What is the best way to plan a Web3 project?

Remember that the point is not to be in AI, Web3, etc. So don't make it your end goal to build a tech product just for the sake of it. Instead, think of web3 tech as the “means” to ?? → solving problems → making existing systems efficient. Having a vision with this mindset will help you survive and grow in the long run.

Conceptualize: Identify a unique problem to solve with blockchain. Clarify your value proposition. Market Research: Study the market and potential competitors. Understand your audience’s needs. Team Building: Assemble a diverse team with technical, business, and marketing expertise. Build MVP: Develop a Minimum Viable Product to showcase your project’s potential. Community Engagement: Cultivate a community through social media, forums, and AMAs. Launch: Roll out the project with clear milestones. Iterate: Incorporate feedback and iterate the product. Compliance: Ensure legal compliance in all operations. Focus on transparency, user education, roadmap, and community building to build trust and adoption.

Your web3 project is not only tech. Yes tech product is important, but you also need to find early adopters/users and have a community that will rally behind you. So your plan should include UX, Product/ Features, Tech, Marketing & Community As you plan your weekly goals into Sprints, do include all of the above as goals to be achieved, as its important to let the world know what you are building and not doing it in silo! Ex - A Typical sprint/weekly goal 1. Allow users to sign up using wallet or gmail 2. Great Basic Website - with waitlist signup 3. Setup Social Media (Twitter & Telegram) 4. Social Media announcements to signup & join community 5. Landing page after signup Set measurable metric for each of them & track them each week!

The very foundational aspect is to figure if the problem that you are intending to solve is worth solving i.e whether it is a problem that relates to a real or perceptible need in the first place and why would the solution lend itself better to web3. Creating a pitch PPT helps crystallise a founder/s thoughts and necessitates the founder/s to do substantive foundational research on all aspects - irrespective of the need for raising capital

Defining a clear and comprehensive vision is foundational in steering the success of any Web3 project. Identifying the problem you aim to solve and understanding your target users are pivotal starting points. It’s equally crucial to articulate the unique value your project offers and differentiate it from existing solutions.

There are many options available, but you should consider factors such as security, scalability, usability, and compatibility. You can check out https://www.alchemy.com/top/developer-tools and https://web3-tools.xyz/resources/deployment for better suggestions.

Choosing the right stack is a key step in Web3 project planning: 1. Select a blockchain platform: Consider popularity, support, and features. 2. Pick a programming language and framework: Base this on project requirements. 3. Determine tooling and libraries: Ensure they align with your goals. Each option has its pros and cons, like Ethereum's wide support versus its fees and scalability issues. Thoroughly research and compare to find the stack that best matches your project's needs, budget, and timeline. The right stack choice is vital for the project's feasibility and future scalability.

When evaluating different blockchains, start by assessing their blockchain Trilemma trade-offs: - Security, - Scalability (Is high TPS and low latency important for your project? What is the transaction cost?) - Decentralization (centralized vs decentralized) Then I'd look at adoption rate, liquidity and overall development experience in terms of available features, community support and supported programming languages. At the end you'll have to decide what is the best trade-off to make, based on your project needs.

Designing your Web3 project's architecture is critical: 1. Structure: Define how your project components will be organised. 2. Data Storage: Decide on the method for storing data. 3. State Management: Plan how to manage application state. 4. Authentication and Authorisation: Establish secure user access control. 5. Protocol Interaction: Determine how to integrate with other services. 6. Security: Prioritise security and reliability measures. 7. Deployment: Choose strategies for deployment and updates. 8. Testing and Monitoring: Select appropriate tools for quality assurance. Careful planning of these elements is essential for the functionality, security, and scalability of your Web3 project.

Developing smart contracts is a vital step in Web3 projects: 1. Core Development: Write the primary logic and functionality. 2. Testing: Rigorously test for bugs and vulnerabilities. 3. Auditing: Conduct thorough audits, given their immutable nature. 4. Documentation: Clearly document for transparency and user verification. Given that most founders in this space have a technical background, it's crucial to prioritise these steps to ensure the smart contracts are robust, secure, and align with the project's objectives.

