you have a real product or not, when the ICO ends, it’s time to start presenting your product. That’s why it is important to stick to the roadmap that you have presented to your clients if you want them to trust you. You can make some of your team members as testers to see how your product works, before your participants start using it.
• Don’t forget your community! Today, it is very easy to talk to your clients at any time. We have a lot of social networks such as Telegram, RocketChat, Email, etc. You have to always keep your community up to date. Find ways to include them in your project so that they can contribute and feel excited and part of your blockchain journey. Also, it’s better to regularly share updates and development of your company.
• There will always be speculators that will ask many questions about the token value. You have to answer these questions politely. Say that it is a long-term project, tell them to check the roadmap, emphasize all of you accomplishments so far, and focus on everything you have promised and written in your Whitepaper.

In conclusion

A more transparent, secure, and trustworthy project will catch a lot of benefits and supporters. Such project will always gain more and more confidence and will attract new clients that will contribute to the project. There will always be some scammers that will try to ruin your community, but it can be solved with honest and transparent communication.

Our blockchain-based electricity trading platform Energy Premier is currently developing a pre-sale and ICO with a strong community and excellent team. The platform enables direct access to the retail energy market to suppliers by eliminating multiple intermediaries and taking out distance as a limiting factor to trade, which then results in lower prices for the consumers.

We are happy to say that we already have a live and working product, and our blockchain project is building a lot of transparency and trust so far!

You can check out what we do here and feel free to join our Telegram channel to meet our team members!

Thank you for reading.

How to build trust and transparency into your blockchain project was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.