With a tremendous expansion of token sales, launching an ICO has become a win-win situation for entrepreneurs and developers looking to scale their businesses or establish new projects in the crypto space.
Although most ICOs have taken place on Ethereum, the first known token sale, Mastercoin, was on the crypto network in July 2013. However, in 2014, Ethereum was also an ICO, raising 3,700 BTC in its first 12 hours. At the time, lucky buyers could buy Ether tokens for as little as $0.31, but now they cost more than $3,500.
If you’re working on an ICO development project, you’ll find this article useful. Now, proceed further to learn more about how to Launch your ICOs and ICO development.
What is an ICO?
These days, everyone is talking about cryptocurrencies, and almost every investor is looking at the crypto market with the hope of making huge returns. However, how did cryptocurrency come into being? You could find the answer in a phenomenon known as an Initial coin offering or ICO.
The success of Ethereum sparked a huge surge in the market, and since then, it has become a frequent type of cryptocurrency investment. An initial coin offering (ICO) is a fundraising tactic used by entrepreneurs to raise funds for a new blockchain project or service.
What Types of Initial Coin Offerings Exist?
Once you’ve decided to invest in a new ICO, you’ll need to understand the many types of ICOs available. There are currently two alternatives.
As the name suggests, a private initial coin offering enlists the help of a small group of investors to acquire funds. You can also pick the amount of minimum investment necessary to join your ICO.
A public initial coin offering, akin to an IPO, is another type of ICO. It’s referred to as “crowdfunding,” aimed at institutional and ordinary public investors. However, private ICOs are more realistic than public ones for regulatory reasons.
How does an ICO work?
Their goals should be in line with the ICO’s overall plan. Also, their ultimate goal is to raise funds by issuing and distributing tokens. It entails financial contributions from investors in exchange for the project’s coin.
Tokens can be sold for other cryptocurrencies like Bitcoin or fiat currency like USD or EUR after you’ve set up an ICO.
Public investing in ICOs is becoming more sophisticated, and new market participants are expected to deliver more. As a result, putting together a well-thought-out ICO plan is becoming increasingly important. The following are the most important phases in launching a successful ICO.
#1 ICO Team and Advisors Structure
You’ll need a well-qualified staff to help you start the ICO design process, and that would cost around six to nine members in an initial coin offering project.
We can divide the team composition into ICO developers and advisors.
The ICO developers that will create your product must have extensive knowledge of smart contracts and the blockchain in general. However, the advisors are digital currency professionals on one and experts in your project’s industry on the other.
#2 ICO Development Roadmap Creation
A well-thought-out product roadmap allows investors to see how your product will take off and profit. As a result, creating a product roadmap is an important step in the token sale process.
Even though your project is ambitious and requires a large amount of financing in any phase, you should ensure that your investors can monitor your team’s progress in a handful of clicks. A good product roadmap should demonstrate that you can take your concept and turn it into a viable business solution.
#3 Market Research and Planning
Before commencing an ICO development, you must properly study the market demand and build your business plan. It’s also vital to think about how well your idea will fit into a crypto environment. Also, if you are confident that your project will succeed, it is a good idea to offer it to the market on various platforms to receive specific feedback and pique the interest of investors.
#4 Whitepaper Report creation
The creation of an effective and legitimate whitepaper is a critical phase in the ICO development and launch process. The whitepaper’s credibility is the foundation of every launch, as it holds complete knowledge regarding the business strategy, factual details about existing investors, a transparent display of the funds earned and projected expenditure of funds, and so on. As a result, choosing an experienced ICO development company that provides valuable tactics and aids in the construction of whitepaper reports is a viable option.
#5 ICO Website Designing
The task of creating a user-friendly, easy-to-navigate ICO launch website should not be underestimated. A website that provides useful and convincing information quickly captures the attention of investors and draws them towards it. Hence, hire a development firm that specializes in UX/UI design to create a visually appealing and engaging ICO launch and development website.
#6 Pre-ICO Marketing Services
It is vital to promote and publicize an ICO’s vital development through appropriate means. A well-designed, useful ICO website is rendered useless if no one knows about it. The ICO launch and development process necessitates the use of online digital platforms such as Telegram, LinkedIn, and YouTube to promote the ICO launch webpage.
#7 ICO Token evaluation and development
Ethereum’s infrastructure not only allows for the construction of dApps but also for the development of initial coin offerings (ICOs). Since ICO apps and ICO tokens can be developed on any blockchain platform, Ethereum dApp development appears to be the best option for ICO launch and development. Many organizations prefer to launch their ICOs on Ethereum because of its smart contracts and ERC-20 token features.
#8 Smart Contract development
For the dApps to implement complex business logic for your ICO tokens, the construction of smart contracts would be required for any ICO launch and development. Smart contract development for automation ensures blockchain stability and transparency.
#9 Establish Your Digital Wallet
Establishing a digital wallet is essential for receiving, sending, and storing assets from an initial coin offering. The best option is to hire an ICO software development firm with extensive experience in this field.
#10 ICO Post-Sale
When you are done with the ICO token, it becomes available for sale or exchange, and the attendees can also convert their fiat currencies into ICO tokens.
After the ICO’s success, it’s time to put your idea into action, and your post-sale job is to keep your promises to contributors and the community. Also, remember to maintain contact with the audiences who assisted in developing an ICO. Their loyalty will benefit your business in the long run.
#11 Listing on Exchange Platforms
ICO development and marketing need you to list your tokens or coins on a cryptocurrency exchange platform. These systems enable the exchange of assets based on their market value.
To trade, you’ll need to use well-known and dependable platforms like Binance and GDAX. Most cryptocurrency exchanges will restrict their customers to trading just within the digital system’s assets. Nonetheless, some of them allow for cryptocurrency-to-fiat money exchanges. Kraken is a great example of a trading platform like this.
ICO Development is essential when you look out for projects that need desperate funds. However, they are the best as a business. You could be successful by earning valuable insights regarding the projects and providing funds for them. Hire an ICO development company for futuristic ICO development and become a successful entrepreneur. Launch your ICO at ease with a well-equipped crew.