Developing Innovative Crypto Solutions at CoinMinutes #32
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The crypto world is something volatile that changes very frequently and, besides, it brings new possibilities as well as confusion. While a handful of traders are rejoicing their flawless timing of the entry, thousands of traders in a similar manner are unable to clarify which things are important and which ones are not.
The gap between the bright future of crypto and its slow adoption is the reason we at Coinminutes Crypto are energized to continue our work. We have shifted from being the crypto news platform to a platform that discovers solutions simplifying complex crypto concepts and making them readily available to users for their decision-making.
Our experience is a reflection of the fact that: just providing information will not yield value. Tools that enable users to utilize that information will.
Understanding User Issues
In order to establish solutions, first and foremost, we needed to comprehend the problems. Our research team conducted interviews with community members who had different levels of experience. Based on that research, three user groups with different sets of problems were identified:
Newbies named the information flow as "drinking from a firehose" but they did not have the framework to manage the information. They were technically impeded by the use of jargon and their fear of being scammed, which made them uncomfortable.
Experienced traders had a desire to have tools that would reveal their patterns beyond price charts. They were ready to pay for the insights which were not available on the mainstream platforms. Their dissatisfaction? "Everyone is using the same indicators and news sources. If you want to get an edge, you have to see what others can't."
Business professionals found implementing blockchain challenging. Even though they saw the promise of blockchain, they struggled to figure out how to integrate it, comply with regulations, and assess risks.
Such insights dictate our choices of what to create and thus enable us to focus on devising problem-solving tools rather than feature-stuffing.
Useful Reference: https://opensea.io/coinminutes
The CoinMinutes Innovation Method
On the whole, designing crypto solutions would require a carefully planned out scheme that balances the creative and user-friendly aspects. We accomplish it in a manner that is based on three concepts:
Firstly, user-centered design permeates all the stages of the development. We find user problems instead of tech capabilities, thus, ensuring that the solutions meet the needs and not just the skills.
Secondly, we decide on the features to be built first by testing our assumptions. We cannot proceed with the work and investing in new things if we do not first test our ideas through data and user feedback.
Thirdly, communication with the community during the development stage creates a continuous improvement cycle. Community members receive the tool versions for testing, and their feedback is the ideas that guide the changes.
The use of this method results in a disciplined yet flexible innovating approach. For example, in the case of the portfolio tracking tool that we were going to develop in Q1 2024, user research revealed that the majority of users were already provided with this functionality. Hence, we redirected the time and money to the urgent needs that had been identified through our research.
Building Market Narrative Intelligence
The common way of doing Cryptocurrency Market analysis is through indicators and number-based data. Our research revealed that the missing piece was the story aspects that usually lead market movements. The Narrative Analysis Engine solves this issue by identifying and analyzing the stories linked to crypto projects.
The tool is not only identifying narratives but also recognizing the changes in the way people feel long before these changes get to the market, as it monitors the talks on a wide range of social platforms, news sources, and developer communities.
The development process wasn't without challenges. Early versions struggled with telling apart narrative shifts and marketing efforts. We scrapped our first approach after discovering telegram pump-and-dump groups were messing up our data. The team solved this by building pattern recognition that spots fake activity based on posting patterns and account histories.
Our tool combines number data with other analysis, looking at how things connect rather than counting how often things are mentioned. We monitor key on-chain metrics including TVL fluctuations and whale wallet movements, then compare these to how people feel to forecast story trends.
From Confusion to Clarity: The Knowledge Bridge
Cryptocurrency education follows one of two models: explanations that aren't useful or deep-dives that overwhelm newcomers. The Knowledge Bridge tackles this problem by gradually showing more complex ideas.
Users begin with concepts presented through visualizations rather than text explanations. As they show they understand through quizzes, we introduce topics that build on concepts they already know. Each concept connects to real applications, answering the "why should I care?" question that education often misses.
The tool adapts to how each person learns by offering different paths through the same material. Visual learners can learn through pictures, while those who prefer text can access written explanations.
Find More Information: When Minutes Matter: How CoinMinutes Transforms Crypto Chaos into Clear Decisions