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RailsConf 2018: Blitzbuilding product with Rails - a crypto journey by YiTing "Xdite" Cheng OTCBTC, a cryptocurrency exchange founded in Oct 2017, was developed with Rails. It grows rapidly and has reached hundreds million of dollars of GMV and millions of pageviews within only two months after being launched.And quickly become the largest OTC exchange in Asia. Its ICO had successfully raised the amount equivalent to series B funding. In this talk, Xdite will share how she and her team members struggled through the rapid growth of OTCBTC, the future opportunity in blockchain industry, and the challenge in developing such level of project. This is a sponsored talk by OTCBTC.
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In her talk at RailsConf 2018, YiTing "Xdite" Cheng discusses her experiences building OTCBTC, a rapidly growing cryptocurrency exchange developed with Ruby on Rails. Xdite shares insights on how to leverage Rails for fast product development and profitable business growth in the blockchain space, particularly focusing on the launch and success of OTCBTC within months. **Key Points Discussed:** - **OTCBTC Overview:** OTCBTC is described as an OTC exchange, likened to eBay for crypto, where users can trade cryptocurrencies in a peer-to-peer format. The exchange also operates like normal trading platforms, enabling users to buy and sell crypto easily. - **Rapid Growth Metrics:** The platform achieved significant milestones shortly after launch, including 50,000 users and 1.5 billion Chinese Yuan (approximately $215 million) in Gross Merchandising Value (GMV) within the first month, highlighting its rapid traction in the market. - **Developer Transition to Entrepreneurship:** Xdite recounts her journey from a senior Rails developer to founding her own business. Her experiences illustrate the importance of understanding both technical and business aspects to succeed in the entrepreneurial realm. - **Identifying Opportunities:** She emphasizes the need to choose the right market topics, identifying trends such as the rise of online coding camps and the surge in interest in cryptocurrencies, which led to profitable ventures based on timing and market conditions. - **Rapid Execution:** The urgency to launch OTCBTC within a month was driven by a competitive market environment, emphasizing the importance of speed and initial user feedback in the iterative development process. - **Customer-Centric Development:** Xdite stresses building essential features that address customer needs rather than focusing on excessive product features, enhancing usability and customer satisfaction to reduce churn. - **Marketing and Customer Support:** Their strategy included active customer engagement through platforms like WeChat and Telegram, which contributed to high conversion rates and retention through responsive support. - **Innovation and Competition:** The discussion touches on how innovation is more about meeting immediate user needs effectively than simply adding flashy features, with a focus on creating a product that is significantly better than existing solutions. **Main Takeaways:** - Fast development and execution are critical in competitive tech environments. - Success in entrepreneurship requires both technical prowess and an understanding of market dynamics. - Prioritizing must-have features and responsive customer support can significantly enhance product adoption and loyalty. - Building a unique solution that addresses gaps in the current market is essential for establishing a competitive advantage. Xciter concludes that developers can create meaningful impact and wealth through entrepreneurship by understanding both technology and the needs of their target market, particularly in rapidly evolving fields like cryptocurrency.
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