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How to build an ICO team
Behind every successful cryptocurrency project is a great ICO management team. Many investors often consider funding ICO teams because of the high rates of return that they bring and their high success ratings. However, investing in ICOs can also be risky. If are interested in organizing your own ICO team, here are the basic things that you should consider.
What is ICO?
Initial Coin Offering (ICO) is a fundraising mechanism for the ICO team’s new projects in exchange for cryptocurrency and fiat money. These could include the launch of new products, implementing activities to attain the organization’s goals, or starting a new cryptocurrency.
Usually, the ICO team provides a white paper and website for prospective investors to check out. The information they contain helps the client to decide on funding the projects by investing in the ICO. ICO offerings can either be done through crowdfunding or through private offerings.
Things That You Shouldn’t Do
In building your own ICO team, there are several things that you need to remember. Based on the experience of some of the ICO companies, here is a list of some of the indicators that veteran investors are wary of:
- When the team doesn’t have a record of the companies they have funded.
- They do not provide information about the company or the team.
- They are using dummy names and a fake track record of their work
- Lying about who the members of the team are.
- The turnover of team members is frequent and the turnover rate is high.
Investors usually consider these indicators as red flags; so, they usually steer away from this kind of ICO team.
Things That You Need to Do
In building your ICO team profile, you need to remember that your website and marketing collateral should have the following information:
- The names of the team members with their pictures
- LinkedIn profile link
- Track record of the members
The information that is provided must be accurate and updated. It will help you establish your presence with cryptocurrency investors.
The Positions of Your Team Members
The first thing that you need to do when establishing your team is to designate the position of each member. This will facilitate your management of the products you are handling as well as the other functions in making your project work. Although roles and functions may vary from one team to another, make sure that you take note of the important ones.
- Founder/ Chief Executive Officer
- Chief Technological Officer
- Chief Financial Officer
- Chief Operation Officer
- IT developers
- Quality Control group
- Web designers
- Marketing team
- Advisory board
Before you designate the roles, make sure that you check the background of your candidates. Whether it’s ICO or traditional, the key to a successful business lays in the people managing it.
Potential Members of the Team
Recruiting your ICO team members can be really challenging. Most people would join crypto-communities to meet possible team members. If you don’t know anyone in the community yet, you can try Upwork or LinkedIn. These websites allow you to look for expert freelancers to help you build your own ICO team.
There are also other portals that you can check out:
- Token Market
- Bitcoin Forum
- CryptoCompare
- Ambisafe
- ICO Now
- ICO Rating
- List ICO
- ICO Bench
- ICO Drops
- List ICO
- ICO Ranker
- Coinschedule
- ICO Tracker
When you surf through these sites, make sure to interact with the other members. You can actually scout promising individuals through these websites.
Choosing the Best Advisory Board
The advisory board is an integral part of the team because they can help you decide on specific issues. They can help you make sound decisions and guide the team to the right path. The advisory board should be composed of experts, influencers, and entrepreneurs.
When choosing the members of your advisory board, it is important that you check their credentials first. Also, your advisory board should also share the same ICO idea and principles with you.
If our readers are planning to start trading cryptocurrencies it is useful to understand that, in fact, there is no Bitcoin as such. They do not lie somewhere in a flat pile and are not even on the hard disk. The owner of the virtual coin can’t pick up a bill or point to a digital file and say: “Here they are, my bitcoins!” Instead, he can see or show the balance of the wallet and his transaction history.
All bitcoin transactions, in turn, are carried out in e-wallets and require a digital signature. It is necessary for safety. Each money transfer becomes known to all users of the network, as Bitcoin has an open history of operations. Each transaction is stored in a public book.
The process
BTC transactions are essentially a regular money transfer. It is only carried out much faster. To transfer money, you only need the address of the recipient’s bitcoin wallet. No first and last names. On the part of the user, the operation looks like this: a wallet is opened, the recipient’s address and the amount of the sending are entered, the signature is executed using the private key. Everything, 10-30 minutes – and the money from the recipient. Behind this simple at first glance, the process hides a huge world.
