What we did for...
ICO as means of crowd-funding: what’s on a list
Nowadays companies usually need additional means of promotion, very quickly and for an affordable price.
IT Master has recently implemented a platform that facilitates development of ICOs for companies at the earliest stage. Very often at Startup conferences young entrepreneurs come to me asking for help in launching an ICO, obtaining their token and inviting backers. That is why I decided to share our experience with all whom it may help.
Some startups question the safety of ICO . By all means there are some traditional precautions that are to be met.
I am here to explain how other startups already use this additional way of fundraising. ICOs are projects that involve creating and selling a new digital currency at a discount — also called "tokens". These tokens are sold to the audience who wants to invest and gain profit when the token rises in price.
Needless to say, a good marketing campaign is a must for such projects. Do you want to know more on this fundraising method?
For this project we used Ethereum platform that gave us an opportunity to concentrate on the convenience of money transfer and not to worry about blockchain security.
We wrote a smart contract that creates tokens and destroys them when necessary. A separate smart contract was written for coins transfer within the system.
In our articles you can read about how smart contracts and ICO work .
Here is what’s necessary to be implemented on the front page of the website:￼
- attractive design
Catchy and attractive design is a must to catch attention, create trust and convince visitors to invest into your project.
- easy-to-use interface
The process from registration to investing should be very simple and easy. Better even to have a video tutorial or a visual guide that explains how to use the platform. Just cut a short video and place it on the landing page of your website.
Whitepaper consists of important information about the roadmap, plans for the future, jurisdiction, business model, etc. In general it is the first document that represents your company, that’s why it’s highly important to work properly on it. Try to be clear, unambiguous, try to anticipate all the questions that might arise.
It describes everything you need to know about the currency before making up your mind if you want to invest, purchase or use it. This includes commercial, technological and financial details of a new coin in language that can be understood by someone who is not an expert in the space.
- number of backers
Your visitors have to know how many investors have contributed to your project. It is important to know that this figure is drawn automatically and is not subjected to manual changing.
- soft cap and hard cap
Hard cap is the maximum amount a crowdsale will receive. Most projects set a very high cap that is unlikely to happen. That is why a soft cap is also necessary. The soft cap is the capital amount gathered at which the crowdsale event will be considered successful. It is the minimal amount of funds needed and aimed at by the project to proceed as planned.
- crowdsale status
Crowdsale status is also regulated by smart contract and thus cannot be influenced deliberately from back-end.
It is important to see people that track your success and give you recommendations. Even better if you have advisors who have already assisted in trusted and flourishing ICOs.
Your developers, marketers, designers, financial analysts, sales people and most importantly C-level managers should all be visible to audience. It creates more trust and transparency.
This module is typical for all ICO websites as it may save some time of your customer support managers. Moreover, you can install an industry specific chat-bot that will definitely cut time for answering typical questions.
The ICOPro is a non-profit, non-governmental project that is used to show the process of registration and maintenance.