Whether you are a programmer or not, you too can create your own cryptocurrency.
ICOs (Initial Coin Offering) are just one more component of virtual currencies whose relevance lies in their birth. In this post, we are going to try to explain you everything about crypto ICOs, from the concept, to the characteristics, the advantages, and the way to create them. Of course, we will do it in the simplest way.
Usually, launching an ICO campaign takes quite some time until the project comes to life, so stay tuned to this post and find out how to create your own crypto ICO!
What is an ICO and what is it for?
It is the acronym for Initial Coin Offering, as its translation indicates, and it has a lot to do with the financing of a project. In this case, with the birth of a new cryptocurrency. This tool can help you raise funds through cryptocurrencies.
Do you need capital to finance a project or resources to move forward with that idea you have in mind? With ICO, you offer investors a cryptocurrency or token that represents the value of your project in exchange for capital in cash or in other tokens validated in the market.
If your project goes well, the token will increase in value and your investors will have great benefits. The white paper is the document that you must generate to encourage people to invest in your project. It should include the business model and the most relevant aspects of the business.
We summarize the points below
- Title page with the title.
- Summary of the information contained in the document.
- Presentation and statement of the problem to be solved.
- Explanation of the problem to be solved.
Description of the company
The main objective of the white paper is to inform the public about a specific topic. Did you know that international entrepreneurs and investors are increasingly participating in ICOs?
As successful ICOs, there are plenty of examples, such as the Basic Attention Token by Brendan Eich, creator of the Brave browser, who managed to raise more than $35 million in 30 seconds.
Find the resources you need to launch your own crypto ICO project!
What you need to create a crypto ICO
We want to accompany you in this fantastic adventure, and what better way to do it than sharing with you the first steps of your project, from the creation of the ICO to the final launch?
Now that you know what it is and what it’s for, it’s time to go one step further. Ready?
1. The idea
Think carefully and make sure your project needs an ICO. If you have a brilliant idea that can improve what your competitors offer, go ahead! You just need to have a thorough understanding of how the industry works, the market, the profile of your potential audience and why investors would be willing to invest their money. If your project is getting funded through an ICO campaign, it means you have your own token.
However, considering that there are currently over 1000 different cryptocurrencies, you are going to have to integrate your cryptocurrency into the project in a meaningful way to make it an essential part of the product and outlast the competition.
2. Know the competition
Not only are you competing with other projects, but for investors’ money. Every ICO is different, but they all want to get funded and succeed.
3. Research the legal framework
Not only from the point of view of your project, but you should also investigate whether ICOs are allowed in the country where you operate. Currently, it is one of the most regulated landscapes of virtual currencies, given the high volume of ICOs that close. However, the landscape can be different in each country. Just look at the obligations of Americans in disclosing any income earned abroad.
4. Create your ICO token
The first thing you need is a consolidated plan. Let’s be honest, this process involves the technical architecture that supports the token, the blockchain technology and the token itself. These are the parts that make it work. When it comes to blockchain platforms used to issue ICO tokens, most projects go for Ethereum. If you want to create it yourself…
- You can access the org website.
- Scroll down and choose your wallet to install it and allow to deploy smart contracts or Smart contract.
- Once installed, click on Issue your token to create your own cryptocurrency.
- You will then be presented with a code to copy.
- You must create an account and make a deposit.
- In the contracts section, you will create a contract for your new currency (my token) and a demand, with your name and your token. That is, you are going to create a smart contract to create an ERC-20 token.
- Check if the token has been created correctly, they should appear in the wallet. To do this, you can log in to io and search for the newly created token.
- These are the general steps to create your own token in a very general way. However, you can ask for help from a professional blockchain development company.
The advantages of crypto ICOs
You already know that ICOs are a model whose main purpose is to finance the development of a virtual currency. Its main advantages are:
- Any person or company can finance a project without the need to go to the bank or venture capital investors (Venture Capital).
- It facilitates the launch of new technologies based on blockchain or cryptocurrencies.
- It is a secure method of financing with great expectations of growth in the present and in the future.
In addition, tokens usually increase their price very quickly when they come to market, so they can be a great opportunity to generate income.
Would you like to create your own ICO or Do you need help in the creation or marketing of your cryptocurrency and ICO? At Enkronos, we can help you. Contact Enkronos team.