Initial Coin Offering also known as ICO in the cryptocurrency industry has become the most popular way of raising funds that almost doesn’t need any new introduction. When it first started, there was nothing but an abundance of questions, whilst it is the stark opposite now.
There is a constant rise in the amount of money that many businesses are generating from ICOs and there are many blockchain startups that are getting inspired by the fund-raising medium to become successful businesses. So, with the soaring growth, the ICO market has managed to make people inquisitive about what is an ICO and how the ICO development takes place.
ICO, which is often also called a token offering, or token crowdfunding is a fundraising model that is chosen by many or all startups that have a Blockchain component in their business model. But there are also many cases where businesses fail to get the main essence of ICOs, and hence face losses easily.
An ICO development has different stages that need both a businessman’s mind and a developer’s skills because this is a major step where you need to attract a large number of investors and give them the idea of why your business will be a healthy platform for them to invest. For that, you should follow a classic development cycle. So, let’s go through what will be the different services that come under ICO development or consultation.
ICO consultation and planning
Though there is a high possibility that you will miss the consultation because of obviousness, this can be a dead block. Because what you might know can be just a thumbnail sketch of a bigger picture. This is a huge contribution needed much for planning a successful journey. There are numerous things you get to know only when you talk to the developers, which doesn’t just concern your ICO event but also about a broad information-gathering about the Blockchain industry.
Different types of ICO
Once you’ve set your mind on a new ICO, you should choose which Initial Coin Offerings you are going to follow.
The Private ICO is where you will engage only with a limited number of investors to raise funds. Here, you can set the minimum amount of investment needed to join your ICO.
A public ICO is similar to Initial Public Offering or IPO, which is aimed to draw institutional investors and the general public.
The significance of marketing is huge in ICO development. With your activity on marketing especially on communities like Telegram, Reddit, GitHub, Twitter, etc you can drive more attention and success to your ICO. Nowadays, investors are paying more attention to these platforms to check on the potential and popularity of a certain project.
A well-crafted white paper that you create for your business will be another ultimate factor of your ICO’s success and it will be one of the elements that say the essentials needed before ICO launch. When a whitepaper is crafted with many details, it will let your investors know clearly about the project and how it will benefit them, and what will be the general scope in the future. The contents that you include in the whitepaper illustrate how practical your idea is, what problem it will solve, and how your chosen industry will benefit from Blockchain.
Development of Blockchain
The next primary step is to develop a Decentralized Blockchain solution. Where there will be a number of other elements that will also be developed. Such as token creation, ICO Smart Contracts, MVP, etc.
You will start developing tokens or cryptocurrencies that will be given to the investors in return for their investment in the ICO, and you will develop an MVP of the Blockchain solution so that you will give an idea to the people to know how your blockchain works.
In this very stage, you will invest in Smart Contract development so that your execution will meet your investors’ best interests. Developing and having it in place would give them the faith that they will not be deteriorated from getting the tokens in return for the money or any other loopholes. This is where an ICO development company can help you, to make sure that components developed are hack-proof, scalable, and have maximum efficiency with their in-depth knowledge of the blockchain.
ICO Website creation
A website is another element that will help you in promoting your ICO to potential investors. It wouldn’t just stop with containing all the information regarding your idea, but it will also be the first platform that will showcase your project to them.
A website’s importance can be inspired by the entrepreneurs who even conduct the whole fund collection process and token distribution process from their website itself. So, if not for the whole process, it is highly suggestible that you make the whole website secure, seamless, and ready to withstand the whole inflow of traffic at a concurrent time when the ICO goes live. Besides this, the popularity of your ICO website can greatly impact the success of your project.
This is not a mandatory part of the development, but it might come in handy when you can offer your investors a feature or a service to store their cryptocurrencies together. They can easily carry and afford to invest when they know the storage details of the cryptos.
Challenges that you might face with ICO launch
- One biggest challenge is to get big investors to get your ICO tokens where you should want to provide a detailed justification and make them believe that your project holds the real value in the real world.
- As much as there are new businesses gloriously changing the blockchain space, there are also new businesses entering the market to be phishing mediums to clinch millions of dollars.
Now in this situation, it might be agonizing to prove yourself to be genuine. So, it is better to hire trustable blockchain developers like our team, who will provide all the holistic services with a comprehensive whitepaper, and a website, that is flawless and in-depth, to prepare you for proving the genuineness of your brand and ICO.
As we are well known for the different ICO Development services to launch a successful ICO, make sure to frame an idea and connect with our experts to provide them you some insights and questions that investors will generally ask. Get in touch with our compelling ICO Development company today.