The year 2017 was excellent for the virtual currency. A small number of people knew about cryptocurrency one year before. It was due to the dramatic increase in the Bitcoin price that people started taking interest in the internet currencies. Such coin systems are mostly based on an open sources software known as Blockchain. A Blockchain development company delivers custom software to launch and run online payment systems. This article discusses how to launch an ICO successfully.
What is an ICO?
There is a specific working mechanism that all virtual currencies have to follow. It all starts with the offering of digital tokens that become coins at a later stage. The initial offering is known as the Initial Coin Offering (ICO).
In other words, an ICO is a sale of digital tokens or tender. Why newly formed or existing companies issue coins? Well, the companies use ICOs to raise money which they can then use to develop whatever project they choose.
How to Launch an ICO?
Due to the advancement of the internet technologies, it has become very easy to launch an ICO to raise capital. Mean to say, raising capital to fund your virtual currency has become a lot easier. Nevertheless, it is not easy to make your ICO successful if you do the ordinary things.
The point is; there are a large number of people out there who are offering coins. The way you plan, organize, implement, and promote your offering defines the level of success. Not all countries allow companies to launch cryptocurrencies.
You also need to have an eye on the regulatory issues. Some people start without proper planning and consultation with the experts. Such initial coin offerings often do not do well. So prepare well and give it the best shot.
Know the CryptoCurrency Market
Understanding the principles that drive virtual currency market is necessary. There are already plenty of coins in the world. People are looking for creativity and uniqueness. As a matter of fact, we like to have more for less.
The future prediction and planning are very important in this business. People want to invest but is it a good investment? You will have to give you a clear idea of the future value increase. Identify the unique selling points of your ICO and it will help you sell more.
White Paper Writing Tips
Before your initial coin offering, you are supposed to write (or have someone write) an outstanding white paper. A white paper is an important way to elaborate your idea and why people need it.
gather the points to include, cleverly organize these points, and design this document in a creative way. Hire a professional white paper writer to accomplish this job. You should cover the following points in it.
- What problem your system solves?
- How your solution is the right solution?
- What is the target audience?
- What is your business model?
- How will you market your solutions?
- What would be the cost of a token?
- How can a person purchase a coin?
- What are the future value predictions?
Choosing the Best ICO Launch Platform
There are different token technologies that you can use to launch your ICO. In other words, most people prefer Ethereum to launch an ICO. Ethereum is a virtual currency itself and a famous industry name that uses the blockchain technology to create digital contracts. It makes it easy to launch an ICO with great ease and clarity.
To run the token sale, there are various options. The question is; which option is best for your ICO. Your ICO can be a huge success if you carefully choose the right platform. The success of your coin offering largely depends on this option. The team of experts at Reactive Space helps you make the right choice.
Security of the System is Important
There are plenty of hackers out there to exploit your upcoming ICO. You need to have a system that is not only safe but also effective. A minor breach can result in the repute and goodwill damage. Last year, a hacking attach resulted in a loss of $7 million. If you work with high-skilled people, you will be able to avoid all cyber-attacks.
Set a Strategic Value for Your Coin
You may not be able to raise a high amount per coin. So the experts suggest setting a low coin value and issuing a large number of coins to finance your idea. The low initial value attracts more people and it helps you get the required amount of financing.
Devise Your Marketing Strategy
The way you market your idea matters. Devising a sophisticated market strategy is important to success in this business. You should be focused towards the right audience. Please note there are many other ICO out there and you need to stand out from others. Some people consider creating a creative public relation (PR) campaign that includes the following.
- Search engine and social media advertisements.
- A well-designed website with engaging and powerful content that generates action(s).
- Visual aids (animations, infographics, and videos) that explain your idea and processes.
- Guest posting at authority blogs such as TechCrunch, CoinDesk, NewsBTC, Entrepreneur.
How to Select a Blockchain Development Company?
You must choose an experienced blockchain development company that can make you a secure and efficient system. At Reactive Space, we always try to deliver the safe and excellent custom blockchain software. If you are interested in launching an ICO or having a blockchain-based software developed, please contact us and avail our latest promotional offer.