A Complete Guide To Start Crypto MLM Platform With Ethereum Smart Contract In 2020
Before I start to explain the things, please fix your mind that this article is going to be completely Cryptocurrency MLM Platform Development oriented. So, to grab the juice of the concept, it is very important for you to understand the basic terms, such as: What is cryptocurrency MLM ? What is Cryptocurrency MLM Platform ? What is Cryptocurrency MLM Software ? What is Cryptocurrency MLM Software Development ? What is Cryptocurrency MLM Platform Development. After that we can see The Difference Between Cryptocurrency MLM and Traditional MLN, Problems Faced By the Earlier Cryptocurrency MLM Schemes, and How Smart Contracts Can Build Legit Cryptocurrency MLM Platforms. Then, Finally We can See How To Start a Cryptocurrency MLM Platform In 2020 With Ethereum Smart Contract.
So, I hope you got the index of this article, and I am sure, at the end of the session, you will get the satisfactory knowledge and answers for all the above questions based on cryptocurrency MLM Platform and Software Development.
It is a kind of network marketing, where a network of people will join in a pyramid scheme one by one, through their referrers in order to buy and sell a company’s product or service with a provided commission to enlarge the network. Generic Traditional MLM Can be done offline.
The World’s first MLM was initiated by a Medical Company, JR Watkins in the United States. Also we can say a lot of successful MLM businesses in India, and all over the world. I don't want you to get distracted by discussing too deeply about traditional MLM. So let’s jump into the core concept “Cryptocurrency MLM”.
Popular MLM Types
- Binary Matrix MLM
- Uni-level MLM
- Hybrid MLM
- Forced Matrix MLM
- Stair Step MLM
These are the possible and popular MLM types as of now.
It is a binary matrix scheme, where the network of people will consist of bitcoin or cryptocurrency investors, and they will join the scheme with the goal of getting profit by referring more number of people to join the network. Here no real life products or services are sold. In some exceptional cases, cryptocurrency investors are called to join the scheme, to invest on a newly created crypto token, and they will get paid with commission for holding more number of references and tokens. Since cryptocurrencies are known as E-currencies, or digital currencies or virtual currencies. there is no possibility for Cryptocurrency MLM to be done offline. Generally the network will be very huge and count may vary, from thousand to million or billion, because there is always a high demand for cryptocurrencies.
Cryptocurrency MLM Platform
A Cryptocurrency MLM platform is a website, where all the crypto MLM activities can be done. This is the front end or the gateway for cryptocurrency investors to signup, join, participate, execute binary matrix transactions, receive commissions, monitor the ongoing cycle and to get any official announcement from the admin of the MLM Platform.
Cryptocurrency MLM Software
A cryptocurrency MLM Software is an application that can handle or automate the mlm transactions on a Crytpto MLM Platform. It has been coded to execute particular functionalities by comparing on the cases written in the code and executed inside the MLM Scheme.
The need for cryptocurrency MLM software is, in general cryptocurrency MLM networks are very large to handle So to reduce the risk and complexities a Crypto MLM Software is essential to manage the entire MLM scheme.
Cryptocurrency MLM Platform Development
It is a development process where a cryptocurrency MLM Website or platform will be developed with the given requirements from the client. The platform will be integrated with the cryptocurrency MLM Software, MLM API’s and It can be enriched with better UI/UX.
Cryptocurrency MLM Software Development
It is a custom Cryptocurrency MLM Software development process whereas the software can be integrated with a cryptocurrency MLM platform. The software can be customized or re-engineered even after the deployment. The commission charge, Joining fee, handling the binary matrices and everything related to the crypto MLM will be under the governance of the cryptocurrency MLM software.
Advantages Of Cryptocurrency MLM Over Traditional MLM
- Completely Online.
- Higher level Profit
- Low Investment
- Freedom to Make Money Online
- No downline
- No limitation based on the region, you can join from anywhere around the globe
- You get notified through SMS, or through any other online mediums
- Passive income
- Easy - To- Start
- No chances for your partner, or your referrer to scam you.
You may wonder, then why cryptocurrency MLM are declared as pyramid schemes, even though when it has this much of advantages Let me say the reasons here.
Problems Faced by Earlier Cryptocurrency MLM Schemes
- Just because of some scammers, most of the Cryptocurrency MLM are rejected.
- The reason for scam is, “ It is centralized under the decentralized currencies”.
- As said above, the cryptocurrency MLM software can be altered at any time. So there was a lot of chances for entire systems to get collabsed.
- Started to lose the trust.
