- ICO stands for Initial Coin Offering.
- It is a technique by which cryptocurrency systems obtain funds.
- New coins or tokens will be created and traded on the cryptocurrency exchanges.
- Startups or companies that have strong business ideas but lack funds must opt for ICO.
Some of the benefits of ICO are, it gives a good opportunity to put resources into promising ventures, helps in building a strong blockchain network, easy access to beneficial tokens and coins at a discount, decentralized decision making for investors, friendly regulations for exchanges.
The Step- By-Step Preparation for ICO:
- Preparation of Whitepaper – Details about the project, different stages involved, timeline, a roadmap of the company, and the outcome to be aimed at will be explained in the Whitepaper. Ideas can be put in based on behaviourial pattern of crypto investors who visit different sites. The whitepaper should be transparent and easy to understand for everyone.
- Business model – After the circulation of the whitepaper, feedback of investors can be obtained and their suggestions can be included based on feasibility. The project team and the investors can deliberate to decide a business model and prepare the final version of the Whitepaper with detailed terms and conditions. The process of designing the token will also be decided in this stage.
- Smart contracts – Self-executing contracts between the buyer and seller will be developed across a distributed decentralized blockchain network.
- Details to be included in the offering – Important information such as required capital amount, the timeframe of the project, number of tokens to be sold, the value of each token, rights of the investor should be clearly specified.
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- Announcement of the date – Once the offer has been approved and signed by all parties, the date of commencement of the ICO will be announced.
- Marketing campaign – Concentrated marketing efforts will have to be undertaken for raising a large amount of funds. It varies from project to project. The primary target would be the participants and the investors willing to support the project. The campaign must also focus on developing a positive image of the ICO development company among the eyes of the public. Buying and selling of tokens will begin after the end of the marketing campaign.
- Community engagement – 24×7 engagement with the crypto community should be ensured. A team should be formed to handle all social media channels effectively. More efforts must be devoted to fighting against scammers, referral bots, fake news, uncertainty and doubt that spread fast in the media.
- Distribution of tokens – It can be done in two different ways. It can be distributed to investors based on the initial investment made after collecting the specific capital. Tokens are also sold on cryptocurrency exchanges in advance for trading.
If you are looking for the best ICO consulting company in India, go for the Blockchain App Factory. Their team of skilled developers who have worked with big clients will achieve your vision in a grand manner. They will provide optimized, user-friendly and stable ICO solutions for your business requirements at an affordable cost. Detailed analysis of competitors, implementation of high-security standards and 24×7 technical support is also given.