This article will give you a template on how to Launch ICO Successfully.
In the upcoming future, when we look back into the blockchain industry, 2017 was the year of a great jump for this space. Initial Coin Offering (ICO) was at the top of the most important thing in the list that happened. With a number of scams and hacks surrounds this shine of light. Technologist Carlota Perez calls it the installation phase of technological revolutions.
As we are in the early state of ICOs rising in as a sound funding mechanism. It means that entrepreneurs are to act more smartly in this phase. This includes how they invest ICO proceeds. Also the several other issues like delivering exactly what is promised.
To help creators in this process and give a perspective that they will need on this ICO journey. Here we have listed up the needs and fundamental elements of ICO Launch.
A Complete Guide to Launch ICO
- Deciding suitability for your business- ICOs are not at all suitable for businesses. It is not just a tool where you can easily make money. It was used in this way in the former days of ICOs but its no longer true. The industry is now adopting ICOs in informal standards. The question that must arise in the mind of every startup considering ICOs is that whether the digital coins can be disaggregated into their business model successfully or not. If you have planned to use the coins just for trade or exchange, the money is going to crash soon as ICO launches. Any of the tokens which are launched during a campaign will come under the influence of huge speculation as soon as it hit the market.
- Team Building: It is a major viewpoint fo the supporters that who is involved in the project. Experience and the name of the team members are the makes the way on to trust building. One must look up for a team with a specific specialty. A team which shows technical expertise, business development capacity. It must also constitute knowledge of the blockchain space.
- Creating Product- some aggressive sellers trying to raise capital quickly skip this crucial step. But one should skip this step at his own risk. Building a product without actual planning is much far a risky step. Spend some time and build a solid, vigorous and highly secure product on the blockchain. It is completely true if we say that only money makes money. This means that the startups have to invest much to put their business on the track.
- Create Your Token- it might be the simplest task to launch ICO. It means to develop an asset for your business which your business needs to survive. Tokens generally act as tradable items like in-game items, loyalty points, gold certificates or digital coins. Plan well before developing anything. Like, to how much you decide to raise, how many tokens you will issue. Do advance planning about the conditions at which you will issue additional tokens. There are several platforms like Ethereum which help you create token without actually creating a complete blockchain from starting.
- Get Legal Advisory- advisors will fill out any shortcoming made by the core tea and since its a new concept and it is hard to find experienced blockchain developers. Here advisory board can be incredibly useful. Don’t look up for just popular repeating faces. Choose the advisor that can add up value to your project. This will help Launch ICO successful and let you make more in the future.
- Write a Whitepaper- a whitepaper is a prospectus for the company which should clearly outline some points, like the problem which is intended to solve, technological aspect of the product, description of the token and marketing and distribution strategy and moreover, it is the technical plan, marketing plan and the pitch deck manual of the product. Writing a whitepaper to launch ICO is one of the most difficult parts. This is seriously a complex part and only a few are involved in writing Whitepaper.
- Roadmap- if you are to accept money from people, you have to avail of them a platform tool which can hold you accountable. This is a primary step for the roadmap. You should showcase the future prospect and planning for the upcoming years in the project. It involves a critical part of showcasing the future versions of the product.
- Token Marketing- this is the second-most important step to launch ICO where you need to advertise your tokens to sell them or, they will go nowhere. There are several channels that we can suggest you for initial hype- forums, Reddit, Quora discussions, Telegram, Linkedin professional groups, etc.
- Token Sale- after everything done, approach an ICO exchange to take your coin out. The exchange will enable people to buy or sell your coin on the market. This requires you to present some documents to them. These are:
- Coin name
- coin trading symbol
- description of project and coin
- coin logo
- launch date
- GitHub link
- source code reviewed by the trusted third party
- compliance fee (if any)
10. Post sale report- the actual responsibility work begins after the completion of an ICO. You are completely responsible for transparency to the community and it is essential to regularly update and show regular progress to the community.
Disclaimer: This article is not meant to be taken as investment or legal advice, but rather as a rough template to show the process behind an Initial Coin Offering and what the project’s stakeholders should consider when running one.