Community and the Success of a Cryptocurrency

This may be a no-brainer but not many people understand that a community can make or break a project. 2017 saw an exponential increase in the number of new cryptocurrencies entering the market and 2018 promises more of the same. Quantity, however, does not necessarily translate into quality and many cryptocurrencies are abandoned mere weeks, or days, or even hours after they were first announced.

The reasons are myriad but more often than not, most of these projects were doomed from the very moment they were first conceived. In general, cryptocurrencies require more than just a brilliant idea or a brilliant coder to succeed. A lot actually depends on the community. The type of community built around a cryptocurrency is dependent on many factors, and is often directly or indirectly influenced by the manner in which the developers promote or market their coin or token.

Dogecoin is a prime example of what a strong community can accomplish. Created as a joke in December 2013, no one expected Doge to last as long as it has, its creator least of all. And yet, this "joke currency", with no real world use, has survived 4 long years despite being valued at fractions of a cent for most of its existence and losing its founder and main developer in 2015. According to Wikipedia, Doge is one of only 14 cryptocurrencies created in or before 2013 that is still being actively traded today. Recently, on 7 January 2018, it even exceeded 2 billion USD in market capitalisation.

Unlike Doge, F0ME was not created as a joke. Indeed, the developers of F0ME had a very different plan in mind for the brand new entrant to the cryptoverse. In their write-up, the developers have made their intentions very clear-- F0ME is a coin for the masses. From the get-go, the developers have attempted to engage the community by setting up a discord channel, hosting contest giveaways and generally encouraging participation and interaction with the community. To that end, a dedicated forum has also been set up as a means of disseminating information to the community. The dev team has also posted a number of contests and bounties on the F0ME forum to give the early adopters a chance to get involved before the information is released to the general public.

Additionally, the F0ME team has decided to distribute the Proof-of-Stake/Masternode hybrid coins via 16 airdrops to the community over 16 weeks. Distribution of the coins would be based on what the team calls a Proof of Effort model where the community would be rewarded with coins based on their level of participation and contribution to the project as a whole. From now til 28 January, the F0ME team will also be giving out a small reward for every post and topic created on their forum.

The first airdrop will be held on 24 January 2018 and the last will be on 4 April 2018.