The ICO boom continues to fascinate potential investors and crypto enthusiasts. While some ICOs have reached echelons of success some failed to make their mark. With a surge in curiosity levels, many enterprises are looking forward to launching their ICOs in 2018. Here are a few pointers to consider before planning your ICO in 2018.
Highlight your Selling Features
If ICO investors are going to pitch in your project, they will do an in-depth analysis. This will be to determine your project’s viability as a good opportunity for investment. To make sure that your project stands out, look out for main features that would make your project worthwhile to invest. Check out ICO review videos of key influencers and note what makes them want to pitch in and what turns them off. Once the concerns of ICO investors are satisfied, your project is good to go. It is critical that your team has a prominent presence on Linkedin.The roadmap should have proper structure for fulfilment.It is essential that professional writers are hired to write the white paper.
Answer the most pertinent question-Why Blockchain?
A question that carries precedence over all other issues in ICO planning is -Why Blockchain? If what you are trying to achieve can be carried out by a simple database or technology, there is no substantial reason for you to be involved in cryptocurrency. Serious investors will figure it out quickly and ultimately lose interest in your ICO.
Creating your prototype
It is important to have a working prototype before launching your ICO. It is a critical deciding factor for many potential investors. Investors naturally want to invest in something tangible. A working prototype gives a cutting edge over many other projects and can be a deal breaker.
Setting up a focussed community team for 24/7 coverage
A large community has climbed the ICO bandwagon with hopes of making quick money. They have probably not sifted through your whitepapers. It is likely that they are least interested in what you are trying to achieve. Most people are unable to grasp your idea behind the ICO fully.This results in a volley of questions, putting an unimaginable strain on your team for community management. If you want to fulfill all these people, set up a dedicated team which can cover your communication channels 24/7
Understanding and adhering to local rules and regulations
Develop a strong understanding of the regulatory framework for ICOs in your region and ensure that your project strictly adheres to it. If the ICO can’t function due to legal bindings, consider relocating your business. Some ICOs have moved to more crypto-friendly countries. An intelligent investor will not pool in money for something which is not legally sound.
Seek Legal Counsel and set up a proper Know Your Customer (KYC) process
It is critical that you make an appropriate budget for legal counsel and your KYC is done correctly. The crypto-space is evolving rapidly and laws and regulations can come into existence almost overnight.It would be great if you approach organisations such as Bitcoin Suisse to look after these matters for you. Do everything by the set procedures, and it will benefit you in the long run.
Think about the values for your project
Collaborate with your team and have a firm stand on the values for your project. If you are wanting to be part of the original philosophy-”Distribution of wealth and gains for all” , then you can set up a maximum individual cap. In this way, many can participate in your ICO with small amounts. But, if your goal is to grow quickly, a minimum cap can be set and ensure that rich investors participate. There is no fixed way to achieve this.But make sure that all this is planned beforehand and your decisions are informed.
Set up a maximum individual cap for the first 24 hours of your ICO
If you want everyone to get a fair chance, you can run with a maximum individual cap for first 24 hours of your public token sale. This will ensure that everyone has an opportunity to participate. In case the hard cap is not achieved on the first day; consequently the cap can be removed. If you have a unique project, a dedicated team and a detailed roadmap and a prototype then be sure that your project will accrue funds.
Don’t change your token metrics halfway through your ICO
The token metrics or the terms of the ICO should not be changed mid-way.If it is an absolute emergency, then the announcement should be communicated very carefully. It has been observed that shifting your goal posts can create upset within your investor community. For instance. Take the case of Experty, they announced that they were going to peg the cost of ETH at $705 by considering the average of previous 30 days.The decision was prefaced with locking the ETH value and providing the same token price throughout the ICO. The hard cap was also kept at the same level. Despite these they received slack from the community.
Determine your hard cap and communicate it clearly
Be clear about the hard cap about your project and be vocal about it from the start. If your project only requires $20 million, state that. For a growing number of influencers, $ 30 million may be enough , beyond which a lot of investors will raise brows. Consider the fact that high cap might drive away the investors, who might see the hard cap as a potential risk for future growth.
Run a pre-sale with conservative bonuses
Another possible measure could be to run a pre-sale with a portion of hard-cap. This can be followed by allocation of conservative bonuses. By providing additional tokens for early participants some investors can be attracted. This can also become counterproductive if the bonuses are too high. Bonuses can be locked for a specified amount of time after launching to discourage immediate dumping.
Allocation of some budget to exchange listings
People would want to know where they can sell their tokens. If they missed out on your ICO they would want to know, where they can buy some tokens. Reserve some budget for exchange listing fees for greater outreach.
Drafting and publishing a comprehensive FAQ
Make sure that a comprehensive FAQ is ready for your ICO. Put it on your telegram, Twitter, Facebook and other communication channels. It will simplify the life of your community and people will be continuously asking these questions.
Test your systems thoroughly before the ICO launch
Test your systems thoroughly before the trigger is finally pulled. Clean up any issues to empower your team to handle real problems.
And you are good to go !!!! If above-mentioned tips are followed, you will likely succeed. There is a lot of money in the space going towards ICOs.There has never been a better time to launch a freshly-brewed blockchain project. All the best!!