There has been a lot of hype about a word this year and everyone loves talking about it, is cryptocurrency. There are so many cryptocurrencies in the market now from blockbuster coins like bitcoins and ethereum to the newest coin like FantasyGold. So far, 1586 cryptocurrencies are listed in coinmarketcap.com and the main reason why we see so many cryptocurrencies is blockchain technology. With the help of blockchain technology developers get an opportunity to create different cryptocurrencies with different functionalities and as we all know no one really controls blockchain technology so anyone who has knowledge of blockchain technology can develop their own virtual cryptocurrency of their own idea so if you are not convinced with the existing cryptocurrencies and want to consider looking into investing in an initial coin offering, you can and then ICO comes into the picture and plays a really important part.
Suppose you are coming up with a great idea for a new cryptocurrency system so first thing you need to worry about getting money for your cryptocurrency project so what you can do, either you will go to banks or will try to get venture capitalist investors for your project but there is a way through which you need not worry about giving up any of the ownership of your company which is, ICO.
ICO stands for Initial Coin Offering and it means a new cryptocurrency venture wants to raise capital for its project so it is a fundraising mechanism in which new project sell their underlying crypto tokens in exchange for bitcoin or ether, we can say it is somewhat like IPO in which investors purchase shares of a company. So through ICOs, startups avoid the cost of regulatory compliance and intermediaries, such as venture capitalists, bank, and stock exchanges.
Want to have your own ICO, there are following steps you should follow:
The success of your ICO will solely depend on how your product is different and how it solves an existing problem or what new it is going to offer, your team how influential team you have and how effectively you have done ICO marketing. If these points are well taken care of, your ICO will be a success.