Blitzbuilding Product with Rails

19e786a2a74377ff6e052d87fd8d1fa8?s=47 Yi-Ting Cheng
April 19, 2018
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Blitzbuilding Product with Rails

My RailsConf 2018 presentation. Story of how I build a crypto exchanges ( OTCBTC https://otctbtc.com) under 1 month and get 300X growth in next 60 days.

Business & Advanced version of my last talk in 2016 RailsPacific:
https://www.youtube.com/watch?v=V3TWE5k3fnM
( about winning a world hackathon in 7 hours )

19e786a2a74377ff6e052d87fd8d1fa8?s=128

Yi-Ting Cheng

April 19, 2018
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Transcript

  1. 2.

    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
  2. 4.

    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.
  3. 5.

    Coin Coin The other part is cryptocurrency exchange, where you

    can use BTC to buy and sell other cryptocurrencies.
  4. 7.

    OTCBTC • Launch at 2017/10/26 • Over 50000 users (

    in first month) • Over 1.5 Billion CNY in GMV ( in first month)
  5. 8.

    OTCBTC • Break even at first month • NPS >

    70 • Growth Rate 20%+ (weekly)
  6. 11.

    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
  7. 12.

    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
  8. 14.

    • Online Rails code camp • 500 students / batch

    • 2M USD revenue in 6 month 2016 —
  9. 15.

    • ICO platform • Crypto version Kickstater • 22 projects

    in 2 moth • 200 M USD • Got shutdown…. 2017 —
  10. 16.

    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
  11. 17.

    • Catch the rising trend • Monopoly • Reinvent the

    wheels • Big market • Huge population
  12. 21.

    Why OTC? • Too many competitors in crypto exchanges •

    Fiat exchanges need to have license in some country • OTC compliant with current law
  13. 23.
  14. 25.

    • Have the idea - 2017/09/22 • Purchase the domain

    - 2017/09/23 • Launch the product - 2017/10/26 OTCBTC
  15. 26.

    • 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
  16. 27.
  17. 28.

    • Scrum? • User Story? - Must have / Should

    have / Could Have / Nice to Have • Prototype? Build product in 1 Month
  18. 29.

    No

  19. 31.

    • People hire you for “Jobs to be done”
 •

    Not because the platform look awesome Jobs to be done
  20. 32.

    • One more “character”, complexity: x2 • One more “currency”,

    complexity: 2x • One more “language”, complexity : 10x Really Focus
  21. 33.

    • Build a site that people can post “Sell BTC

    offer” • Buy “BTC” • Built-in Chatroom • Simplified Chinese Only Step 1: Single-side market
  22. 34.

    • Build a site that people can post “Buy BTC

    offer” • Sell “BTC” Step 2: Double-side market
  23. 41.

    • Trader > Buyer • Protect the trader, reduce the

    churn rate User experience and operation
  24. 42.

    • 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
  25. 44.

    • 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?
  26. 46.

    Before After Ongoing Why hesitate? Why they screw up at

    the first place Best practices Prevent “suicide” Checkpoint Positive cycle Testimonial Referral Reward Showcase
  27. 47.
  28. 48.
  29. 49.
  30. 50.
  31. 51.

    • 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
  32. 54.
  33. 55.
  34. 56.
  35. 57.

    • 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
  36. 58.
  37. 60.

    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
  38. 61.
  39. 63.

    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
  40. 64.

    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