For example, if Alex sends Bob two and a half bitcoins, the transaction will have three pieces of information:
- Entrance. Record with information about where Alex got his bitcoins.
- Amount. The number of transferred coins. In this case, 2.5.
- Output. Bitcoin wallet address of Bob.
If you think that the commission in the implementation of operations with Bitcoin – something beyond the limit and out of the ordinary, take it easy. Banks, payment services, exchanges, you also pay a commission for the implementation of the transaction, even though it is sometimes invisible. Deductions, in this case, make up the profit of the service or go to maintain its livelihoods. In the case of Bitcoin, commissions go to miners who assist you in conducting the operation. Please note that deductions for fees are not required. If you do not pay, your transfer will come true, although it will take a long time to wait.
Transactions take some time
Since the transaction must be checked by miners, sometimes you have to wait until they finish mining the block. Bitcoin protocol regulates mining so that each block takes about 10 minutes.
This can cause difficulties with instant payment for services in stores that accept bitcoins. In most cases, devices are used that deferred conduct transactions. This is normal for low-cost transactions where the risk of fraud is not so great.
Public and private keys
During the creation of a Bitcoin wallet, the user is given a private and public key. The public key is public and serves as an address for transactions. It can be seen by all users who commit transactions to it or track them in the blockchain. The private key is private. He knows only the owner of the wallet and it is on this key is based on the safety of your funds.
There is also a public key unique individual address, which is visible in the blockchain. A public key is a cryptographic code that consists of an encryption algorithm with an asymmetric key, which is used to convert messages into a non-readable format. The Bitcoin public key itself is very long because it is compressed and reduced to the form of a public address. If a user loses his public key, it is possible to recover it using a private key.
Getting Started: Bitcoin mining pool
Bitcoin mining implies participation in the work of the system in order to assist in the computation of cryptographic keys (hashes) that sign blocks of transactions in the blockchain. For finding each key, the system gives a reward in the form of emitted bitcoins. Due to the high complexity of the computations, it is impossible to find the key by yourself, being ahead of other participants, even with high-performance equipment. Therefore, more than 99% of miners, with the exception of those who have the fantastically powerful computing power, work through these sites.
- You will need to download from the official resource the software that is required for the implementation of mining.
- You will need to understand the software, configure it, and design its launch.
- Then everything is simple – test mining on your computer, and calculate how much you can earn on it through this pool.
In principle, everything is extremely simple on this point, nothing complicated is required. But it should be remembered that ordinary users do not have access to some pools, for example, the pool – Bitfüri is private.
Advantages
Distributed computing by a group of miners is much more efficient than a single key search. Together they manage to find the hash faster than it would if they were working alone. For the use of the resource you have to pay a commission of the pool, but this amount is insignificant compared to the increase in profitability due to the joint solution of computational problems.
Commissions
There are cases when unscrupulous owners of the “pools” robbed users, collecting the extracted cryptocurrency and disappearing. In order not to become a deceived entrepreneur, we recommend using the services of proven services. However, the more reliable the pool, the higher the commission and other types of fees. New pools lure users with a low commission and pleasant bonuses during registration, which of course attracts inexperienced miners.
Regulations
Some countries do impose a tax on Bitcoin mining income since they classify cryptocurrency as bond and stocks. Whether your country of residence does that or not you should do research or even better consult with the expert in this field.
Top 10 Mining Pools
The most popular mining services have an English interface, which does not prevent Russian miners from earning successfully with their help. The list of the largest pool of BTC mining associations includes the following resources:
1. BTC.com
Country: China.
Founded: 2015.
Commission: 17.93% of all blocks.
Is it open to the public: Yes.
2. AntPool
Country: China.
Founded: 2015.
Commission: 14.40% of all blocks.
Is it open to the public: Yes.
3. SlushPool
Country: Czech Republic.
Founded: 2010.
Commission: 11.96% of all blocks.
