Definition
A roadmap is a plan that details long-term objectives, including major milestones intended to be achieved in a predetermined timeline. In cryptocurrency, a roadmap maps out its vision and direction.
Understanding the term
When we talk about a roadmap for any particular project, whether a startup or a newly-created cryptocurrency, we mean a carefully constructed plan which includes achievements to be made within a specific time frame. One look at the roadmap of any project reveals whether it is worth investing in or not.
The creators convey their entire product strategy through the means of a roadmap so that it is easier to pitch for financing and support from the community. The existence of a transparent roadmap with a strategy and the direction of the project was non-existent for many Web2 startups.
A roadmap takes the shape of an advanced-level visual map that guides a market participant and an investor to figure out the direction for any specific product. Through a roadmap, the creators communicate with potential backers and community members to partake in and support their project while explaining their ideas behind building it. Roadmaps are updated whenever the project completes any of its pre-planned goals.
Takeaway
Roadmaps in the paradigm of cryptocurrency serve as a quick outlook into a project’s previously achieved milestones, as well as the upcoming ones. A roadmap can help investors figure out the long-term outlook for budding projects.