TOP 10 Steps to Launch an ICO
Since the inception of ICO in 2013, it has shifted from an enigma to one of the finest crypto crowdfunding platforms adopted by startups, ventures, and entrepreneurs. By the end of 2014, even Ethereum had raised more than $18.4 million and it increased to $13 billion by 2018 and further increased by over 10% in 2020. As blockchain and crypto crowdfunding is buzzing currently, it is expected that it will reach multi-millions in the forthcoming years. On considering the high-driving potential of an ICO, most entrepreneurs made up their minds to go with an ICO. Now, you might wonder what the reasons behind the higher prominence of an ICO in the entire crypto marketplace are.
Substantially, an ICO is a decentralized crypto crowdfunding platform that neglects any third-men or central authorities in the fundraising process. Capital can be raised from global investors without any hassles. Many crypto connoisseurs have recognized ICO as one of the finest crypto investments. Because, both the fundraising startup and the investors will be highly benefited from an initial coin offering. If you’re intended to launch your own ICO, it can be executed in two ways i.e developing on your own or approaching a professional ICO development company in the crypto space. As a beginner or an entrepreneur, you might not be an expert in ICO development. In that regard, going with the ICO script provider will be an efficient route to catch your dream.
Even after possessing some idea about an ICO, many people don’t get to know their development process. No worries. We’re here to guide you….This article might be a fruitful guide for beginners and budding entrepreneurs who wish for an effective ICO launch.
How to launch an eminent ICO?
Launching an ICO platform is not a strenuous task. Proper forethought and enactment will help in creating your ICO platform. Robust funds and advantages can be reaped by ensuing the treads mentioned below.
Come up with an Idiosyncratic ICO Idea
Executing the ICO development process without the proper research won’t be helpful for an effective ICO launch. To make an ICO successful, you’ve to come up with a unique idea that should be able to proffer solutions for the problems prevailing in the current crypto market. To achieve this, you have to perform complete ground research and possess a thorough understanding of the crypto market.
To attract a mass of investors, prepare an in-depth summary of your ICO project and get them published in some popular crypto communities. Through that, you can know the interest level of people in your ICO project. If it sounds good, you can proceed with the further processes. Don’t get fed up if your idea doesn’t work, analyze it again and get started further. To blaze a trail, you should start the ICO launch process.
Conduct Competitor Research
Analyze your competitors from the past to the present. Filter the competitors who have succeeded in the crypto market and collect the strategies followed. This will help you become outstanding among your competitors. Here, you’re not only competing with the current competitors but with every ICO prevailing out there. By executing this step, you might get some ideas for a productive ICO launch platform.
ICO Team Building
This phase is the heart of an ICO because the complete success of your project lies in their hands. You can’t just go with amateurs instead the people with great credibility are inclined to stake their reputation in your project. For an eminent ICO, you might be in need of a team that has around 20–30 people. The team required for an ICO creation includes designers, editors, programmers, strategists, advisors, and legal specialists.
All these teams come together if you contact a reputed ICO development company in the crypto space. Contacting them for your ICO launch services will be helpful for a reliable and trustworthy process. Additionally, Having an advisory team from different streams(eg. Law, science, technology, etc) by your side will be a great support to frame and maintain the legal issues of the company.
Pick out an ICO-legalized Nation for a Conventional ICO Launch
Recently, many nations have legalized cryptocurrencies and ICOs as a fundraising model. Some more countries are trying to incorporate and legalize cryptocurrencies in their fintech sectors. It will be safer if you’re launching your ICO in a crypto-friendly nation. Here I shall list some of the crypto-genial nations that can be chosen for a credible ICO launch platform.
- The USA
- Great Britain
By launching your ICO in the above-mentioned countries, there will be no hassles included.
Create a Crypto Token in any of the Reputed Blockchains
With all the groundwork executed, now it’s time to choose the best blockchain platform powering crypto token creation. Crypto tokens can be created in any of the prominent blockchains like Ethereum, Tron, and BNB chains. The tokens created for the ICO launch are the fungible type of tokens and they are addressed as Utility tokens. These utility tokens represent a stake or a utility or service of a company. ERC20, TRC20, and BEP20 are the renowned token standards used for utility token creation.
Mostly, ERC20 is the most preferred token standard for fungible token creation. Once the token standard is chosen, you have to fix the token sale model. The token sale model comes with certain types such as soft cap, hard cap, capped with fixed rates, uncapped with fixed rates, hybrid and dutch auction. Lemme explain each term in detail.
