At Blockport, one of our most important upcoming features is social trading - offering our users an intuitive and easy-to-use interface that facilitates engagement and knowledge sharing between users.
In this article, we explore Blockport's social trading features in greater detail. How do we envision the future of this product feature? And what is the marketing strategy behind this concept?
15th of April we launch the first round of our STO. Find out more on the website.
Initial growth challenges
Growth aside, we ran into various unforeseen product development challenges along the way in 2018. Initially, we planned to launch the first version of ‘social trading’ on our platform end of that year.
As the year progressed, however, we noticed that the maturity of our Beta platform was not high enough, and we decided to dedicate our resources to getting the fundamentals of our platform right before embracing the complexity of social trading as a primary feature.
Therefore, we focussed on improving the first version, before making the next big step. This first version offers users a truly simple way to participate in the world of cryptocurrencies. Euro deposits. Euro withdrawals. Basic cryptocurrency exchanging, but with low fees and most importantly, a seamless user-experience.
In hindsight, this strategy was more effective than we could have hoped. With our core platform and features in place, we managed to develop a thriving user base who are able to make use of our simple in- and out-flows into the world of cryptocurrencies.
2019: the year of social trading
In the first quarter of 2019, we took the first step towards becoming a social cryptocurrency exchange: implementing social media integrations. This feature allows our users to share their trading activities on social media.
It may not sound like a groundbreaking feature, but not many cryptocurrency exchanges offer this functionality yet. The sharing of information, insights and knowledge is an important first step to becoming a full social trading platform in 2019 and beyond.
Why is social trading valuable?
"Because people buy from people they trust."
Eventually, everyone can build a following on Blockport, which will empower any user to become an influencer, as well as an ambassador for the Blockport platform.
People can share Blockport branded content across other social media channels to encourage others to start following them, creating a natural network-effect on the platform that we also see on Youtube and Instagram.
The social trading features will stimulate engagement between users, unique content creation, and a knowledge-sharing community.
Beginners will be incentivized to follow experienced traders because they can learn, or gain knowledge or new insights from them - paying the experienced trader for exclusively sharing this information.
The experienced trader will be incentivized by earning an extra source of revenue, and building a following that boosts his status and personal brand in the ecosystem, similarly to what influencers on leading social media platforms are currently doing.
The social trend
As my co-founder, Sebastiaan, recently pointed out in his thought piece about social trading, we are moving towards a more open, shared society in which community-driven investments have become increasingly popular.
We have seen this first-hand with the emergence of the Internet, email and social media platforms.
As a result of the internet and social media boom, we saw personal finance and investing become more and more accessible online, as well as more open and social from 2010 onwards, with the emergence of crowdfunding platforms such as Seedrs and Kickstarter.
Later down the line, with the emergence of blockchain technology that facilitates early versions of the Internet of value, ICO’s and STO’s are being introduced, which allow projects to raise funds from their communities.
Therefore, we see the combination of social media and trading as a logical next step, that no established exchange has utilized in an advanced and sophisticated way yet. Combining these two worlds, leverages the single most important cognitive ability of humans, which is: knowledge-sharing and effective collaboration on a global scale.
On the topic of crowdfunding, it’s worth mentioning that Blockport is launching an STO on the 15th of April, empowering our users and community members to become shareholders in Blockport.
Check out https://blockport.io/sto for more information about our first equity round.
What are the next steps for social trading?
Currently, we are working hard to release our internal matching engine and advanced trader view, which is a necessary component for most of the social trading features. As described in our new white paper 2.0, we have divided the social trading features up into six different components which we are planning to build in the coming year:
- Social media integrations (released in Q1 2019)
- Trader profile
- Portfolio baskets
- Timeline & Activity
- Rank & Compare
Therefore, I’d like to provide a quick rundown of every component, and explain how it adds to the overall vision of Blockport becoming the leading social trading platform.
2. Trader profile
The trader profile is the backbone component for social trading. Just like a profile page on Facebook or Instagram, it shows you and your followers an overview of your key performance indicators, vision, mission and strategy.
The trader profile also provides users with insights into their own performance with multiple metrics and data visualizations. This makes it an interesting and useful feature not only for our ‘social traders’, but for all Blockport users to better understand their own performance.
3. Portfolio baskets
‘Baskets’ are curated portfolios by social traders that you can buy, with just a few clicks. Once people are able to create their own trader profiles, the next step is to offer their (potential) followers the options to buy exactly the same portfolio, with just one market buy.
4. Timeline & Activity
This feature is focussed on increasing the interaction between experienced traders and their followers. A follower can ask the trader questions regarding specific trades, ideas or insights. This way, Blockport facilitates a multilateral channel for quality discussions that stimulate knowledge sharing amongst users.
In many ways, this will be similar to the interfaces of Facebook and other leading social media platforms. Users can discuss strategies, post images from their trading activities or technical analyses, and engage in a constructive way with one another.
The many discussions that traders are currently engaged in, spread across multiple other apps and social media platforms, can soon be hosted directly on the Blockport platform - tied directly to trading actions.
5. Rank & Compare
Eventually, people want to follow the best traders on Blockport, and therefore need a way to rank and compare them, based on key performance indicators. These indicators may include: return on investment, trade frequency, type of analysis, amount of followers, activity, and many more.
An important aspect of this feature is that users will be able to compare themselves in relation to other traders. Through a leaderboard system, traders can opt in to be ranked based on their performance on the platform, adding an element of competitiveness and gamification to the user experience.
The final version is the most advanced of all social trading features. The copy trading functionality allows people to automatically follow and copy each other’s trading activities directly on the platform.
Beginners will be able to learn from experienced traders and vice versa.
This feature is largely based on incentivization: experienced traders can easily earn an extra source of revenue in the form of Blockport’s native utility token: BPT.
The better a trader performs on the platform, the more followers and BPT he or she will earn as a result.
Social trading will become an integral part of our platform over the coming years, and will provide our users with a unique trading experience.
We’ve got a strong team of dedicated developers, designers and data analysts currently working on the above-mentioned features, and we can’t wait to share them with our users soon.
Blockport is launching its first equity-based fundraising round through a Security Token Offering (STO), launching on the 15th of April 2019.
Blockport is an Amsterdam-based, fiat-to-cryptocurrency trading platform that strongly focuses on usability and social trading features to provide a secure, efficient and enjoyable experience to its users.
The Blockport platform is connected to external exchanges and aggregates liquidity through its smart-order-routing system to automatically offer the best prices to its users.
In the coming year, Blockport is building on a hybrid-decentralized architecture that allows users to trade with high performance, whilst safely storing their funds on a blockchain wallet, meaning they own their private keys.