Research in the Cryptocurrency world is a rising concept due to many people quickly becoming trade investors. As exciting as this newfound wave can be, it has only meant that several new crypto investors have zero to no knowledge about crypto investment and what exactly they should be researching. Several people, including social media group platforms, will tell you to do your research, but the issue is, most people are not aware of how to do research. Crypto research is a complicated concept, but beyond that, it is a time-consuming one, and you need to be ready with the right knowledge to make your research relatively easier while maximizing your results.
How to Do Your Research Using the VRIN Score
The acronym VRIN stands for V-Valuable, which talks about how valuable the service you, the cryptocurrency company, or yourself provides to the people. ‘R’ stands for rarity, which refers to how unique the service the company or platform provides. ‘I’ stands for Inimitable, which refers to how people can imitate or copy the services a cryptocurrency company renders. ‘N’ stands for non-Substitutable, which refers to how your cryptocurrency services or a company’s can be substituted.
The VRIN score can be useful for a wide range of things, including helping with crypto-related projects like those a company may need to find out if they will succeed or not. It is the general performance of a crypto product, personal crypto service, crypto brand, or even a crypto-related company.
To use the VRIN score, you have to rate the projects 1 to 10 in each of the values or whatever name you find suitable. If you have to value a cryptocurrency project, you have to be honest with yourself. For instance, if you have to value it yourself using the VRIN score, if you rate up to 7 out of 10, you should be among the sought-after by many people worldwide. That is, you are making a considerable sum of money annually, not even in dollars but in euros.
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Using SafeMoon and Bitcoin as an example with VRIN
Let’s use SafeMoon and Bitcoin for the VRIN score for how to DYOR in crypto
SafeMoon
Value
The truth is, using SafeMoon does not bring much value as expected. SafeMoon does not have a purpose and does not solve problems. However, this is not an indication that you cannot make money using SafeMoon or an indication that it’s is not going to be widely accepted in the future. SafeMoon brings zero value, and everything they do is based on what they will potentially become. They do not do anything that already exists. Being a new company, they still have a meager value. Rating this company’s value out of 10, it’s best to place it 2.
Rarity
As discussed earlier, this refers to the uniqueness of the service. SafeMoon service is not unique, and this is seen everywhere. SafeMoon’s rarity is exclusively low and due to this, giving SafeMoon a rating of 2 out of 10 is good, but when you even think about it, it is better to rate it 1.
Inimitable
Inimitable in the VRIN score refers to how people can copy your services or crypto companies’ services. It can quickly be copied within a couple of hours. And for someone with basic programming skills, it is much easier to do it within few hours. If you go to Binance and go to the BSC chains, it’s just a matter of clicking on your choice of options and watch the token come out. Copying this service is more straightforward, and this is why you have lots of SafeMoon features that are already a copy of something else. Safe moon here can be rated 1 out of 10.
Non-substitutable
The safe moon can easily be substituted as there is a wide range of cryptocurrencies and projects, and anyone could easily substitute it. Rating it 1 out of 10 will not be a bad idea. To find the VRIN score of SafeMoon, you will need to sum up all the scores. That is, 2+2+1+1 = 4. Dividing the total number by 4 equals 1.5. With this score, it is safe to conclude that SafeMoon is not even up to a medium-scale project using VRIN.
Bitcoin
Value
Bitcoins bring a considerable value, having been in existence for more than ten years. It includes its adoption by lots of countries with inflation, its spendable store of value, making it generally valuable, evident in the constant increase in value. With the rise in Bitcoin value, it is safe to value it 8, 9, or even 10.
Rarity
When it comes to the rarity of Bitcoin, it is scarce. Due to this, there is no other Bitcoin like Bitcoin. The developers and miners of Bitcoin understand that Bitcoin is extremely rare. Based on Bitcoin’s rarity, it is good to give it 9 or 10. However, each person can do their research.
Inimitable
You will always wonder if Bitcoin can be copied. However, this can be a bit tricky, and the truth is that you can copy it, but it will not be the same thing. In order not to argue, it is best to rate it 5 or 6.
Non-substitutable
Bitcoin cannot be substituted in a simple sentence, making it the only one with this feature. With this non-substitutable feature, it is good to rate it 10. The total addition of all the Bitcoin VRIN scores is 39, and when you divide it by 4, it gives you 9.75, which is huge enough. It is one of the reasons Bitcoin has got a huge market cap and why it has lasted for many years.
Wrapping Up
For a comparison, you can do this by giving yourself a VRIN score. Not just for cryptocurrency but anything at all. For instance, if you add all the numbers and divide them and you arrive at 1, 2, or 3, that indicates that your VRIN score is typically low. If you work in McDonald’s or any other company, the VRIN score can tell you how valuable you are to the company and its structure. However, this isn’t a bad thing, and it is not meant to weigh you down. You can develop yourself by focusing on each of these levels to bring your worth up.
Using the VRIN score can be more helpful, especially if you are building a brand or product. It will help you know your customers’ possible acceptance rate, including their perceptions and views about it. When you arrive at your VRIN score, you will know which area to improve to be more productive and satisfy your customers.
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Paul Democritou is a blockchain sales/marketing expert s well as the author, and host of The Crypto Factor