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ICO teams continue to grow in number in recent years. However, not all of these teams were able to succeed in making a successful ICO token. ICO tokens come in different types and names. If you plan on making your own ICO token, it is best that you know what the token is really all about.
ICO Token
ICO tokens are products that have a specific value assigned to it. Usually, when giving value to a token, the creator assigns an equivalent to it. One token can be equal to a certain monetary value or service.
In Making an ICO Token
Making your own digital token is a big leap in creating an ICO. An ICO is a fundraising project that usually funds ICO projects in exchange for the cryptocurrency. Many platforms like Stellar and Ethereum allow traders to create their own cryptocurrency. It also helps to have your own blockchain in making your ICO token.
Make sure that you are able to address the questions below. to help you scale the success rate of the ICO token that you plan on making.
• What is your business’ overall goal?
• Can your business profit from using blockchain technology? How?
• Is it necessary to have a token system for your business?
• What value does this token give to its users?
• Does it conform to all the legal requirements of an ICO token?
• Can you list your token in a cryptocurrency exchange?
• Do you have competitors? If so, identify them and their products.
Types of ICO Tokens
In creating your own ICO tokens, you also need to classify what type of ICO token it should be and the purpose it will serve. There are three categories for ICO tokens:
Equity Tokens
Equity tokens are the newest type of tokens in the market. These tokens are similar to investment shares in IPOs. Investors get Equity Tokens in exchange for the money that they invest. In addition, these tokens allow the investor to vote and decide on matters relevant to the ICO Company. However, Equity Tokens do not have clear regulations and can be a high-risk investment.
Security Tokens
You can issue Security Tokens for almost everything. They are often used on products that are tangible. They are used to tokenize properties and other material assets. Many ICO companies often offer this type of token. Security tokens are covered by strict security regulations. Make sure that you take the time to read and study these regulations if you plan on issuing them.
Utility Tokens
However, before you start dispensing and creating Utility Tokens, be sure that they pass the Howey Test. The Howey Test helps you determine if your Utility Coin is able to meet the security requirements mandated by the government. Utility Tokens play an important role in a blockchain application or platform and allow users to enjoy special benefits from it.
Initial Supply of your ICO Tokens
ICO teams usually decide on the number of tokens that will be made available in the market. They also have a say on how these tokens will be distributed. Down below are some of the options on how you can create a number of digital tokens to be released and how they will be distributed:
- ICO Sale
- Private Sale
- Pre-ICO sale
- Post-ICO sale
Furthermore, you have to allocate tokens for your advisory board and ICO team. You also need to set aside a number of tokens for your business reserves and expenses. Having a specific amount that you want your tokens to reach also helps determine the initial supply of your digital token. You can set a hard cap and soft cap on the amount that you want to raise.
How to create your ICO token
Many ICOs often use Ethereum as their primary platform. It doesn’t take a lot of time in creating a digital token on Ethereum. It usually takes about 20 minutes to issue tokens through the platform. There are also other alternatives that you can use in creating tokens. There are times that Ethereum networks would set a limit to their platform transactions. You can also use other platforms like Stellar to create your own cryptocurrency.
In making an ICO token, always take into consideration the uses and types of
the tokens. In this way, it will be easier for you to conceptualize and scale
up its functionality. Always remember that a worthless coin is easily replaceable
in the world of cryptocurrency trading.
The rise of cryptocurrency is one of the reasons why many ICO teams and companies flourish. They were able to conceptualize projects like WAVES, NEO, and Bancor. These ICO products are among the top ten ICO projects. It is no wonder that many ICO teams would want to create their own successful ICO product.
Accomplishing this feat, however, entails a lot of work. Here are some things to consider.
Making your Own Successful ICO product
In creating a successful ICO product, always bear in mind the kind of value they will create with the public. This idea is the most common mistake that many entrepreneurs often forget. More often than not, they usually create ICO products just for the sake of the hype.
It is important that you clearly develop the concept of your product or service. Potential investors would always want to see a solid product or service for them to invest on. Make sure to state all your plans in a white paper. It will help you convince your investor, thus helping you achieve your goal faster.
So, put a lot of consideration when conceptualizing your product. It should be in line with what you want and not just simply following the trend.
Characteristics of a Good ICO Product
Creating a successful ICO product is not easy. You need to consider its functionality, design, and branding. Once these three are addressed properly, you will know that the product will succeed in no time. Down below are some of the questions that will help you assess the success potential of your product.
• Is the product useful?
• Can it give value to your customers?
• Will it help address problems?
• Does your market have a remarkable demand for your product?
• Will you be able to optimize it?
• Is the price reasonable enough to make a profit out of it?
