An initial currency offering, or ICO, is the main way a new cryptocurrency is released to the world. The ICO is essential to make sure a new currency gains traction in what can be a very competitive market. The inventor of a new cryptocurrency may wonder what procedures they can take to ensure success. Launching your ICO can be difficult because it involves both technology and marketing to create success. Here are 5 steps to launch ICO successfully.
Develop A Good Cryptocurrency
Before you start marketing you ICO, ensure that you have a cryptocurrency that will sell. Take time to study the marketplace and your cryptocurrency competition. It is important to determine what your currency can offer people that no other currency can. You should also consider how you are going to legitimize your currency and convince day trading investors it will make them money. The market for cryptocurrencies is full of both people who lose money through ignorance, and actual scams. It’s on you to convince investors from the word go that your currency isn’t either.
Create A White Paper
The next step is to write a white paper on your cryptocurrency. This paper will be used to convince investors to buy your currency. It should be a detailed overview of the currency and your plans with it. In particular, describe the how your currency will be transferred and stored in some detail. You may need the help of a professional editor at this stage. The editor can organize your white paper into a medium investors will understand. The most important part of the white paper though is you answering any questions any investor could possibly have.
Before you sell your currency, you should research what you can and can’t do with cryptocurrency in your location. Each country, and state, have their own rules and restrictions for investment opportunities. ICO’s are the most regulated part of the cryptocurrency market. In South Korea and China, they are banned outright. It’s important to make sure ICO not only follows the letter, but the spirit of the wall. Any scrupulous behavior on your part may convince investors that your ICO is a scam. Know your countries ICO rules and make sure you follow them.
Build A Smart Contract
In order to sell your cryptocurrency, you’ll have to build a smart contract. This is an automated procedure on your website, that generates ownership tokens and distributes them. This will save you time and energy once the ICO’s going. It will also add security, since your investors will know you can’t interfere with transactions. Many templates for this sort of contract exist, and they offer instructions to build a smart contract. The contract can then be sent to your blockchain for extra security. The most important thing when building a smart contract, make sure it is right before you send it to the blockchain. Once it goes there, it will be very hard to change.
Market Your ICO Launch
Now that your smart contract is online, the launch ICO has begun. The most important thing to do at this stage is market your currency. Build brand awareness on social media accounts. In particular, identify what social media sites your potential investors spend time on and focus on those. Part of this marketing is building trust among your potential investors. This is one of the critical steps of how to be an entrepreneur. Be prepared to talk specifics and to demonstrate safety features. Marketing a successful currency is about finding every advantage you can and providing as much information as needed up front.
Launching a successful ICO is very straightforward when you know the steps. Research the market and make sure your currency can be competitive. Write a white paper providing all salient information. Research and follow all local regulations. Build a smart contract to distribute the currency via blockchain. Market the currency thoroughly once the launch ICO is live. With these steps done, your ICO is likely to be a success.