What is ICO?
An ICO (Initial Coin Offering) is the most recent crowdfunding technique in the crypto industry. It has radically changed the way people think about crowdfunding and public offerings. Said, an ICO allows businesses to sell their tokens for cryptocurrencies or fiat currency to raise funds for a product or project. This strategy applies to many enterprises, not only to the crypto industry.
An ICO (also known as a crowd sale) is an event in which firms involved in creating crypto wallets distribute and sell tokens to acquire funding. Now, LCX provides a great platform to launch your ICOs. From the first step of token generation to the final stage of post-listing support, the LCX Token Sales Manager allows you to launch your ICOs successfully. Because it is a regulated site, there is no need to be concerned about legal investigations.
The ICO’s Beginning
The first ICO was launched on Mastercoin in 2013 and raised a booming sum of $500,000, especially for the first time. ICOs raised about $13 billion for various enterprises by May 2018. This shows that ICOs have significant fundraising potential, but launching an ICO successfully requires current knowledge of the Fintech and crypto worlds.
The Importance of a White Paper in an ICO
The white paper is one of the most critical aspects in determining the success of your ICO. A white paper is an official document that provides all of the project’s relevant information to the stakeholders. It should clearly express the project’s goal, vision, target audience, planned use of funds, roadmap, team, crucial milestones, token sale timeline, and other pertinent information. It’s important to remember that a white paper is a business plan, not a research paper or an essay.
Ten steps for a successful ICO:
- The first stage is to assemble a group of ICO developers who can efficiently work on the ICO design process. The team should then be given an effective road map. The roadmap aids investors in comprehending the product and how it can take off and reward them.
- The next step toward launching a successful ICO is market research and planning. One must thoroughly research ICOs and how they work before launching one yourself. One should be aware of the recent trends in ICOs, their success stories, failure stories, and the crypto industry’s current demands and solutions.
- As previously said, a white paper is essential to a successful ICO. Prepare the white paper to solve the problem rather than as a marketing gimmick. A significant portion of the article should be devoted to providing a practical solution to the problem. It should include both technical and non-technical language and be 25–35 pages long.
- The next big step is to establish the purpose of your coin and create an eye-catching website for the ICO launch. It would be best if you chose an incentive for contributors when tokens are issued to them and provided an appealing interface to engage buyers in your token sale.
- When launching an ICO, one must also examine the legal implications. It is preferable to pay attention to the terms and conditions of your ICO and the laws of conducting business in the country.
- Focus on your token sale, what kind of token sale methodology you want to utilize, and which blockchain technology you choose for your token once the foundation has been established. There are several token sale models, such as soft and hard caps, capped models with fixed rates, uncapped models with fixed rates, hidden caps, etc.
- To keep the sale fair, decide on the number of rounds of token sales you want to conduct. Decide if you want a private sale, a public sale, or a presale with a different discount structure.
- The development of smart contracts is the next critical stage in the process. It enables token holders and participants to transfer, sell, and manage their tokens. It is also connected to the token wallet. To verify the smart contract’s operation and security, the company should conduct a thorough audit before launching the ICO.
- You’ll need a wallet to keep the funds you’ve raised through the ICO. It is required to send, receive, and store ICO assets. To create a wallet, one might contact a professional ICO software development company.
- The tokens become available for exchange or sale once your ICO is completed. Marketing and promotion are the next steps. To successfully launch an ICO it must be promoted across all platforms and attract community support. The apparent source of promotion is social media marketing, which includes networks like LinkedIn, Instagram, and Facebook. You can also communicate with your supporters through public channels on Discord, Telegram, or Slack.
How to launch ICO through LCX
As mentioned above, LCX Token Sales Manager is a great platform to successfully launch your ICO. The process of applying for the token sale is remarkably convenient. To be eligible for the launch of the ICO, simply fill out the form linked below.
Link to the token sale application: https://lcx-com.typeform.com/to/N00Nj3of
Keep investigating ICO success stories and how they achieved them to construct a successful ICO. You should continue to audit, refine, and test your smart contract and proofread all of the papers several times. If you succeed in engaging the public and developing a community, your ICO will be a sure success.