Taking in consideration that terms like ICO (initial coin offering) and blockchain are relatively new. This article may adhere to stand as a suggestion or a piece of advice to those who might be thinking to launch an ICO.
Before getting into the main factors needed to launch an ICO, it is extremely important to introspect. Deciding if an ICO is going to suit your business or not. Make sure, ICO is not a tool that helps raising money easily. Can the digital token be integrated into your business model in a meaningful way? This should be the most vital question you should be asking yourself as a startup. Read the article ahead, if you feel a decentralized token can add a value to your product.
Here is our list of 8 steps that will help you to launch an ICO.
1- Initiate with a detailed whitepaper to launch an ICO
This is the business plan, the pitching script and a technical manual. A detailed whitepaper explains the idea in a manner that might hold up to the investors. Keeping it descriptive, the whitepaper could elongate to from 8 to 100 pages. GO the vigorous and thorough way. Hiring a professional writer may help you get the work done in a descriptive manner.
2- Create a token of your product
Creating a token is important for your business to survive in the market. You can create tokens that can be digital coins, IOU’s, loyalty points, etc. In general, the actionable behavior of tokens are nearly identical to the shares of a company sold to investors, when released as an IPO.
You can create your own tokens without creating a blockchain from the beginning. Platforms such as Ethereum and Waves would help you create such tokens. A computer generated program, called the ‘Smart Contract’ takes care of the sale. Smart contract also records the transfer of digital assets between multiple parties. You can learn more about the same at Ethereum’s website.
3- Create a user-friendly ICO marketing website
Having a great looking website that is descriptive enough to let investors have an exact idea about the project. Also, having a space to show ‘core team’ section with the photographs and LinkedIn links. Also adding a list of board of advisors is great before launching an ICO.
4- Create some awareness around the community
Now understand this point. You have a product, but do not know where to sell it might get you in trouble. Project your ICO where most of the investors are present. And many studies also describe how most of the token sales take place due to the initial hype created. Marketing and listing your ICO on such marketing channels would ensure that your ICO gets most eyes.
5- Join forums
Now, this goes unsaid that BitcoinTalk is a forum where mostly all the ICO projects initiate and run the mill. There is a sole community that goes through every ICO and gives out reviews. The reviews might range between the worst to the best, but either way it would help your project to improvise and launch your ICO.
6- Listing your ICO
You’ll easily find many articles giving out the “best ICO’s” and “top ICO’s”. But they rely on the data from these prime ICO listing sites to launch an ICO –
7- Reach Out To Token Exchanges
As the creation of your coin, whitepaper and the marketing strategy gets over, it is best to pull your ICO to ICO exchanges. They not only enable people to buy and sell your token, but also create a sense of awareness on a greater level and in the open market. There are certain aspects which should be taken care of, in order to get accepted on the established exchanges. Many tend to list their tokens on multiple ICO listing sites for qualifying into the same.
8- Roadmaps to launch an ICO
An ICO typically has to go through 4 phases of funding. The one which involves raising funds from closer relatives, family and friends is Private round. There is Pre-ICO, that gets elite investors for $10,000 and higher investments. After that, there comes Crowd sales that helps raising funds from crypto investors. And finally, Post-ICO that builds community support and listing on exchanges.
There is always a scope for minor in-depth market analysis before one gets their feet in ICO funding. With that being said, you can learn more about Cryptocurrencies and Blockchain events here.