When building your Web3 project's front-end, understand your audience - whether Web3-savvy or newcomers. My advice in 2023 is to start with a user-friendly, jargon-free interface with clear onboarding to cater to both groups.

Building the front-end is a critical stage in Web3 project development: 1. UI/UX Design: Create an intuitive and engaging user interface. 2. Development: Ensure responsiveness and user-friendliness. 3. Integration: Seamlessly connect with smart contracts and Web3 components like wallets and oracles. 4. Tool Selection: Use libraries and tools for secure and easy user interaction. Given the importance of UI/UX in determining user adoption and satisfaction, this step should be approached with careful consideration to deliver a seamless and user-centric experience.

One way to reach a wider audience is to collaborate with Web2 companies. For example, if you're developing a project that allows users to buy and sell NFTs, you could collaborate with an artist community.

Launching and growing a Web3 project involves key steps: 1. Deployment: Launch your project on the mainnet. 2. Marketing: Collaborate with experienced marketers to target the right audience effectively. 3. Community Engagement: Interact and grow your user base. 4. Performance Analysis: Measure and assess project impact. 5. Iteration: Continuously improve based on feedback and insights. 6. Legal Compliance: Understand and adhere to relevant laws and standards. Effective marketing, guided by experienced professionals, is crucial for maximizing adoption and ensuring your project reaches its intended audience and achieves sustainable growth.

If you are in a position to gain market share by losing a little profit, do it. Corporates do this all the time. Go big, take up market share, and start raising the price of your service or product. (Paid) review articles, and brand ambassadors who talk about you on Twitter, YouTube, LinkedIn, and TikTok are on top of the funnel targeting. Then, have high-quality information available such as explainer articles, step-by-step guides, and videos highlighting topics that contain a problem you are solving. Most importantly, have call-to-actions everywhere. If someone is hyped and is convinced of your solution, make them sign up immediately. The people of today on the World Wide Web have an attention span of a goldfish.

If you want to reach a large audience, particularly those without Web3 knowledge (targeting mass adoption), head to TikTok and start discussing your Web3 project as if it were Web2. Be clear, approachable, and humorous. ??

Avoid just throwing money at ads and shillers. They won’t get you users, just vanity audience numbers. You need to build something that people want and need. That means understanding your market, solving their pain points, and iterating based on feedback. That’s how you build a successful Web3 project. Remember— it’s not about building the most hyped project. It’s about delivering value.

Define the problem you want to solve. How will your project improve something? Who will use it and why? Scope out features and functionality. Prioritize must-haves vs nice-to-haves. Consider incentives. How will you attract users and developers? Utility tokens? Revenue sharing? Plan your tech stack. Evaluate blockchain platforms, programming languages, frameworks, etc. Map out a roadmap. Set realistic milestones for development, testing, launch, and marketing. Assemble a strong team. Look for technical and business experience. Cover all your skill gaps. Connect with the community. Get feedback from future users. Build hype on social media. Manage risks. Evaluate security, regulations, and competition. Have contingency plans.

Devote enough time to designing and engineering sustainable tokenomics that is beneficial to stakeholders in the short and long run.

When planning a Web3 project, proactive tax and accounting considerations are vital. Ensure you start by understanding the tax implications of different blockchain transactions within your project. Building a clear tax strategy from the onset is crucial to prevent any unforeseen liabilities. Moreover, structuring your project's accounting systems in alignment with regulatory requirements will streamline reporting and compliance, saving you time and resources in the long run. Engaging with a crypto-savvy CPA can offer invaluable insights and assistance in navigating the complex landscape of Web3 tax and accounting, allowing you to plan and execute your project with confidence.

Don't give a sh*t. ?? Listen to others and be respectful, but trust your gut and your vision. Study and leverage your information every single day. Look for excellent co-workers who are better than you. If you don't have money in the beginning, sell them on your vision and offer ESOP or tokens, whatever makes sense for your business. Build trust with your co-workers. And the last one: ???? Scale slowly and effectively. Fast hype can break your vision.