A well-founded business idea needs a valuable coin as its unique selling point. The year 2021 seems to be the most practical regarding ICO development. The profitmaking stances of ICO started to spring up after 2017. The year 2017 has proved to be a turning point in demonstrating the potential of ICO. Another factor that added value to the ICO development concept is that the token issued by ICO is not subject to any legal regulations.
It is just a little disclaimer before we, as an ICO marketing company, proceed with developing a successful ICO from scratch is a time-consuming and expensive venture. A campaign like this takes approximately $60,000 to launch, but the number can vary depending on the project.
Thus, the Ethereum smart contract is a suitable option for handling all the operations that must embed through complex codes. As ICOs (Initial Coin Offerings) are in high demand now due to their cost-effective crowdfunding method, their value rises when created on a well-defined Ethereum blockchain platform and promoted by an ICO marketing company.
In this blog, we will analyze the different steps involved in ICO development.
So let’s get started!
Steps of ICO Development on Ethereum
The Ethereum blockchain is the best platform for creating smart contracts. Thus, most of the ICOs have been built on the Ethereum blockchain. The main steps involved in ICO development are presented below to give you a better idea.
● Development of an Idea
The idea is the crux of the project. It’s the main selling point behind any project that assists you to achieve your desired results.
If you want your project to be successful, your idea has to offer a solution that the market currently needs, and this solution should be objectively better than what your competitors have to offer.
To get that idea, you have to conduct complete market research. Further, you need to have a thorough understanding of the market and your targeted audience.
● Define Project Specifications
It is crucial to have key features in hand before initiating a project. These specifications will define the way forward to your roadmap. For this, you can define your competitor in the market. A competitor will give you an exact scenario to follow further.
● Drafting a Whitepaper
A whitepaper is a set of instructions to eliminate the problem about a specific subject matter, such as ICO development. To pitch the coin to potential supporters, you should host it on your website. A product roadmap should be included in this document, detailing the future plans for the ICO.
● Creation of Smart Contracts
Creating smart contracts is an important step stage of ICO development. The market is flooded with many standards for the creation of smart contracts. However, the most common is ERC-20. Further, Hashlogics provides a tool (and template) for creating smart contracts, which requires minimal input from your side. Once you have done selecting the templates, examine them thoroughly and launch.
● Suitable Technology
There are various technologies suggested for the development of the ICO. Java script that can be best for the unit testing framework. Solidity can be applied as the programming language. For building and testing, the truffle framework is the best fit.
● Market your ICO
For investors to buy a new coin, you need a significant interest in the project before launching an ICO. Otherwise, learning how to launch an ICO is of little use if there is little enthusiasm. Marketing of ICO will help you achieve this goal. This can be completed by marketing an ICO through an ICO marketing company. Moreover, the coin will tell people what they can gain from it and what the aims are. You can do this by setting up social media campaigns.
The absence of the intervention of regulatory bodies like the SEC ensured the ease of launching an ICO. Making ICO is the best way to bind traditional investments. Whitelabel ICO launching platform development gives the best experience for ICO deployment.
If you have figured out a brilliant idea in the crypto space and if you would like to launch your ICO on Ethereum, contact Hashlogics. Hashlogics is an ICO software development company that specializes in the development and deployment ICOs. We will take care and understand your business requirement and launch your ICO perfectly and profitably.
So get a quote without being late.