Navigating crypto and finding reputable tokens is tough. Many projects mislead investors and fail to deliver on their promises. With that being said, there is one way that can help you find the next blue chip project.
This is where crypto roadmaps come into play. What exactly are crypto roadmaps?
Don’t worry, in this article, I will be detailing all aspects of crypto roadmaps so that you can navigate the space with ease. So without further ado, let’s jump right in.
Essentially, a crypto roadmap is a high-level visual representation of the future development of a project. Teams provide goals and updates. In turn, it serves as a measurement of success and it provides important insights which are used both internally and by investors.
What is a crypto roadmap?
Simply put, roadmaps are a way for developers to detail future updates for a cryptocurrency project. These updates include the short-term and long-term vision of a project. Whether that be goals, deadlines, or features.
Additionally, they provide insight into whether people should invest in a project or not. Ultimately, they provide a measurement of success. For instance, if the developers fail to meet the roadmap goals it may be indicative of poor management.
Examples of crypto roadmap goals might be the release of the mainnet or an NFT launch. They often mark key milestones in the project’s development.
Types of crypto roadmaps
Internal – this is used to guide the project team. They align project goals and provide a source of inspiration. For the marketing team, they provide a framework for advertising the product.
External – this is used primarily as a means to manage investor expectations. Clear deadlines are set with specific goals in mind. Not to mention, they are often made in collaboration with the community. This fosters a more active community that feels valued.
What makes a good roadmap?
Straightforward visual representation – ultimately, roadmaps need to be easy to understand. For internal roadmaps, this is important to shape development. If the roadmaps are convoluted it may lead to miscommunication. On the other hand, for external roadmaps, they need to persuade investors.
Clear deadlines – while some degree of flexibility is important to allow the team to adjust, a hard deadline stops the developers from moving the goalpost. This ultimately holds them accountable if they miss their deadlines.
Moreover, it manages investors’ expectations. If there is an ambiguous deadline that gets shifted this may result in a loss of faith by investors.
Marketing – this is especially important for external roadmaps. If your target audience is unaware of your roadmap it is essentially worthless. Therefore, it is important to market the roadmap whether that be through paid ads or social media campaigns.
Realistic goals – as they say, it’s better to underpromise and overdeliver. If teams fail to deliver on their goals it can dissuade investors. Not only that, it is demotivating for the project team.
Community driven – developing a roadmap based on user feedback is extremely important. For developers, it aligns the goals between them and the community. Conversely, for the community it makes them feel valued.
Lofty promises – if a project has a limited team with a lack of funding while making lofty promises this is a red flag. At the end of the day, if their resources are limited they will fail to deliver. This may also be an indication of poor management.
On the other hand, this could be an indication of a rug pull whereby developers cease all support leaving investors with worthless tokens. If you want to learn more about rug pulls? Click here.
Failure to meet deadlines – this is another major red flag. At the end of the day, what is the point of a roadmap if you don’t meet the deadlines?
It is usually indicative of a deeper problem whether that be fraudulent activities, limited resources, or poor management. If the cryptocurrency project you are interested in fails to meet deadlines then it’s probably best to avoid it.
Overall, roadmaps are an important tool to understand the plans of a project. Internally, they help with management, while externally they manage investor expectations. Therefore, if you are looking to invest in a project it is important to check the roadmap first. I hope you found this article useful and thanks for reading.
Want to learn about NFT collections? Click here to read my previous article.