There’s a lot that goes into creating a new business entity and ensuring its success. This article will provide you with a brief overview of the key steps that you need to take so that your crypto license in Singapore doesn’t go to waste. All the steps outlined below are listed in chronological order. Please conduct your own research in case additional steps should be taken as you proceed or if there’s additional information that was missed.
Define Your Business Idea
You have to have a clear idea of what you want to do. Are you going to be selling something or providing services? There are many things that go into defining a good business idea, but you’ll need to be concise and specific. Make sure that you examine thoroughly the other businesses operating in the same niche or capitalizing on a similar idea. Learn what the upper echelon of the industry is doing, and conduct exhaustive market research. In case you’re offering something fresh, it’s considerably easier to clearly define your business idea since it revolves around innovation and possibly driving the product towards the mainstream.
This step can be further broken down into a few categories, including:
- Formulating an idea;
- Thinking of ways to finance the project;
- Brainstorming a catchy name;
- Figuring out who the target audience is.
Choose a Consensus Algorithm
Consensus algorithms play a very important role in the world of blockchain. They ensure that everything is as transparent, secured, and verified as it gets. The presence of a consensus algorithm (or consensus protocol) is a key part of any blockchain network since it’s the only way all members involved can reach an agreement about the current state of the decentralized system.
There are different consensus protocols to choose from, including Proof of Work, Proof of Stake, Practical Byzantine Fault Tolerance, Proof of Burn, and several others. Each of the options requires closer examination before you arrive at a decision. The more time you spend picking the right protocol, the better it is for your business. Ultimately, there are pros and cons for each consensus protocol, and thorough examination will give you a good idea of how each one stacks up against each other.
Pick a Blockchain Platform
There are countless articles that have been written on the subject of how to pick the best possible blockchain technology for your business. Public or Private is the main deciding factor in the choice of a blockchain platform. For most businesses, the choice is obvious. Industry giants such as Microsoft and BMW are all using Ethereum as their main blockchain technology. Corda is also a great pick for those that want to get rid of unnecessary paperwork and optimize their workflow.
Design the Nodes
Blockchain nodes are exceptionally important since they store a full copy of the distributed ledger and are responsible for the dependability of the data. It’s crucial to choose the best option and ensure that the process of node deployment is flawless. Keep in mind that blockchain nodes need a lot of computing power, so it’s never a wise decision to try and cut costs and go for the cheapest option on the market. In general, it’s recommended to turn to a third-party blockchain node provider company that can greatly simplify and optimize the process.
Establish Your Blockchain’s Internal Architecture
Designing the internal architecture of your blockchain project is not an easy task. The blockchain architecture comes with a slew of benefits, however, and that makes it easier to make a decision that will ultimately serve to benefit your projects. The advantages of blockchain architecture include transparency, secrecy, decentralization, and several others. Key components of architecture include nodes, blocks, transactions, miners, protocol, and chain. Figure each of the components out before you proceed any further.
Integrate Blockchain APIs
APIs play an important part in the world of blockchain and can act in different ways, including a connective tissue, a security system, a processing system, a unification system, a blockchain management system, and so forth. The tasks completed by the APIs depend heavily on various things, but mostly on the intentions of the people that decided to integrate APIs to the system in order to achieve certain things. An API-less blockchain project is clearly inferior because it’s more archaic and less optimized on average.
Design the Admin and User Interfaces
There are two sets of separate goals that you need to achieve while designing different interfaces. Even with that said, there are more than a few common things that you need to keep in mind while designing both the admin and user interfaces:
- Make everything reversible.
- Give them full control of the interface.
- Make sure everything is easy to understand.
- Add enough informational materials to guide them.
- Be receptive to feedback.
- Make sure that there are enough functions for different levels of knowledge and skill.
These are only a few of the key things that you have to keep in mind while creating a design for your product. It
Make your Cryptocurrency Legal in Singapore
The process of legalizing your cryptocurrency project in Singapore is not the most difficult one. There are many different companies that are more than willing to help you out along the way because the process of creating a legal entity in this country can be tricky if done with no outside help. With a qualified enough company on your side, you can finish up the process of launching a crypto business within one business day of getting your paperwork ready for submission.
Promote Your Project in Singapore
Crafting an effective marketing campaign is one of the most important things that can be done to gain the attention of the public and future investors. There exist several mediums which are used to achieve this goal. Social media, blogs that cover the topic of interest, press releases, ad networks, SEO-enhanced advertising, and beyond. There are many advertising techniques to use to increase your project’s profile and reach the intended audience.
Almost every crypto project can turn a profit but it’s important to take your time to develop and test your projects before you go live. In addition to extensive research, it’s also important to make sure that your project is fully authorized and properly licensed by the government. Legalizing your project in Singapore is the most logical step to take when you take into consideration the many hurdles faced by crypto entrepreneurs that choose jurisdiction with harsher regulatory oversight.