Here's some personal feedback and commentary on LeoFinance's recent proposal for the everything app.
You can read the full proposal here:
Watch the AMA of their livestream here:
So here are some key notes and takeaways from the proposal together with some of my personal thoughts.
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Leofinance wants to grow and onboard 10K new users in the hive network thru the everything app. This is expected to be done in 16 months. Their statement is to grow the pie instead of taking a bigger slice. Personally, I like this approach. The focus is on growth instead of migration. Who doesn't want hive to grow? Plus having set actual targets (specific numbers) is something that appeals to me as it allows the team to be focused, goal oriented as targets are measurable and is set within a specific timeframe.
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But why should DHF focus marketing and funding 1 DAPP?? This is a very solid counter argument for the proposal. There are other great projects, initiatives and communities in hive that would also need support and funding. My personal take is that LeoFinance, is the frontrunner and is well positioned to undertake this project. They have already increased monthly active users from 500 to 1300 since launching their new interface. The team has a solid track record on delivering projects. Should this project be a success then it just makes it easier for smaller projects to benefit and take advantage of the already bigger existing user base.
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@Khal said it best on his analogy of the of internet during his AMA stream. In many ways the Hive network is very similar to the Internet in its early years. Everyone needs a gateway that is easy to understand and has practical use. For the internet it was the email. And for hive it could just be the everything app. From my own experience, I know nothing about hive , nor dapps, nor blockchain at all. And even after 3 years, I still don't have complete understanding of everything. I just started playing splinterlands and from constantly playing the game I learned about Hive. Played some more games and learned about leofinance and other communities and dapps. Just explaining what Hive is to a regular guy like me could just be too much information to take.
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$495 is the total daily budget proposed. 'The breakdown can be seen below. As you can see the budget is focused on marketing and advertisement. What I like to focus on here is the third one Influencer marketing, This, I believe will be the more effective means of marketing compared to the rest. It has the highest allocation of $140 a day. Now, this is something I've been waiting to see. Youtube and Facebook personalities are proven to be great marketers. They have enough reach to attract, influence and persuade people to sign up. Just a small portion of their followers can single handedly fulfill that 10k users. I also believe in the near future, that Hive and Leo will have big influencers within the network itself.
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But how about bots? regardless of how much is spent, useless accounts can be created by just using bots. The leofinance team will address this by publishing and providing constant monitoring on activities of new users accounts. The aim is to have active users, it will be counter productive for them and will not make sense at all to just fill their app with bots as this will not lead to any real benefits in the long run.
- But again, funding for just one DAPP? It is important to note that NO funds will be allocated for the actual app development. The funding is solely for marketing and campaigning. What's even more impressive is that this is a risk free investment. Yes you read that right. If Leofinance is unable to deliver from their marketing strategies, DHF will be given a full refund. Yeah, the full marketing fund would be given back. In my honest opinion, I would rather have the funds used up and have the launch be a success, rather than getting the money back which means the project failed.
I have already voted for this proposal and I personally wish for the success of this App. Ultimately what I want is for more people to be aware of and join us in Hive and reap its benefits. Web3 is the future and I think we should all do our part in making that future become a reality sooner rather than later.