- Only one end of people alone get profited with a huge amount, and in the other end scammed with no profits but with loss.
Because of such negative impact, a lot of legitimate cryptocurrency MLM business startups, and their participants weren't able to access the success.
Why Smart Contract For Cryptocurrency MLM ?
To avoid all the scams in cryptocurrency MLM it should be decentralized and the entire system should be tamper proof under an immutable protocol. If a Cryptocurrency MLM wants to be decentralized and immutable then it should run on a blockchain platform by underlying the automated digital contract system known as” smart contracts “
Advantage of Smart Contract In MLM Businesses
- Builds Trust.
- Once deployed the system protocols can’t be changed in life time.
- Joining fee, transactions, payment, position allocation in a matrix and everything will be handled by smart contract alone. So the admin has no control over the entire scheme.
- Smart contracts keep records in blockchain, and the blockchain technology exists forever, so there are no chances for data loss.
- Reduces the scam tatio, since the system becomes an decentralized blockchain ecosystem under smart contract.
- The system can’t be hacked from inside or outside entities.
- Instant payment possible.
- Everyone gets profits, the loss ratio is too low.
- The Crypto MLM scheme will be easy to access for joining.
- No Risks.
So now you got an idea, why cryptocurrency MLM should be made with Smart contracts, Right? Okay, why prefer ethereum smart contracts. Let’s see
The Highlights of Ethereum Smart contracts
The concept of smart contract came to limelight, only after the invention of ethereum. So, we can say ethereum is the father of modern smart contracts. Apart from this there are some technical elements which makes ethereum smart contracts more specific and much preferable than other blockchain smart contracts.
- For developers it is easy to code and implement.
- Ethereum Virtual Machine Has all the library files to create customized smart contracts
- Highly Immutable
- Helps to create reliable smart contracts
- Provides better and fast performance than any other blockchain smart contracts.
Refer more : The Benefits of the Ethereum Blockchain
Now, we are in the tail of this article. Continue reading..
How to Start a Legit Smart Contract MLM Platform With Ethereum Smart Contract In 2020?
To start a cryptocurrency MLM, you should have a proper plan, requirements and resources to execute the plan. The business plan, and the requirements should be declared by you. To execute the plan, at bitdeal we can provide all the resources for platform designing and development, Smart contract development, QA testing of the platform, Smart contract auditing, and to deploy the project on time. Apart from this at bitdeal we are providing ready made clone packages of currently popular ethereum smart contracts. Which doesn't require much time and effort to make it live.
We have popular smart contract MLM Clone Scripts
If you don’t want to choose a clone script, and want to make it from scratch, then proceed further.
Cryptocurrency MLM Business Plan 2020
- Decide the Nature of Your Cryptocurrency MLM
- Find the existing competitions and extract the loop holes from leading players
- Decide the preferred Crypto token inside the system
- Fix the referral system and joining methodology
- Fix the joining Fee
- Highlight the How much profit can participants earn in how many days
- Prepare the Profit Table
- Prepare the Graph of Commision Payout Cycle
- Draft the Smart Contract Functionality In Theoretical
- Find a company or developers who can assist you in completing this project
- Make a Deal When everything is convinced.
We will discuss everything in detail in upcoming articles. So, this is the rough plan to start a cryptocurrency MLM With Smart Contract in 2020.
How Bitdeal Can Assist You In Cryptocurrency MLM Platform Development ?
Bitdeal, we are the reputed blockchain development company and are experts in custom smart contract development, and auditing services. We can travel with you throughout the process of developing your cryptocurrency mlm platform with ethereum smart contracts. Check out our development process below.
Our Smart Contract MLM Development Process
- Requirement Analysis
- Scope Declaration
- Resource Allocation
- Follow Agile Methodology For
- MLM Platform UI/UX Design
- Smart Contract Architecture Design
- Agile Development on
- MLM Platform Development
- Smart Contract Development
- Agile QA Testing
- MLM Platform Testing
- Smart Contract Auditing
- Bug Fixing & Deployment
- 24x7 Technical Support
- Cryptocurrency Wallet Integration
- Meta Mask ( For Desktop)
- Trust Wallet ( For Mobile)
- Meta Mask ( For Desktop)
- API’s Integration
- Cryptocurrency MLM Software Integration
Cryptocurrency MLM businesses with ethereum smart contract integrations are getting a huge hike and witnessing high profits during this coronavirus pandemic time. People who wish to make money online, utilize blockchain based MLM schemes to get high ROI. So if you want to be a successful billionaire, then this is the right time to start your own cryptocurrency MLM with a Smart contract.