Hi! My name is Kirill Zheleznov and I am a product manager at Tokenomica. In this article, I would like to explain our initial plans and goals with STIP Sandbox and what we have achieved.
So, Security Tokens Issuance Platform (STIP) is the major part of Tokenomica’s ecosystem that allows companies to issue smart securities in full compliance with EU securities regulations.
This June, we have launched STIP Sandbox — a virtual testing environment where users are able to launch their test fundraising campaigns without risking any funds. During this time, we have received many questions from our users regarding STIP Sandbox and the goal of our testing environment.
Initial Plan and the Evolution of STIP
The development of STIP started in November 2018. Back then, our vision about the product was completely different from what it is right now, the STIP at this point of time was the product for companies — an environment for the automated issuance of tokenized securities.
In December, we have launched the first beta of STIP, it included three questionnaires for issuers that are used to choose the issuance instrument that is right for a company (you can see them during the creation of campaign on STIP Sandbox now). After filling them out, the platform indicated the best issuance instrument based on these questionnaires. As a result, users were able to contact our legal partners and start the preparation process for their campaigns on the full version of STIP.
In March, we have started analyzing the result of beta testing and started collecting the feedback from users that have filled in our questionnaires. From a total of 240 users, 89 completed more than 2 questionnaires and 151 registered and completed less than 2 questionnaires. Based on the feedback from our users, we were able to find out the main weak point of our beta: users weren’t able to test the issuance process and realize how it is different from our competitors.
That’s when we have realized that before the release of the full version, we need to give users an opportunity to test the issuance itself. Along with that, we have started working on the concept of the marketplace on STIP and it was clear to us that in the next beta, both parts of STIP’s ecosystem must be available for testing.
Sandbox Full of Quicksand
As our team stated before, with the release of the sandbox version, we had two main goals:
1) to give both companies and investors an opportunity to test our Security Tokens Issuance Platform without risking their funds;
2) to test all the main features of the platform and receive feedback from our users.
In human language, we wanted to understand how users see our platform which steps are unclear, which features could be added, and how we can improve STIP for both issuers and investors. We wanted to collect everything that we could possibly get but mostly we were interested in the negative, on the weak points that could’ve been improved, but ironically, all the negativity that we have received was regarding our STO Contest that we have started just to engage more people and make testing more fun. So that’s where we have partially filled our Sandbox with the quicksand instead of warm soft golden sand.
In the return, we didn’t receive much of the feedback, spent way too much time dealing with the contest and gave our community manager some sleepless nights to spend answering questions about the contest, rather than collecting feedback on the platform.
Generally, we are happy with the results of the testing period, even though we didn’t receive much feedback, it helped us improve the final product significantly. In the last part, I would like to focus on both positive and negative results of our testing period.
Overall performance of STIP Sandbox
Let’s start with the first part — the overall performance of the platform. Token issuance worked without any flows. Yes, there were some bugs here and there but those can’t be avoided on the MVP and that’s where we get to a downside.
Don’t treat an MVP like the final product
In some ways, we have treated STIP Sandbox as a final product, while it is clearly not. Generally, we’ve put too much work in something that is basically a demo-version which in the end, distracted us from the development of the final version and we had to delay the release date of the full version.
Just in case you ever plan to release your own product, think long and hard whether you have enough human resources to conduct the contest. Our main prize of 5 000 Waves made most people forget about the platform, everything that mattered was winning, meaning that most users didn't really care about testing and that's fine.
If you are going to launch a contest like this, be ready that one of your employees will be working on the contest mostly, check the rules of your contest, you must be ready for every possible outcome and scenario that is theoretically possible.
And that’s mostly it, now we are getting ready for the release of the final version of STIP and there are significant changes to what you have seen on the STIP Sandbox. Basically, the upcoming release will bring you Tokenomica 1.1 with the same profile for crypto trading and STO Marketplace. There will be 3 fundraising campaigns available from the start but I am not allowed to spoil everything right now, we will share everything that has changed about Tokenomica next week.