As normal people, we strive to drive visible results. It may be in any mode of work from doing a household chore or working in a high-tech industry.
Our efforts to bring in workable solutions has extended to the high technology of blockchain and cryptocurrencies. We aspire for success during Initial Coin Offering (ICO) or Security Token Offering (STO).
If you are an entrepreneur with a vision to float a new digital coin, you are in the right forum on how to create a cryptocurrency. In this discussion we will share with you ideas that you can literally experience and appreciate as you progress ahead.
Some key aspects worth highlighting are:
- Planning well for ICO.
- Importance of design phase.
- The need for a strong development team.
- Managing money and working on collaterals.
- Sticking to principles of compliance.
Great insights with almost visible results to create cryptocurrency:
Don’t jump to coding, have a phase for ground work
This is one of the most important steps for any great effort. You must sit with your team and work out all the possible aspects to your project instead of building a working model and bringing things to closure.
Design is a very important phase and you must make use of the readily available software tools that can help you organize your work. Use flow-charts extensively and work the flow of your thoughts.
Only when you have confirmed that you are complete with basic work like interface, security, simplicity and expansion, then you can get into actual wiring of the code. When you create own cryptocurrency, it is not a day’s task.
Work with legal professionals from an early stage
When you are working on a project that involves millions of dollars and connects globally, the legal implications are plenty. You must be fully compliant from the beginning. Do not fall for the false opinion that you can master all the legal points by reading online.
You must consult lawyers and make small notes on what you might expect. There have been incidents where ICOs have gone through and then cases filed against them for some violation.
To avoid such nasty surprises, daily update yourself of latest cryptocurrency incidents. There are many sources and you can also make use of aggregator portals.
Identify and build a strong development team
You must build leadership abilities to identify the right talent who can help you in design and execution. With the complexity involved in coding, good coders are not easy to come by.
Coders who are devoted to deliver and have a good grasp of fundamentals are your best bet in filling your talent pool. You should attract their goodwill and not harass them for speedy deliveries.
Be strong with collaterals and make use of them for marketing
Strong collaterals like a likeable video, apt banner or a visually appealing advertisement go a long way to market your offering. Just make sure you do not breach any copyright laws.
With such great material added with a touch like endorsement from a well-known public figure, you touch the sentiment of a number of people. Wide outreach and an ability to capture hearts are essentials for an efficient marketing strategy.
Plan ahead for ICO and make it stress-free
Based on your requirement, you may opt for ICO or STO. Both these technologies make full use of smart contracts and be well informed this is a phase that requires great attention.
Do not slack when you are in this phase. A small mistake would result in losses. Plan the various action items and let your consumers feel you are not doing anything shady.
We have tried to share with you ideas that you can almost feel as you endeavor to create your own cryptocurrency. Be well informed that these steps will not work wonders but are a push in the right direction to empower you to be self-sufficient. You must not resort to unpolished ways of working but work smart with high principles.
It will definitely be encouraging to learn that you were benefited from these steps. In case you want to share cooler ideas, do write back in the right forum. We value it!