Blitzbuilding Product with Rails

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Blitzbuilding Product with Rails YiTing Cheng

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Xdite ( Yi-Ting Cheng ) 1. Founder & CEO of OTCBTC 2. CTO of ico.info 3. Organizer of RailsPaciﬁc 4. Built product with Rails since 2007

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Fiat Coin OTC Crypto Exchange

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Fiat Coin You can think of OTC market as an “eBay for Crypto”, where you can buy and sell cryptocurrencies to and from others using ﬁat currencies.

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Coin Coin The other part is cryptocurrency exchange, where you can use BTC to buy and sell other cryptocurrencies.

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300X growth ( in 60 days )

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OTCBTC • Launch at 2017/10/26 • Over 50000 users ( in ﬁrst month) • Over 1.5 Billion CNY in GMV ( in ﬁrst month)

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OTCBTC • Break even at ﬁrst month • NPS > 70 • Growth Rate 20%+ (weekly)

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Building Unicorn Product with Rails YiTing Cheng

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Developer Entrepreneur

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Developer Entrepreneur • Step 1: Quit Job in 2012 • Step 2: Open my own Rails consultancy • Step 3: Join an Series A company in 2014 • Step 4: Quit job again to start my business in 2015

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Developer Entrepreneur • Step 5: Build a product that grow rapidly • Step 6: Build a product that grow rapidly and go big for multiple times in 2018

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Part 1 : Choosing the topic

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• Online Rails code camp • 500 students / batch • 2M USD revenue in 6 month 2016 —

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• ICO platform • Crypto version Kickstater • 22 projects in 2 moth • 200 M USD • Got shutdown…. 2017 —

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What is ICO ? • Raising money from Crypto • Using ETH to contribute • ICO madness in 2017/05 • Everyone wants to invest in crypto for 10x return ETH Token

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• Catch the rising trend • Monopoly • Reinvent the wheels • Big market • Huge population

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What’s the next?

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Crypto exchanges • Crypto to Crypto • Fiat to Crypto • OTC exchanges

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Crypto exchanges • Crypto to Crypto • Fiat to Crypto • OTC exchanges 99% 75% 15%

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Why OTC? • Too many competitors in crypto exchanges • Fiat exchanges need to have license in some country • OTC compliant with current law

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The one and the only OTC

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Part 2 : Launch the idea in 1 month

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• Have the idea - 2017/09/22 • Purchase the domain - 2017/09/23 • Launch the product - 2017/10/26 OTCBTC

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• You product need 10x better than old one • 3X - Customers see current solution • 3X - Entrepreneurs see their solution • Build the 10x product, make competitor miserable 10X Theory http://www.mikedp.com/articles/2017/4/12/10x-and-the-largest-technological-improvements-of-all-time

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Agile?

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• Scrum? • User Story? - Must have / Should have / Could Have / Nice to Have • Prototype? Build product in 1 Month

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• Crypto Wallet + Advertise + Escrow • Chatroom Only build for MUST HAVE

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• People hire you for “Jobs to be done”  • Not because the platform look awesome Jobs to be done

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• One more “character”, complexity: x2 • One more “currency”, complexity: 2x • One more “language”, complexity : 10x Really Focus

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• Build a site that people can post “Sell BTC oﬀer” • Buy “BTC” • Built-in Chatroom • Simpliﬁed Chinese Only Step 1: Single-side market

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• Build a site that people can post “Buy BTC oﬀer” • Sell “BTC” Step 2: Double-side market

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• Support ETH • Support Tradition Chinese Step 3: more currencies

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Product Market Fit Solve real problem and get paid make team survive

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Part 3 : Grow 20% every week

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Customer Support on WeChat / Telegram

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Intercom ( get replied in 5 mintutes)

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Reduce Churn Rate

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• Trader > Buyer • Protect the trader, reduce the churn rate User experience and operation

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• Week 1 : Build for trading volume • Week 2: Trader’s experience • Week 3: Reduce customer complain • Week 4: Referral Program • Week 5: Reduce Fraud, automate everything …. One week, One Goal

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Part 4: Onboarding-oriented

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• 30% - Didn’t understand how to use • 30% - Didn’t feel the product value • 10% - other product is good • 10% - technical ﬂaw… Why Customer left?

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They don’t understand how to use therefore feel no value.

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Before After Ongoing Why hesitate? Why they screw up at the ﬁrst place Best practices Prevent “suicide” Checkpoint Positive cycle Testimonial Referral Reward Showcase

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• Most product stop evolve after it’s launch • Most engineers thinks customers are idiot because “they are not smart enough to use our product” • When complains everywhere, it’s too late • It’s very hard to re-attract churned customers. • It’s all about speed and evolve. Pre-interact

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Part 5: Viral Growth

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Referral Program

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Airbnb

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Airbnb

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• We started referral program after NPS > 70 • Referral program only works when your product is good enough • Reduce acquisition cost It’s time to referral

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And later we ICO …

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OTCBTC • We have > 200,000 users, > 100M RMB GMV daily • Good proﬁt , NPS > 70 • The largest OTC exchanges in Asia • Building worldwide operation and engineer team • Well-founded in Our ICO • The one and only exchanges built with Rails

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Summary

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JOIN US https://career.otcbtc.com

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When I am a developer • Dev-speed is everything, I choose Rails • Teamwork-speed is everything, I choose Scrum • Prototype-speed is everything, I choose User Story

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When I am a entrepreneur • Topics and trends are important • Customers are important • Onboarding is very very important • Only make what user want • Always make product easy to use, and it’s OK without PM • Growth or Die

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Q & A [email protected] twitter: @xdite