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How Does Competition from Established Players Affect a New ICO’s Success?

Established players (e.g. Bitcoin, Ethereum, or large centralized entities) possess network effects, deep liquidity, and regulatory clarity that new ICOs lack.

Direct competition in core areas, such as a new smart contract platform challenging Ethereum, makes success extremely difficult. A new project must demonstrate a significant, unique technological advantage to overcome the competitive moat.

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What Is the Checks-Effects-Interactions Pattern?
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