1. ICO Team and Advisors Structure
For starting the ICO design process, you need a well-qualified team to work with. On average, there are from six to nine team members in the initial coin offering projects.
Mainly, we can separate the team composition into two parts: ICO developers and advisors.
- ICO developers who will build your product must have high expertise in smart contracts and blockchain overall.
- Advisors are digital currency experts on one hand and experts in your projects industry on the other hand. Typically, they are founders of successful blockchain-based projects or individuals with a trustworthy reputation in a community.
2. ICO Development Roadmap Creation
A thoroughly developed product roadmap helps investors see how your product can take off and bring them profit. So a product roadmap is a crucial step for your token sale.
Even if your project is ambitious and requires substantial funding in any phase, you should ensure that your investors can check your team’s work in a matter of clicks. Investors may monitor how often your ICO developers commit a code to different source code repositories aka GitHub.
A quality product roadmap must show that you can take your idea and convert it into a real-world solution that generates profit.
3. Market Research and Planning
Before launching an ICO development, you need to thoroughly analyze the market demand and design your business model. Also, it is crucial to consider how well you can integrate your idea into a crypto ecosystem.
White label ICO platform experts are researching the project’s potentials, its technical abilities, and evaluating how it can be helpful to investors and the community at large.
If you are sure that your project will work, it is a great idea to present it in the market through multiple platforms to get specific feedback and interest investors.
4. Whitepaper Drafting
Whitepaper answers all questions about ICO development services you are going to deliver and contains accurate information regarding:
- Pain or a problem that users have
- Your product and solution it provides
- An initial coin offering description, including token details
- Your token commercial applications
- The technical side of your project
- Product roadmap and project timeline
- Information about your team and company mentioning specific skills and experience
- Future perspectives of your token and its features
- How you will use funds
- Token price on different stages
- Current users if you got any
5. Website for Launching an ICO
It is crucial to make an easy-to-navigate and captivating website for presenting your ICO development. To capture potential investors’ attention, it must contain relevant information described convincingly.
Also, it can be a good idea to hire an ICO software development company to apply the best UI/UX design solutions so as to ensure an attractive and clear website design for your ICO launch.
6. ICO Promotion and Community Support
To make the best out of ICO development, you should efficiently promote your venture and gain community support. Time-tested promotional activities you should keep in mind:
- Firstly, social media presence on platforms such as LinkedIn, Facebook, and Twitter is a must and a default rule for every online business, especially if we talk about decentralized ones.
- Additionally, use public channels or groups on Slack, Discord, and especially Telegram to communicate with your supporters.
- If you want to attract tech-savvy investors, they will expect your presence on Reddit, blockchain, and DeFi forums like BitcoinTalk or others.
- Last but not least are conferences, exhibitions, and interviews where you can present your initial coin offering. Furthermore, you can take advantage of these events and make valuable connections with teams that deliver ICO development services, industry specialists, or advisors who can become a part of your advisory boards.
Each of these elements completes a good marketing strategy to spread the word so that potential investors could discover your offering.
7. Choosing Token Sales Model
The next stage is to create an ICO token and pick its sales model. Let’s take a look at the main ones in more detail.
- Soft and hard caps are the minimum and maximum amounts that your ICO must raise before ending. You can show it through numbers of raised or sold tokens and set caps before you start an offering.
- Hidden caps are another option where caps can be hard or soft, but investors cannot know your capitalization until allocations end.
- An uncapped model with a fixed rate makes no limitation on the number of participants or raised amount. Also, the duration of an initial coin offering has no limits, and the token-to-cryptocurrency exchange ratio is fixed.
- A capped model with a fixed rate means that the offering duration goes several months and is limited. Same as in the previous model, the token-to-cryptocurrency exchange ratio is fixed, and a basic rule for tokens offering is first-come-first-serve. Furthermore, there is a limit on the number of tokens available for sale.
Mainly you need to consider token sales methods for wider distribution of tokens for quality users. But as long as you research how to create an ICO token, you can see that it will be better if you don’t overcomplicate your token sales model so as not to cause the revolt of your supporters.
8. Developing Smart Contract
In the science of how to create an ICO token for its distribution, it is necessary to establish a smart contract, so asset holders will be able to handle, transfer, sell tokens, and more. Also, it is connected to your token wallet.
There are fungible and nonfungible tokens in blockchain networks. Still, the industry standard for ICO services is fungible ERC-20 token because its specifications have the necessary parameters for a smart contract that we need here. An ICO software development company should conduct a proper audit of a smart contract to ensure its security and functionality. You should consider checking it before deploying assets to the Ethereum blockchain.
9. Establish Your Digital Wallet
You need to develop your cryptocurrency wallet. It is necessary for receiving, sending, or storing initial coin offering assets. The best idea is to hire an ICO software development company with solid expertise in this domain.
10. Listing on Exchange Platforms
Putting your tokens or coins on cryptocurrency exchange platforms is an essential part of ICO development and marketing. These systems allow for exchanging one asset to another based on their market value.
To enable trading, you need to choose popular and reliable platforms like Binance and GDAX. Most cryptocurrency exchanges will typically limit their users to only trade for assets within the digital system. Still, some of them allow trades between cryptocurrencies and fiat money. Kraken is an excellent example of such a trade platform.
Now you know the end-to-end steps to launching an ICO and running a booming campaign.