6 Important Things You Need To Know About ICO Development

Initial Coin Offering or better known by its condensed three-letter avatar, ICO, has been around since 2017. This financial instrument played a significant role in popularizing blockchain-based funding. By allowing users to bypass state-imposed regulations and eliminating geographic limitations, ICOs quickly became the blue-eyed boy of the startup revolution.

According to ICODATA, until the end of June 2019, over 80 projects have been launched, collectively raising $346 million in funding. In contrast, 2017 witnessed over 850 projects attract over $6.2 billion. However, before announcing the death of ICOs, it is important to consider the rise of other funding models like STOs, IEOs, and more. The proliferation of alternate options has divided the market. Despite these challenges, the ICO continues to reign supreme.

Today, launching an ICO is not a very complicated process. In fact, one does not even need prior experience with coding or blockchain technology to launch a platform. With the emergence of premium solution providers, ICO development is now a walk in the park. Some firms even offer end-to-end services that cover all aspects of the offering, which makes the task of the entrepreneur less demanding. However, when planning to build an ICO, it is still important to understand the different nitty-gritties involved.

• The Power Of An Idea

A good idea drives every successful business. Hence, it is important to find one for your venture. You can begin by narrowing down on an industry you closely relate with and identify the problems it faces. Conduct in-depth research to understand the market and problems better.

• Chalking Out The Game Plan

Once you have decided on your problem-statement, you can begin jotting down the plausible solutions that you can offer through your platform. Create a whitepaper that covers all aspects of your business. This includes indicating the sources of revenue and flow of funds to the possible hurdles you might encounter. Moreover, you can also work on outlining the timeline and road map for your project.

• Identifying Where The Tokens Fit In

Since you will be primarily issuing tokens in exchange for funding, it becomes essential to find methods to integrate the tokens in your platform seamlessly. You can begin by offering products and services that can be redeemed using the tokens. Alternatively, the issued tokens can be stored as term deposits that appreciate in value as time passes.

• Recruiting Your A-Team

Another important aspect of your venture is hiring good people to work towards expanding your enterprise. Recruit individuals with the relevant experience and understanding of the industry you are targeting.

• Partnering With A Technology Solution Provider

Now it’s time to focus on the technical side of things. Before choosing a solutions provider, do the requisite background checks to verify their credentials. Also, make sure that your platform integrates the latest security protocols and is compliant with the relevant regulations.

• Laying The Groundwork For Promotions

Once the platform is built, you can officially begin the ICO process. Start by creating a dedicated website that acts as a point of contact for your business. Also, use social media as part of your outreach and publicity campaigns. Include factors such as airdrops and bounty programs to attract users to your platform. Alternatively, employ digital marketing and advertising to reach your target audience better.

ICOs are popular among entrepreneurs because they help save time and resources. It is found that an average project takes anywhere between 45 to 90 days to raise funds. Additionally, with government regulation out of the picture, one can easily avoid unwanted expenses and taxes. ICOs are already giving established practices like venture capital and angel investment a run for their money (no pun intended) and are viewed as the future in this sector