Crypto founders have a unique challenge in front of them. In addition to building a product that people want, they also need to consider how that product can successfully run in a decentralized manner — that is, as a protocol owned and operated by a community of users. This is a difficult challenge because much of what it takes to build a

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For instance, app teams that pursue community ownership first (starting with a wide token distribution) risk engendering a community of speculators, rather than real users. Without a working product, ownership is worthless, and the community won’t stick. Many teams that have done this are unable to back into product/market fit, and as a result have

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The Three Components of Crypto Success: Product/market fit, Community participation, Sufficient decentralization (community ownership)

The need for product/market fit is obvious. Without a product people want, there are no users, no business, and it will be difficult to sustain a community for long. Community participation and decentralized control

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