ICO (Initial Coin Offering) has become the most favourable method for raising funds quickly for new projects. Generally, the project team creates customized tokens which have a value assigned to it. Investors will buy a specific number of tokens in exchange of cryptocurrencies such as Bitcoin or fiat currencies like USD, and Euro.
The step-by-step procedure for ICO development is
Whitepaper creation - This paper explains the crucial aspects of the project and the future vision of the company. It must be prepared by cryptocurrency experts who have a comprehensive understanding of the market.
Emphasis on value proposition - Investors should be informed clearly about the benefits of ICO. Each solution offered should be explained with specific examples. Time-based setting of goals can be offered to attract investors. Development of an investor dashboard would go a long way in solving doubts. The dashboard can include details such as rates of coins, exclusive access to new offerings, and revenue distribution model.
Marketing strategy - A detailed marketing plan must be implemented across various channels flexibly to attract attention for distributing tokens. A team should be formed to monitor metrics related to promotion in channels such as Facebook, Reddit, and Telegram. The whitepaper must also be circulated far and wide to race ahead of competitors. Additional efforts must be given for gaining traction to informative landing pages.
Open the offer to all - Both the pre-ICO and the ICO launch must be timed regularly so that a minimum amount can be raised. Additional care must be taken while fixing the price of the token or coin. The price must be modified based on the market conditions and the level of investments. The tokens must be shareable with value addition and backed by adequate supply for increased returns.
Creation of wallet - Wallets should be developed for investors with both web and mobile versions. Once the ICO has been officially released, the tokens or coins must be deposited into the respective investor’s wallets. Top-notch security must be given a priority to ensure data protection.
Smart Contract development - All the coded agreements between exchanges and the investors are stored in the form of smart contracts. It plays an important role in managing the system of transactions, and efficient processing of orders.
Integration with multiple platforms - The trading experience can be bettered for industries interested in ICO by integrating with other Blockchain technology platforms. Automation should be introduced for improved transmission. Details such as Bitcoin blocks, addresses and transactions must be provided.
Customer support services - 24x7 technical support must be provided in different languages to clear doubts and queries raised by prospective investors. The focus should be on renewed interest generation and improved user retention. Assistance can be given to merchants on information such as price volatility for better risk management.
Report preparation - A due-diligence report must be prepared by an independent third-party for analyzing the ICO’s operations. The performance on different exchanges and merchant platforms can be periodically reviewed.
All the above steps must be kept in mind while a company involves itself in ICO development. This would help in creating a strong foundation for a successful venture.