7 Simple Steps for Developing a Successful ICO

Initial Coin Offerings (ICO) have attracted the greatest attention and hype in the cryptocurrency market. To identify the next big 10x or 100x opportunity, asset accounts have been actively tracking the ICO development market since 2015. From August 2015 to December 2017, the ICO market grew at an unheard-of rate. Reports later revealed that about 50% of the ICOs held in 2017 and 2018 failed to generate even a single dollar, likely due to ICOs launched in an attempt to cash in on the excitement and without proper planning.

 7 Easy Steps For Evaluating An ICO’s 

 An ICO is more likely to succeed if it gives investors enough relevant data, the project has a pre-ICO GitHub database, a presale is scheduled, the project avoids offering bonus schemes, has relatively short token sale durations, and has a public team, according to a study of 630 successful ICOs between 2015 and 2017. Despite this, numerous ICOs failed as a result of failing to adhere to the following ICO rules:

Rule No. 1: ICO Team, Strategy, And Research

Before beginning the development of an initial coin, the requirement must be researched and understood. Your team’s advisors, IT programmers, and business developers will build the business model based on this. Once the idea is finalized, it is critical to consult the professionals to determine its practicality and to execute their recommendations.

 Once the business model is in place, working with engineers to produce an achievable timeline is required. The following considerations should guide your breakdown:

Your team’s size and expertise should be sufficient to complete the roadmap.

To pay for the ICO development phases, you must have enough money.

Investors carefully watch how regularly your team provides code to open-source repositories like GitHub. Therefore, it is essential to have a well-thought-out and practical plan in place.

Rule No. 2: Publication of The Whitepaper

The whitepaper should be the investor’s first port of call when deciding whether to invest in an ICO. At the start of the ICO development phase, make sure you have a 25–30 page whitepaper online that answers the following questions for investors:

  • What problem is your project trying to solve?
  • What size is the market for the problem your initiative attempts to solve?
  • What is the solution that your project suggests?
  • What elements of your project are technically complex and what elements are not?
  • Timetable and project schedule
  • Details regarding the group and the advisor’s
  • substantial tokenomics

Hosting your whitepaper on a project website is the ideal scenario. This boosts the trust of investors in your enterprise.

Rule No. 3: Right Tokenomics.

 This is the hardest part of developing an initial currency. The following are a few really important things to keep in mind:

 Choose The Caps.

Soft and hard caps define your ICO’s minimum and maximum funding requirements. Before the ICO offering starts, these caps must be decided upon, and once they are reached, they can be celebrated as an ICO success. Investors will only be aware of the precise capitalization after the ICO offering and the allocation end in the event of concealed caps.

 Whether or Not Models Have Caps

The number of ICO participants or the total cash raised during the ICO must have a cap. The number of tokens may not be capped, and the ICO will function on a first-come, first-served basis.

Dutch Auction ICO Offering

A smart contract calculates token pricing based on submitted bids is available. The smart contract prioritizes the highest offers, and if the caps are met, the sale is ended.

Rule No. 4 Development of Smart Contracts.

 If you want to ensure that the ICO offering is fair, a smart contract that allows investors to manage, transfer, and sell tokens is necessary. Your token wallet must be connected to this smart contract and go through an internal and external audit.

 Rule No. 5 Establishing a Digital Wallet  

 You require your digital wallet before starting the ICO offering.

Rule No. 6 is Post-sale Monitoring.

Be sure to stay on top of post-sale monitoring once the ICO has been completed. This means you need to hire an explorer to inform investors about the timetables and vesting schedules. After the lock-in period ends, investors will need to see 24-hour trading volumes and additional details.

Rule No. 6: Exchange Listing

 Getting the tokens listed on tier 1 and tier 2 exchanges is essential for increasing token circulation. If there are more listings or trading pairs, it will be easier for ICO investors to trade the tokens, which is not a positive sign.

To ensure that all essential regulations are strictly followed, we at Suffescom Solutions rely on our experience in ICO development services. We offer end-to-end services to ensure the success of your ICO, from developing tokens and smart contracts to writing white papers and advertising campaigns.

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