Hi(gh) Coiny

Proof your Bitcoin Status and chat with more Trust!

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Hi(gh) Coiny

[Proof your Bitcoin Status and chat with more Trust!]

📝 Note: The content of this Markdown in addition to illustrative images and screenshots is available at this presentation file: https://docs.google.com/presentation/d/1EHY5JcyAAOQQuEADv_UN35pJ1CKuUhqpYwkms06NVOc/. I did not want to upload the images to GitHub for example. So, I kept the images organized within the presentation.

Inspiration: The Problem and the Missed Opportunities

DApps applications are mostly used for money transfer and peer-to-protocol interaction and not quite yet for peer-to-peer real-life interaction. People currency interact using centralized social platforms.

Isolation

Bitcoin holders are disconnected with no adoption of an easy, trusted, and secure way to communicate.

Scams and Frauds

Beginners in the space suffer from too many scams and frauds on social media platforms like: Twitter, Telegram, and LinkedIn...

Unrealized Use Cases

Financial capabilities verification and initiation for:

  • co-founding.
  • conveniently reaching sponsors.
  • ensuring financial security for a future spouse.
  • meeting people with mutual interests
  • ...

Current situation and the Provision

The aim is to use the crypto-wealth status for trust, and safety and utilize the current technical capabilities for easy interaction.

But Currently

  • People get to know each other on LinkedIn, Telegram, Twitter and etc...
  • Lots of time and money are lost because of spam, scams, and frauds.
  • No easy and secure way to initiate trust and then proceed to smart contract based interaction.

The Provision

  • Contacts filtering & selection based on a proven financial status.
  • More trust and less headache.
  • Getting the users ready for Seamless trusted interactions facilitated by smart contracts.
  • It is still the responsibility of the user to not share his private details. But we provide the user with an additional helping trust factor.

Idea Validation (Technical perspective)

[Ensure Technical Feasibility]

Idea Validation (User perspective)

[Ensure Users Interests]

  • Created a survey that ensured the users' interest in the idea as none of the responders stated that he/she had no or low interest.
  • The survey was mainly about the Purpose of Use, Level of Interest, and Integration Preferences. -More surveys would be conducted in the future for scope definition, getting directions, and prioritizing features…

📝 Note: The illustrative charts extracted from the survey are available in the early mentioned presentation at slides 7 to 10.

Market Analysis

Key Market Trends:

  • Increasing cryptocurrency adoption: With the continuous growth of this sector, the demand for related services is expected to increase.

  • Heightened interest in DeFi: This makes it evident that there is a demand for decentralized services among cryptocurrency users. And those users would be interested in, for example, Technical Analysis from people who can prove they are really making money and have lots of BitCoins in their pockets...

Market Sizing

Market Opportunity

The continual rise in the number of cryptocurrency users represents a significant market for this service. Additionally, we would attract people who are not into the crypto-space to become Bitcoin holders and benefit from the provided services.

Markets breakdown

  • Total Addressable Market (TAM)

    The total number of Bitcoin Owners could be estimated at 106 million.

  • Serviceable Available Market (SAM)

    The SAM could be a subset of the TAM who are actively involved in transactions requiring status verification. If we conservatively estimate this segment at 15% this means 15.9 million users.

  • Serviceable & Obtainable Market (SOM)

    Considering the competitive landscape and barriers to entry, let's assume "Hi(gh) Coiny" captures 1.5% of the SAM in its first year, giving a SOM of around 238,500 users.

Go-to-Market strategy

The go-to-market strategy will focus on reaching out to the identified market segments effectively.

  • Identify Customer Personas: First, establish a clear understanding of your target customers, their needs, and the platforms they use.
  • Create Value proposition: Highlight how "Hi(gh) Coiny" protects users' privacy and confidentiality during verification processes, delivering a unique value proposition.
  • Channels: Leverage online platforms popular among the target market. This could include social media platforms, and cryptocurrency forums.
  • Collaboration & Partnerships: Consider partnering with DeFi platforms and wallets, helping them streamline their customer verification process while simultaneously reaching out to potential users.
  • Monitoring and refinement: Continually collect feedback, monitor results, and refine the strategy as needed.

Current Project Status

  • A draft PoC has been developed for the frontend and the backend.
  • However, I plan to go further with a solution for a decentralized messaging protocol called DM3 after customizing it for BitCoin. I am in communication with the dm3 team and I had also created an issue at their GitHub repository for tracking: https://github.com/corpus-io/dm3/issues/629
  • Domain name booked: HiCoiny.com Which is easy to spell and remember, and give a good indication about the service.
  • Domain names with the same phonetics have been also registered and they point the users back to the correct name. So the following names have been all booked to point to: HiCoiny.com
    • HiCoiny.com (The correct one)
    • HighCoiny.com
    • HiCoini.com
    • HighCoini.com

PoC Screenshots

📝 Screenshots from the PoC are available in the early mentioned presentation at slides 16 to 24.

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