ICO (Initial Coin Offerings) is growing rapidly in today’s market. Though they are considered widely to be cost-effective and have less paperwork, a firm has to pass through multiple stages to launch their ICO successfully without facing any complications.
The different stages are
ICO Planning and Analysis – Every firm aspiring to launch an ICO must thoroughly examine its existing business model. Before venturing into the market, its business idea must be made viable and practically applicable. It should attract the interests of potential investors. Blockchain technology should be allowed to implement and integrate with your operations. Other technical aspects have to be thought about seriously. Then, the idea can be finally presented to the investors across multiple channels and platforms and the initial response can be gauged. The idea can be suitably modified according to the nature of the feedback received. This phase is also known as the Pre-sale announcement where the vision and the mission of the project will be explained in detail to the investors.
Preparation of a professional whitepaper – Hire experts to prepare a genuine whitepaper that covers all aspects such as benefits offered to the investors, proposed usage of the funds, fund allocation, distribution strategy for the tokens, details about the business model, legal implications, and other applicable terms and conditions. Include information about the rights provided to holders of tokens, investor’s accountability in the form of dividends, and the firm’s roadmap for the future. Never plagiarize the whitepaper from any source as it will heavily backfire in the long run. Hire an experienced ICO development company for assisting you in the creation of the whitepaper. Since the whitepaper will reflect the fortune of the company, take adequate efforts to leave a good and lasting impression.
Design a well-rounded website – Since the website will act as the first point of communication with the investors, make it user-friendly and SEO-compliant by allocating adequate resources for its development. Provide relevant information in various multimedia formats to capture the minds of investors and attract them to your ICO. Focus on the UI and build an engaging ICO launch website with an attractive layout.
Pre-ICO marketing campaigns – Promote your ICO across a variety of channels using both free and paid tools. Make the investor community well aware of your ICO. Utilize the major social media platforms such as Facebook, Twitter, Linkedin, and other networks such as YouTube, Quora, Reddit, and Telegram. Publish insightful blogs on the leading media outlets frequently used by the cryptocurrency community. It will raise the stature of the ICO launch and lead to an increase in the number of users and bring more funds to the business.
Token evaluation – The tokens for the ICO can be built on any blockchain platform. However, of late, most firms are looking for tokens compatible with the ERC-20 set by Ethereum’s dApp development protocol. Other platforms that support the development of ICO tokens include Hyperledger Fabric, a distributed ledger software, and Fabtoken, a token management system. Both are compatible with smart contracts.
Smart contract development – Smart contracts are nothing but self-executing programs crucial for implementing the key business processes related to ICO tokens. Automation is ensured in the operations reliably and transparently through the presence of blockchain technology.
Wallet development – Apart from storing the coins or tokens of investors safely, wallets help in the secure processing of transactions. Have a mix of hot and cold storage wallets that are multi-signature enabled for efficient fund management. Hire professionals who are experts in cryptocurrency wallet development or consult a well-known wallet development company.
The official ICO sale – The firm can kickstart its ICO sale after securing a minimum amount of funds. The token would later be divided into a specific ratio among the investors. The ICO token can be sold on other cryptocurrency exchanges too to attract a greater audience.
Post-ICO services – Things do not get over once the ICO gets officially launched in the market on a particular date at a specific time. The token sale details have to be finalized and the leading exchanges in the market would have to be approached for listing the tokens. Take steps to destroy the unpurchased part of the tokens by withdrawing them to your cold storage address. The ICO tokens or coins can be purchased by the interested investors in exchange for their respective fiat currencies. Ensure that the fund contributors can access their respective wallets after the campaign is over. They can either keep their tokens, withdraw them to a reliable token exchange or transfer it to their personal wallets. The listing is done to boost marketing and advertising and enable greater trading.
ICO’s have a bright future in store in the cryptocurrency industry and will experience a lot of growth particularly benefitting the small startups and small and medium businesses to involve in crowdfunding at an affordable cost and get the desired results. Hire a reliable ICO development company that understands your business requirements for reaping huge success.