Initial coin offerings or ICOs have grabbed the attention of a vast populace last year, with a staggering 752 ICO raking in over US$ 5 billion. Interestingly, a majority of the ICOs funded projects are based on Blockchain technology and promises to make a big impact on the respective domains due to its decentralized nature. ICOs have helped a lot of entrepreneurs to realize their projects by selling the idea to the general populace and raising funds accordingly. Startups are unchained by bypassing the tedious and regulated fund-raising process required by venture capitalists or banks. However, latest trends point out that ICOs aren’t performing very well, 75% of the ICOs fail to reach their soft cap. Today, making an ICO successful is a big challenge. In this article, we’ll see the prime factors which drag an ICO into failure and how you should tackle it to make your ico successful.
We recommend Coin Factory by Accubits - the best ICO platform available in the market
Launching an ICO is no cakewalk, one has to go through a lot of steps and processes before they can launch their ICO. For any ICO, the most important piece is the token sales and token distribution. The second important piece for any ICO is everything else other than token sales and distribution. Every ICO founder is aware of this fact and they spend big money to build up a platform to do token sales and token distribution. The woe is, they spend too much energy, time and money to build up the platform and miss out to focus on other important pieces of an ICO campaign such as marketing, community engagement, advisors onboarding etc. Such inadequate focus leads the founders to a mediocre execution of overall ICO campaign, and sadly, they fail before reaching softcap.
There is a major dent in investor confidence in ICOs due to the alarming rise in the number of ICO scams surfacing worldwide. Fraudulent ICOs have looted millions of hard-earned money of investors worldwide last year and this has sparked an alarm for the investor community. Investors are increasingly wary about investing in new ICOs, given the alarming rise in the number of ICO scams with each passing day. Most ICOs make tall claims about their offerings to attract investors but underdeliver on their promises once they receive the funding that they seek. You may have a truly revolutionary product, but without the backing of a prominent influencer or a celebrity, your product may never see the light of day. Because investors are sceptical about ICOs and they only want to invest in projects which have a huge backing. Unfortunately, if your team does not have such an impressive backing, it is most likely to fail unless you can gain trust from the investor community about your project and campaign.
As said above, the most important piece to make your ICO successful is the token sales platform. And if you spend your valuable time, energy and money on hiring someone to build a tokensale platform, you are essentially reinventing the wheel. The best option is to choose a proven ICO platform like Coin Factory. Choosing such a platform gives you a lot of benefits;
Rather than reinventing the wheel, spend your time, money and energy on marketing and other ICO planning, which would definitely pay back once the token sales are launched. If interested, you can download a complete ICO checklist from the link below. This checklist would help you understand the different processes, action items and deliverables you need to take care of your ICO campaign.
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This was the hardest thing to do. But, not anymore. Coin Factory’s milestone contract feature makes an ICO trustworthy. Before jumping into how Coin Factory makes your ICO campaign legit in front of investors, let’s see a bit about the platform.
Coin Factory built by Accubits Technologies is the #1 ICO platform available on the market today. This unique platform plays the perfect host for the companies looking to launch their ICO, by offering end-to-end services. It is one of the most secure and highly scalable platforms to launch ICOs. To its credit, it has the distinction of hosting aXpire—the fastest and first of its kind ERC223 token based ICOs in the world. Its unmatched customization options and superior security features make it the platform of choice for users both large and small, having helped them rake in over US$ 120 million through just nine ICOs. The platform employs a transparent mode of payment wherein customers pay the license fee to avail of all related services, right from setting up the system on the servers of the user. This helps provide the in-house engineering team with complete access to the source code, giving the user complete control over the system. Moreover, the enterprise-grade, round the clock support, backed up by Accubits’s extensive and highly competent team of Blockchain developers, DevOps engineers, backend developers, and security testers ensures that even smaller players have an equal opportunity to market their novel products to the mass audiences, without involving themselves in the technicalities of ICOs.
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Unlike normal ICOs, Coin Factory’s optional ‘milestone-contract’ based ICOs stores a part of raised funds in a smart contract. The platform allows the founder to define various milestones for his projects and a group of champions from the investor community can verify the completion of a milestone. Doing so, the fund for the next milestone will be released from the milestone contract. These milestones can be easily tracked by investors, wherein they can verify if the ICO has delivered on its commitments at each stage, and accordingly, the defined funds for next stage is released from the contract to the founder’s wallet. This helps bring about a sense of accountability for companies involved in the ICO and also helps instil a sense of security among investors. This helps companies differentiate their offerings, build consumer trust, and in the process, significantly increase investments.
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With all the technical aspects of things off their shoulders and the subsequent significant reduction in capital investment, companies can now focus all their resources on their core strength and let their product shine through. This revolutionary platform is undoubtedly the need of the hour and would most certainly bring back much-needed sanity to the highly lucrative, yet chaotic world of ICOs. A win-win situation for all. Make your ICOs successful, Happy ICOing!