🆕Creating a new product
Tips on creating new projects & protocols
Below are a few tips i've received from some smart people at the Solana hacker houses. I'll be fleshing these ideas out more over time, providing some of my own (low quality) insights.
Use existing infrastructure - don't reinvent the wheel. Ie Liquidity & Data
Interweave multiple contracts into one product
Beware of future Issues - regulatory headwinds, open sourcing
Crypto idealist - open source vs proprietary products. Need to balance between economics & ideals.
What best fits the market - Need to serve actual financial needs as apposed to speculative investment
Compete with traditional financial services
"Looking for the defi consolidator across all of the chains. Solanas competitive advantage is its computing power. Only the strongest chain will survive"
Look at Steen. It's about the application not the chain.
"Looking for a better rate" - is going off chain better?
Invention VS Innovation
Invention
Discovering & developing a new idea
Ie inventing the light bulb
Innovation
Bringing the idea to market/consumers
Ie Making a new screw (to connect to a socket) for the bulb so it fits a larger number of houses, increasing the number of potential customers
User experience & interaction is the most important analysis of creating a new product It is about the utility that that product provides, not the product itself
Ie When someone buys a drill, they are buying a 10mm hole
Perspective VS Heuristic
PERSPECTIVE
An appropriate representation of the problem at hand that will make the process of solving it (i.e., applying a heuristic) simple and effective
HEURISTIC
A solution to a problem once it is represented in an amenable way (i.e., through an appropriate perspective)
Learn to move on
"Don't get married to your own ideas" - If don't revolve your actions around your ideas/your passions. An example of this is continuously building out a product that is not succeeding.
Use the path of least resistance - aim for the low hanging fruit.
Seeds-driven vs Needs-driven innovation
Seeds-driven
Process of innovation starting with the capability that a technology can offer
Needs-driven
Process of innovation starting with the deep understanding of a customer's needs and wants
FUNCTIONAL ANALYSIS (FUNCTIONAL THINKING)
A systematic process of innovation that involves deconstruction of a technology to its core functions and value offerings
Parameters of value What provides value to a product? What I get and what it costs me
Parameter = ability to measure
Ie affordability, Safe
"Improve the convenience of..."
Last updated
