We have witnessed an era of the Cryptocurrency investment market’s outbreak through the ICO (Initial Coin Offering) process in recent years. According to the PwC representative in Switzerland, the sum of capital raised by ICO in the first five months of 2018, has doubled in comparison with the year 2017, with over $13,7 Bn. The two most outstanding names are Telegram and EOS, which have raised billions of dollars. Obviously, ICO has opened up business opportunities for start-up companies, business organizations, and even investors. In this article, we aim to show you following great tips that will support you, entrepreneurs, in your first ICO process.
(1) Keep your ICO Secure
ICO process’s development leads to tons of risks about security. Hackers will be able to take advantage of any passwords, security holes to enter and steal your information, assets and even your potential investors’ information. Therefore, if you are running an ICO, get ready for unexpected attacks from hackers
Only in 2018 did tens of attacks on large ICO projects cost tens of millions of dollars. Typically, on July 10, Bancor, the fourth-largest ICO of all time with $ 150 million raised capital was attacked, lost $ 13.5 million by a group of hackers. “A wallet used to upgrade some smart contracts has been compromised. This wallet was then used to withdraw ETH from the BNT Intelligence contract for $ 12.5 million ” said Bancor’s representative. KICKICO – an ICO issued on the Ethereum blockchain protocol, was attacked on July 27, lost more than $ 70 million KICK which worth $ 8 million.
In these prominent cases, we can see the need for security upgrades to protect the ICO project. Here are some small security tips for your ICO project:
- Do not use a single password for all of your social networking accounts if you do not want one day all your information stolen so easily.
- Make sure that the important passwords on the web host admin passwords are only shared when needed and for the staffs that you can trust.
- At present sites such as Twitter, Gmail, and Slack, etc. have 2FA functions, which means that is a 2-way verification, helping you can prevent hackers from stealing your password
- In addition, Telegram is also a high-protecting place for your ICO, you can build telegram group and add telegram group member to run ICO project easily.
- Choose a person who can manage messages in the Telegram if you want to build a telegram group to carry out your ICO project. Select suspicious telegram members and ban their activity from the group.
- Use a hardware wallet, such as Trezor to access your ICO smart contract/wallets or store funds. Putting your wallet in a safe place so that it won’t get stolen or be lost.
(2) Free and Effective Marketing
Marketing strategy is one of the keys to bringing your ICO project to investors. Be sure to take advantage of free public channels such as Telegram channel to promote your ICO
Telegram and Bitcointalk are especially popular channels about the crypto-community. Bitcointalk has the greatest crypto-community and ICOs are announced every day. Having frequent threads and presence on bitcointalk months before starting your ICO will build up hype for your project launch. Other ways which you can promote your ICO is via Telegram, you can create a Telegram channel and then post information related to your ICO to attract more telegram users and investors.
(3) List your ICO on multiple websites
Listing on ICO websites will help you to let people know more about your ICO quickly. Free and popular English websites include icoalert.com, smith & crown, tokenmarket.net, urbancrypto.com and many more can support your ICO process. For an additional cost, you can pay for free members on such channel like Telegram to promote your ICO.
(4) Give people strong reason to get your tokens
To attract more supporters, you need to explain the rewards that your token holders are entitled to. While building the platform, the project creator can attract future investors by launching the utility token model, in which token is used for purchasing services or products in that platform. For instance, tokens could be used to trade for exclusive weapons & skins in a video game project. This makes certain that the token has a basic value and there will be a permanent requirement for the token and the ICO project once the platform is launched to the market. As an additional advantage, these utility tokens tend to be more easily listed as trades prefer coins which own transaction volume.