Is it open to the public: Yes.
4. BTC.top
Country: China.
Founded: 2014.
Commission: 9.24% of all blocks.
Is it open to the public: Yes.
5. F2pool
Country: China.
Founded: 2013.
Commission: 9.24% of all blocks.
Is it open to the public: Yes.
6. ViaBTC
Country: China.
Founded: 2016.
Commission: 8.97% of all blocks.
Is it open to the public: Yes.
7. Poolin
Country: China.
Founded: 2014.
Commission: 5.71% of all blocks.
Is it open to the public: Yes.
8. BitFury
Country: Georgia.
Founded: 2014.
Commission: 3.53% of all blocks.
Is it open to the public: No.
9. BitClub
Country: China.
Founded: 2014.
Commission: 2.72% of all blocks.
Is it open to the public: Yes.
10. DPOOL
Country: China.
Founded: 2014.
Commission: 2.45% of all blocks.
Is it open to the public: Yes.
The cryptocurrency market also works in the same way as the world stock exchange. On the chart, you will see exactly the same price fluctuations as on securities or Forex, although there is a distinct feature. To know how to read cryptocurrency charts, you first need to master the understanding of what “Сandlestick chart” or “Line chart” are and how technical analysis models are built on them. Market charts make it possible to smooth out the behavior of the crowd on the stock exchange, to understand which forces, to which they distribute their positions.
An experienced trader will spend a little time looking at the chart for a BTC, ETH or other asset, and a beginner is at great risk for money. Exchange schedules are the most important tool of market analysis, as they present price information in a graphical, visual version, which is the easiest for a general understanding of the market situation than textual or digital information. They allow you to see the mass behavior of the crowd, as well as to assess the balance of power between sellers and buyers, which ultimately makes it possible to understand the potential profitability of transactions.
Understanding Bitcoin charts
Types of Bitcoin charts
There are three types of charts: a line chart, a histogram and a chart called “candlestick chart”
Line chart
This is the basic schedule that a trader has to deal with – it is simply a change in the parameter of a cryptocurrency over time. A chart can track various cryptocurrency parameters, for example, its price or market share. Using such a chart, one can judge the profitability of a coin on the horizon of a month, week, day, or even the last hour.
Candlestick chart
A candlestick chart, or candlestick chart, is also used to describe the price movements of securities, currencies or derivatives; usually, each candle is one day. Among cryptocurrency traders, such charts are the most popular. They are intended for advanced traders, but it is not difficult to understand them. Each “candle” on the chart shows the opening price, the lowest and highest price for a given period of time, as well as the closing price.
Where to find Bitcoin charts
It is a very useful and necessary tool for traders so most of the wallets and exchanges have some sort of charts in their interfaces, but there are also dedicated platforms solely for charts:
- CoinMarketCap
- CoinDesk
- Bitcoin.com
- CCN
- Coinbase
- TradingView
How to understand Bitcoin charts
Each chart has its own properties and after we found out how to find chart platforms, now it is time to learn how to read them.
Line charts
In the linear chart, everything is simple and intuitive, everything is as you see. The upper point of the vertical line here is the highest, and the lower – the lowest price for a certain period of time. The left bar shows the opening price, and the right bar – the close.
Candlestick charts
The size and color of the body of the candle, as well as the length of the shade or wick, are very important because they demonstrate current trends, as well as indicate reversals and future price movements. The candlestick color indicates whether the closing price was higher than the opening price (usually in this case green is used) or lower (usually red). Wicks or shadows, that is, the thin lines that come out of the body of the candle up or down, show the lowest and highest price for the selected period.
Holding and margin trading
Now that you can read charts, you can follow trends every day. Diagrams are very helpful in this because they allow us to estimate the dynamics and not just the current price value.
Recap
However, price analysis is only part of the task, because it is equally important to understand the causes of sudden highs and lows. So do not forget to follow the news that may affect the state of the cryptocurrency market – if something significant happens, no graphs will help to predict the subsequent price jump.