11 November, 2020 

What is MVP and Why Do Blockchain Products Need It?

Main facts and aspects about MVP and how to use it
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What is MVP and Why Do Blockchain Products Need It?

MVP is an important part of Lean philosophy. This philosophy implies agility in startup management, avoiding extra expenses, and a strong focus on meeting the customer's needs. It is based on the eternal search for decisions to satisfy the customer in the best possible ways through practice and the most precise analysis of the market and target audience.

MVP is the abbreviation for "minimum viable product"( not "minimum valuable product" or "minimal valuable product" as it sometimes gets mistakenly translated as). What kind of product is that? It has a purpose to determine the basic needs of the audience and understand whether the released product meets them.

How MVP Helps to Save the Company's Resources

You can create products with multiple features but is there any sense to do it if most of the features will never be used by your customers? After all, they all cost money, effort, and resources. But how can you know what features your customers need and which ones will be useless for them? This is when MVP enters the game. It will help you to focus on the important things and avoid wasting time and effort on the unimportant ones.

Minimum viable products must have a minimum bunch of the main features that can become either useful or not useful for your target audience. Although the concept of this product is minimalistic, it must be finalized and ready to use. It will give you a clue on what is interesting for your audience and how can you make it even more interesting for them.

After the MVP's launch, it's CRUCIAL to receive feedback from its users. This information is used to improve the marketable features and to remove those that are non-marketable. The idea of Lean methodology is to make this process neverending because the market is not constant. It keeps moving forward and setting new challenges. Especially this concerns digital products because tech trends get outdated in a blink of an eye.

MVP saves the company's resources by implying attention to the audience's needs, the agility of the process, and the trial-and-error method.

The release of a product with only basic features to work on in the future will be way less costly compared to spending money on creating something no one wants to use.

How to Use MVP in Blockchain Products

A blockchain system is a digital product. This means that products based on it should be especially sensitive to market trends and agile. Therefore, launching tokens as MVP will help to reveal features and opportunities that may be interesting for potential investors. This will also help to win their attention to the product's future improvements that will promise them more options. Blockchain has a big future and can be implemented in a wide range of people's activities. However, the technology is new, so it's very important to launch versions of products that can actually show people what it can do and educate them about it.

Thus, not only using MVP versions of blockchain products helps to sell tokens and develop crypto startups, but it also plays an important educational role in blockchain adoption. MVPs in blockchain help to spread knowledge about the options this system provides for the widest audience. They speed up the integration of digital finance into a people's life routine and basically participate in humanity's progress in tech in the long term.

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