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BlockchainCryptocurrencyFeaturedTechnology

How to Launch a Successful ICO in Easy Steps

ICO: what’s it?

What’s an ICO? So let’s respond. ICO is IPO on steroids. Investors obtain digital tokens instead of stock. ICOs are sometimes called token offers, token crowdfunding, etc. Anyone with bitcoins or ether can acquire crypto-tokens during an ICO.

1. Need an ICO?

First, decide if an ICO is necessary. An ICO can fund you in two to three months or days if you’re lucky. Blockchain industry pundits say your token should complement a product you’re building and add value to the blockchain.
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If pegged as yet another virtual money, your token will likely get minimal attention from investors.

Your ICO must solve a unique problem and bring value to the blockchain community. Some ICO initiatives focus on specialized aims, such as constructing Web 3.0 apps or developing a trading token for the finance industry.

2. Where to launch ICO?

Various countries have different Initial Coin Offering policies, so geography is important. ICO-friendly countries include:

  • Switzerland
  • SingaporeHK Lichtenstein
  • The BVI
  • Caymans

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Offering coins to US people makes you subject to SEC laws. Ensure your token’s purpose is obvious. Avoid using terms like security or good ROI, indicating a scrutiny receipt. Check your token’s status using the Howey Test.

3. Gather team and advisors

Ico Development Services requires qualified staff. Founders can only go as far as their team can: someone must build the product, while others handle marketing and community support.
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You’ll also need advisors. Vitalik Buterin published his white paper before joining Ethereum’s board of advisors.One of your advisors should have a law degree and ICO experience. If not, hire a securities lawyer to ensure KYC and AML compliance.

Team focus

  • Blockchain and smart contract engineers will develop your product.
  • Business-growth hackers
  • Transparent, coherent CVs, LinkedIn profiles
  • Open-source contributions are always appreciated.

Advisors’ Focus

  • Bitcoin experts
  • Depending on your product, insurance, finance, etc.
  • Reputable public personalities
  • ICO founders

4. Create a roadmap

Remember, your product is why you’re launching anInitial Coin Offering. A product roadmap and pricing breakdown assist develop a positive ICO image.

Crypto investors undertake thorough diligence before buying tokens owing to market saturation. Investors will check how often your dev staff commits code to GitHub.

Some projects, especially those developing new blockchains, require large financing, even for MVP. MVP development is expensive.

Product roadmaps are essential if you still need an MVP. It can illustrate a founder’s capacity to turn a concept into a revenue-generating product through a clearly defined set of actions.

5. Create a white paper

A white paper is a must-have for any ICO since it inspires investor confidence. See how a crypto expert rips through a white paper to improve.

Before approaching the crypto community, put a white paper on your website. Serious investors seek a white paper with a product roadmap, industry and competition landscape, tokenomics, etc., when they land on an Initial Coin Offering campaign website.

You Must Include The Following In Your White Paper:

  • Problem-solving explanation
  • Competitive market analysis
  • Token economy details
  • Synopsis

Intrepid Ventures co-founder Collin Thompson proposes publishing a position paper first. The position paper is two to three pages or one page. Use the position paper to gather input and develop a 30-page white report.

6. Build community

Since your potential investor is anyone with a crypto wallet, you must target them via all marketing channels to promote the ICO and cryptocurrency. Tech-savvy users expect a presence on Reddit and BitcoinTalk.

Next, upload your ICO to ICO listings, which display historical, active, and scheduled ICOs. Google ICO listings for a list.

Interviews and conferences help too. You can pitch your ICO to industry veterans and build connections to recruit a special advisor.

Since ICOs are new, people will ask you plenty of questions. Set up a public Slack, Telegram, or Discord channel to connect with fans.

7. Choose Token Sale Model

ICOs are launched on Ethereum because it allows smart contracts, which automate token generation and distribution. We’ll discuss it later. Let’s examine prominent token sale models.

Capssoft

A soft cap is a minimum amount an Initial Coin Offering must raise to succeed. Contributors must request their money back when Initial Coin Offering fail to exceed soft caps.

Limits

The hard cap is the fundraising limit. After reaching the hard hat, an ICO ends.

Uncapped with Fixed Rate

  • Unlimited ICO duration
  • Fixed token-to-cryptocurrency swap
  • Discounts for early contributors
  • No limit on donors or funds raised

Capped with Fixed Rate

  • ICO lasts months.
  • Fixed token-to-cryptocurrency swap
  • First-come-first-serve token sale
  • Little tokens are available.

Watch this video about Raiden’s token sale model to understand the next model we’ll explore.

English

The Dutch Auction method doesn’t require setting a token’s price in advance. A smart contract accepts bids until all tickets are sold. Higher bids receive receipts first.

Hybrid

As ICOs expand, companies keep inventing token sale models seeking to mix diverse methodologies. Rather than waiting to trade tokens, the idea is to distribute them to a high-quality user base interested in your product.

Overcomplicating the Initial Coin Offering sales process could discourage early supporters and make it vulnerable to attacks.

8. Create Smart Contracts and Tokens

Smart contracts automate token generation and distribution. The industry standard is the ERC-20 token—a smart contract ICO specification.

Companies use OpenZeppelin’s open-source smart contract templates. Blockchain veterans that ran a successful ICO have tested these smart contracts. And taking extra caution with your investors’ contributions can never hurt Because as soon as a smart contract is published to the blockchain, you need more control over it.

Before deploying to Ethereum, audit your smart contract, after internal testing, corporations make smart contracts public and offer bug bounties for problems.

You can also design a web app with UI for the personal account and a smart contract for minting and distributing tokens. Such an application will allow contributors to track their investments and obtain project info anytime. Blockchain experts

9. ICO

When day X arrives, an Ethereum smart contract will immediately start the Initial Coin Offering. It’s always a good idea to design a web interface to offer a live display of the token sale process.

10. Post-ICO

Your ICO should begin effectively with the right team. Blockchain specialists, Initial Coin Offering listing sites, and YouTube and social media experts will closely follow your company. No time to rest.

Keep communicating with your backers, be transparent about deliverables, and keep producing your product.

Now that you know how to establish an ICO, you’ll keep going. Companies need help developing and executing ICO strategies.

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