ICOs have strengths and a few weaknesses. On the perspective of shortcomings, scammers have been taking advantage on the lack of regulation to float ICOs that promise to fund revolutionary projects in various industries such as fintech, e-commerce, data management, research, etc. only to go underground as soon as the main Token offering comes to a close. Often disappearing with billions of USD, EUR, BTC, ETH, XRP, or any other currencies that they were accepting.
To give your ICO much-needed credibility, you definitely need to have a prototype of what you are promising to offer with a real product that any of your prospective investors can test. Of course, you are raising money by selling your native Tokens for your ecosystem at a set price. You have an expectation that it will be listed on an exchange and surge in value. However, you need to have initial capital to set up a product to showcase a sneak peek of what is to come. You can use various ideas as highlighted to create alluring projects.
Acquaint Yourself With Blockchain Ideas On GitHub
GitHub is a network that brings together over 28 million Blockchain developers from all over the world. You can get acquainted with the many teams on the site and get to know the basics of how a product should to be. For instance, if you intend to launch a product to prevent counterfeit drugs from being consumed, you can liaise with developers to know what type of coding, protocols, smart contracts, etc. your network needs to have.
Research On Niche Areas To Capitalize On Them
As long as an idea is unique, there will always be a market niche. Therefore, do a personal research on certain key areas such as book publishing, rental markets, meat product distribution, etc. Then, try to discover inefficiencies in the system such as delays in delivery, lack of transparency, price manipulation by middlemen, etc. Capitalize on one problem and choose a product such as linking abattoirs with consumers directly or stores via your Blockchain platform.
Most importantly, make sure that you consider competing products and develop on their ideas to beat them. This can be done by consulting with GitHub experts on possible Blockchain features to enhance on-platform experiences on your platform.
Use Community Forums To Get Ideas
Before the main ICO, you should have Private Token sales, and Pre-ICOs. During this period, you should be having a community forum where different individuals interact with you and with each other. After making your product the center of discussions you will be surprised to see how individuals will contribute to developing your product. Pick the best proposals in the interactive segments and enhance your product. Additionally, you should test your product on the BitcoinTalk forum under the tag of Pre-Announcement (pre-ANN) tag. This will give you a preview of how the market will react.
Lastly, remember to have a website that showcases the benefits of your product and how revolutionary it is. Make sure to take account of criticisms and compliments to decide on modifications or product enhancement.