• Is it up to par with similar products in the market?
• Is cryptocurrency an important feature of this product?
Examples of Successful ICO Products in 2017-2018
In a span of one year, many interesting ICO products and services were created and sold. If you are unsure of what product to offer, here are some business ideas that you should check out.
● Literature
● Equities
● Goods
● Fundraising
● Real estate
● Service leases
● Credit
● Time-based rentals
● Art
● Music
● Futures
It may not look like it, but there are a lot of things that you can tokenize. Some ideas may seem unusual, but they are actually possible.
Should your product be ready before the ICO?
Your product doesn’t have to be completed before the ICO. However, having a finished product would be better. The beta or MVP version of the product contributes to the success rate of the final ICO product. It helps investors visualize the system. It will also convince them to fund the project without any further questions.
Things that you should do before ICO
Basically, you need to research on the technical part of your planned product. As much as possible, you should conduct simulations from time to time. Simulation can help you see loopholes in your product. Aside from this, you also need to research the market of the product. This will help you assess whether the product can be well-received by the market.
You can visit forums like BitcoinTalk. You can also ask the opinion of other traders and experts in cryptocurrency.
Creating your own ICO product is never easy. However, with the right concepts and system, your own cryptocurrency will boom in no time at all.
How To Create A Website For Your ICO
In ICO marketing, a great website is a prerequisite. Cryptocurrency traders often check the websites of many ICO companies. They usually decide on whether or not to invest in it based on the information that they get from the website. As an ICO company, it is important that you impress your prospective investors with your website.
Creating an ICO websiteM
Having a website is a must for any business models. Traditional or not, businesses are now using websites to expand and reach out to their market. For ICO companies, your website is a portfolio for your possible investors to check.
In creating a website, all the information it contains should be accurate. The website should contain the project’s information, the white paper of the project and the token you are marketing. You should also add information about the team members so you can build your profile’s credibility.
Finally, link your website to social media platforms like LinkedIn, Twitter, Facebook, and Telegram.
Languages for your website
English is the language commonly used in many websites. However, there are countries that don’t usually use English as their first or second language. It is best that you add other language options for your website such as Spanish, Chinese, or Russian. This feature helps your website attract prospective investors from non-English speaking countries. In this way, clients can easily understand technical terminologies without using online translators.
What your Homepage should look like
When opening your website, the first thing that your client sees is the homepage. It is very important that your investors will see the kind of services you are offering. For ICO websites, your homepage must have a preview of your ICO product or service.
Once you have given a preview, make sure that you also add a boilerplate of the project. Add a countdown timer to catch the attention of the visitors. In this way, your visitors will anticipate the kind of product you are offering and when it is going to be launched.
Make sure that the website is also mobile friendly. In this way, users can also access it with their mobile devices.
Project Preview
The project preview is another important detail that your website must have. It contains the basic and most important details of the project. It must be written in the simplest way possible. This is to make sure that your project is easily understood by others.
Down below are some of the information that your project preview must contain:
• Goals of the ICO
• Innovations made by your company
• Where your business is located
Digital Currency of Your Website
In ICO, always remember that the digital token made by your company is your main product. It is very important that you entice investors to buy or invest in your currency.
You can do this by giving important information that will answer these questions:
• What is the name of your cryptocurrency?
• What is its ticker?
• How is it used?
• What is the price your cryptocurrency?
• Does it have a bounty? If so, what is it?
• Does it have airdrops?
• What is the total supply of your cryptocurrency?
• When will the ICO start?
• When will it end?
• What is its soft and hard cap?
Documentation
Another important section that your website should have is the documentation of the ICO and its token. Make sure that you put the white paper of your ICO, the business roadmap, and other legal documents that are required in establishing an ICO company.
Social Media Platforms
Social media marketing is another way of promoting your crypto currency’s visibility. Make sure that you link your ICO website to your social media accounts. It will help you get a good number of followers.
The ICO Team
In one of the pages of your website, make sure that you add the members of your ICO team. It helps build your token’s credibility. It is also important that you add your members’ portfolio, positions in the ICO team, as well as links to their LinkedIn profiles.
ICO Website Development
Many ICO owners usually make their own ICO websites. You can create a website by simply using an ICO website template. These templates are available on the internet. If you are not comfortable with your coding skills, you can hire an ICO website developer instead.
ICO Web Design
If you haven’t decided on how you want your website to look like, here are some of the web design examples that you should check out:
• Eligma
• AdHive
- Bloom
• Sharpay
Your ICO website plays an important role in making your ICO Company grow. Make sure that you put a lot of consideration on developing your website to be. In this way, you will be able to build a strong and capable digital presence of your ICO Company.
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.