How To Approach ICO Development in 2022?

Because of the explosive growth of token sales, launching an ICO has become a win-win situation for entrepreneurs and developers, looking to scale their businesses or start new ventures in the crypto space. Over the years, the Initial Coin Offering (ICO) has become the de facto fundraising tool. 

While an ICO is a tempting venture for both startups and incumbents, launching a successful ICO requires a lot of wits and hard work. Even though ICOs have been around since 2017, crypto geeks know well about their recent decline. So, it becomes pivotal for entrepreneurs to restructure their ICO strategy. 

If you’re one such entrepreneur, read on to learn how to restructure your ICO Development strategy in 2022.

Why Do ICOs matter in 2022?

Many factors influence whether or not you succeed in developing an ICO. A whitepaper is one of the must-haves. It’s an official document, a key public tool that gives stakeholders access to critical information about your business.

It’s best to remember that a whitepaper is a business document with a set of criteria, not an essay or a research project. In the whitepaper, you primarily describe the project’s aspects, including its mission/vision, objectives, intended funds use, target audience, a roadmap with critical milestones, team, token sale timetable, and other practical details. Of course, if we’re talking about ICOs for IT startups, this business plan will include descriptions of your project’s technology. However, ICO development (in 2022) is limited to crafting whitepapers. Startups can also publicize their projects through social media communities.

Whether you seek counsel from an ICO development company or plan yourself, you should be aware of the ins and outs of the initial coin offering!

Underlying Challenges within ICO Market

• Conveying the Investors’ benefit

One of the most difficult aspects of launching an ICO and attracting large investors to buy ICO tokens in the project is providing a detailed explanation of how your proposed token would move in the economy, the actual problems your Blockchain solution would solve, and so on.

To grasp it, you’ll need to make sure that the future you’ve imagined for your project as a whole has the potential to be of real value in the real world. It is not an easy task. Before you enter the market with a decentralized solution to their problem, you’ll need to do a lot of groundwork.

• Cutting Scam Ties Off with Your Project

The one unfortunate thing surrounding the ICO ecosystem is the number of scam projects and rug pulls. Throwback to this 2018 study by New York-based Satis Group LLC that stated 80% of ICOs are scams. Now, demonstrating your project’s credibility becomes a quintessential task.

First and foremost, not giving false promises (for instance, instant double-up on project’s token) would do better. Moreover, sharing the actual name (& possibly the face) behind the project will bestow credibility.

• Ensuring The Security of ICO Round

Even if it fluctuates slightly, the ICO market’s future is only because the causes of security breaches and hoaxes are at an all-time high. Modern-day hackers have become so sophisticated that keeping them at bay requires only a more sophisticated development team.

Employing security features like two-factor authentication (2FA), consistent verification of smart contracts, and most importantly, deploying SSL encryption in the website can help enhance security.

A Contemporary Guide for ICO Development

I guess you’ve already decided to craft your ICO launch. So, it’s time to contemplate a perfect plan to establish your ICO round.

• Craft An ICO Roadmap

A well-thought-out product roadmap allows investors to see how your product will take off and profit them. As a result, creating a product roadmap is an important step in the token sale process.

Even if your project is ambitious and requires significant funding at any stage, you should make sure that your investors can easily review your team’s work. Investors may want to track how frequently your ICO developers commit code to various source code repositories, such as GitHub.

• Build Your Community

Since any crypto enthusiast can be your potential investor, you need to identify them via marketing channels. Maintaining a social media presence on tech-savvy platforms like Reddit and Discord is advisable. Not to forget – Telegram also has the potential for getting your ICO off the ground.

Conducting ask-me-anything (AMA) sessions and attending conferences are also beneficial. You’ll not only have the opportunity to pitch your ICO to industry veterans, but you’ll also make the connections you need to get that special advisor on your advisory board. 

Suppose you can handle all these, fine (with it). Or else, you can hire a mission-driven ICO marketing agency for accomplishing things! Each of these options encompasses a good marketing strategy.

• Develop Smart Contracts

In blockchain networks, there are fungible and nonfungible tokens. Still, the fungible ERC-20 token is the industry standard for ICO services because its specifications include the necessary parameters for a smart contract, which we require here.

You may also want to create a web app with a user interface for your account, in addition to developing a smart contract for minting tokens and distributing them to your supporters. Contributors will be able to track their investments and access project information at any time using such a platform. 

• Launch Your ICO

Create a web interface to follow the token sale process. Then, list your tokens/coins on exchange platforms to transfer value. When the D-day comes, your ICO will go ‘live’ as per the smart contract.

I believe that you know the end-to-end steps to launch your ICO development project and raise capital.

In A Nutshell

Launching an ICO is a culmination of great efforts, technological aspects, and, most importantly – a viable technology partner. You can seek counsel from fellow crypto enthusiasts and entrepreneurs. However, all you need is someone who puts words into action. I believe none other than hiring an ICO development company could accomplish that!