Cryptocurrencies, by nature, promote autonomy and decentralization. These are the core tenets of the crypto enthusiasts who express their thoughts on internet forums, social media, and group chats.
Take Bitcoin, for instance. The Bitcoin network is comprised of thousands of participants across the world that form a network. Network participants can be buyers of crypto, those that transact in crypto, contributors the open source software, nodes that validate the blockchain, or other active community members within the blockchain’s ecosystem.
There are more than 500 contributors to Bitcoin Core and over 200 contributors to Solidity, the programming language behind Ethereum smart contracts. When the media reports on Bitcoin (BTC) or Ethereum (ETH), they typically reference the price of the asset measured in US dollars. But we should also take a moment to understand how deep the communities are that surround cryptocurrencies.
Put differently, all blockchain projects create tokens, but successful projects also create their own networks of evangelists and collaborators. And these participants matter.
Unlike a traditional currency (commonly referred to as FIAT), which is controlled by a central authority, cryptocurrencies are governed by their network participants. Getting 51% of the network to agree — this is called consensus or general agreement — is no easy feat. The individuals and groups that form a network will ultimately shape the direction and governance of that project.
There’s another important aspect of crypto networks: The participants, primarily the large influencers, will educate new community members. Unlike traditional industries, where best practices have already emerged, cryptocurrencies are new. We are still developing best practices for crypto investors, developers, and community members.
Curious new market entrants are scouring the internet for information to learn about Bitcoin, blockchain, and altcoins. Today, people typically turn to Reddit, Quora, and other sources to get individual questions answered. But that’s not very scalable or easy to access.
So how do you solve this problem? The Hilo team believes the answer lies in building a platform that creates a unique layer of sentiment data generated by our users annotating specific points of a pricing chart.
Hilo is a new approach to socializing and creating discussions around cryptocurrency. Our platform was designed to solve the many issues we personally faced entering crypto. Understanding and gauging the market sentiment will be easier with a consolidated place for peers and influencers to discuss the drivers of a coin’s price movement.
Hilo plans to take the best aspects of cryptocurrencies — the community, shared learning, the push towards crowdsourced insights and decentralization — and combine that with a fun, social platform.
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