Soft Cap — This is the minimal range fixed for raising funds for an ICO. If the mentioned funds are not raised, investors will request their money back.
Hard Cap — This is the vice-versa of the soft cap where a maximum range of funds can be raised. Once the requested funds are raised, ICO will come to an end.
Capped with Fixed rates — Here, ICO duration is limited whilst offering a token to a cryptocurrency exchange ratio based on a first-come first served basis. Here, the availability of tokens is also limited.
Uncapped with Fixed rates — There is no fixed limit for the range of funds to be raised or the number of investors. Early investors will be accessed for a discount and the duration of an ICO is not limited.
Hybrid — To make an ICO successful, the other token sale models can be mixed together
Dutch Auction — No token price has to be set in advance for this dutch auction model. Rather, smart contracts accept bids until all the tokens are sold. Higher bids will get first priority in getting tokens.
Draft a First-class ICO Whitepaper
A whitepaper is a technical document that holds every possible detail of your whole project. It should mention the existing problems for which they’re trying to offer a workable solution. To be clear, it might cover literally everything like your vision of the project, market analysis, development plan, architecture & goals, distribution, legal issues of the token, available resources, team description, early investors, ICO advisory, etc.
Most investors who are interested in the ICO project will definitely go through your whitepaper. If your investor has a keen knowledge of the crypto ecosystem, then they’ll keenly analyze every aspect of your whitepaper. An ideal whitepaper comes along with the following parameters.
- Market research
- Company background
- Details of the token(Tokenomics)
- Technology used
- Time period
- Use of funds
- Teams involved
- Privacy Terms
As said earlier, be careful while creating a whitepaper as it induces the investor’s mindset to put money into your project.
Develop an Impressive ICO Website
Content is king, sounds baffling right!!! Don’t worry, what I’m trying to illustrate here is the matter you’re filling in on the ICO website will play a core part in driving your success rate. People who are interested in an ICO will mainly go through three things i.e the team, the aim of the project, and the measures taken to ensure the security of the investments made.
Your token sale structure should be mentioned clearly. Then, the information about the team can come with their names, a skimpy biography with high-quality pictures, and their links to professional social media platforms like LinkedIn. This builds trust among the investors. Then, you’ve to focus on the roadmap. It should list your pragmatically achievable goals and their time frames. A roadmap with both the past worked-out milestones and the future ones will hand more confidence to your investors. Not only these, but here I shall provide you with a rough skeleton of how an exemplary ICO website should be.
- Description of an ICO
- Subscription form
- Presentation video
- Development and the owners’ list
- Description of your product or services
- Press coverage
- Real-life use cases
- Documents, whitepaper, terms & conditions, etc
- Partners, early investors, investors, etc
- Contact info and other social media accounts, etc
This ICO website is gonna be the face of your entire project. So, be keen and focused while creating a website. While speaking of their development methods, one can be done from scratch, and then the other using the script. Developing an ICO launch platform from scratch is an intricate process. It takes more resources, money, and time for creating an ICO website from the initial phase. In contrast, you can go with an ICO script. It is a cost and time-efficient process. If you wish to get an ICO script, you can approach a reputed ICO script provider in the crypto ecosystem for effective results.
Prepare for the ICO Token Sale
Once all the above-mentioned parameters are ready, you can fix the token sale. However, ICO takes place in two stages pre-ICO and ICO. In the ICO pre-sale, tokens will be offered at a discounted price. Pre-ICO is executed for attracting a lot of investors and tokens will be offered only for the bulk investors. After pre-ICO, the final ICO sale will be executed.
ICO Promotion and Marketing
If you’re ready to launch your ICO, you shall start promoting your project on various sites that will help to reach your audience as soon as possible. Multiple strategies can be carried forward to promote your project.
- Social channels creation
- Forum writing/commenting
- Email newsletters
- Promoting on social media
- Advertising on multiple mediums(Blogs, articles, news)
This is the latter step of launching your ICO platform. Be focused until the ICO project is successfully launched. Even after the launch, you should promote your project on various sites for getting more investors.
To be Concluded…..
Launching an ICO platform is not as easy as pie. All the above-mentioned steps have to be keenly followed for efficient ICO development. To be precise, as an entrepreneur, you might not be an expert in creating the ICO platform. You might require professional support from your side. Hence, approach the top-drawer ICO development company in the crypto space for immense results. Launch your ICO platform and reap great profits for your crypto business!!!