How to launch a successful ICO
Since the creation of cryptocurrencies and the Ethereum network in 2014, the number of launched Initial Coin Offerings (ICOs) has quadrupled. The number of successes achieved by most projects means, that more people are motivated to start their own kick-off. While some were successful, others suffered huge losses.
Are you planning to start an ICO? If so, it is important that you read this article, because we are discussing some ways in which you can successfully start an ICO project. They contain;
1. Think about your idea;
Most unsuccessful ICO projects were not planned. The team probably didn’t bother to come up with their ideas before they decided to launch an ICO. It is important that you have a feasible idea and that you also think about it. You could start by asking yourself; does my project really need an ICO?
In general, a product or service must attract attention and offer a solution to a problem. In the same way, your project could offer a solution to one of the many global problems. This would attract more people to the project, so make sure it works.
2. Identify your competitors;
According to a report released by CoinMarketCap, it was revealed that there are currently more than 1,500 cryptocurrency platforms in the world. Enormous competition right? You must remember that these cryptocurrencies are each targeted at certain industries and niches. All you have to do is simply pick the people in your niche and try to offer a better service than they do. This means that you should do intensive market research.
3. Create a token for the ICO;
While doing this, it is recommended that you consider it a living being. Ensure that there are relevant support systems. You must have a plan for distributing these tokens, you must also have planned how the tokens should be split. You could start by giving answers to the following questions; How many tokens are given to developers? How many would be offered to the public?
4. Write a white paper;
A white paper is simply a guide or report that should give readers a complete assessment of the project, and the idea behind the development of the project. Your white paper must be written in simple and clear terms. This will make it easier for readers to understand the ideas.
While writing the white paper, you must also state a number of benefits that your project has, over the others that have been developed.
5. Create a website;
A website will offer people the opportunity to do research and to contact you. The website must contain a brief assessment of the project, a list of the team of developers, a step-by-step plan, the token distribution system, etc.
After you have done all this, you have to promote or market the project. This is very important for the success of your ICO. A customer service team must be set up to respond and answer questions from readers and potential investors.