ICO Dogs That Look Good

May 12, 2018 Facebook Twitter LinkedIn Google+ Crypto

If you think you are launching an ICO do you have all the blocks connected, does it look like a dog?


Your investors expect your ICO should have all the boxes connected in the right way that gives your investors what they expect like a business that will grow in the market and produce profit.

We all know your ICO is a fundraising tool used used for working capital for your new blockchain projects, but does it have the right glamor to attract the investors needed?

I know this might sounds like a record but you need to promote, promote, and promote some more your ICO business plan on any social media platform you can place your ICO details on.

How we evaluate your ICO

  • Business model: Identify the strong points and weak links of the business model. Does the company really need an ICO with its own currency? How does the company integrate crypto token with its business model? Can you use the crypto token outside its ecosystem? Enquire from people who understand the technology and discuss these points with them. 
  • Project team: Find out every single detail you can about the development team and the advisory board. Look for ICOs that have teams with proven track record in the crypto-asset and blockchain industry.
  • Community feedback: ICOs are announced on community forums and the marketing part kicks in after-ward. Check the community feedback for the project and how the project team responds to it. Visit the Reddit, Twitter or Facebook pages of the projects. Be aware of paid reviews or bounty posts that pay participants to spread positive information about the project.
  • Current product state: ICOs that have a product near completion or halfway down the development track have higher chances. Find out the current project stage and whether the development team is on schedule or not.
  • VC involvement: The involvement of a big crypto VC is a positive sign. Find out if the company has VC support or better if they have a VC on board.
  • Market niche: How intense is the competition in the selected market niche? Research on any previous businesses working in the same industry, and match their fundamentals with what the company is working on.


Items that tell us your ICO is a scam

  • Lack of open team profiles: If an ICO doesn’t provide social profiles of the team members, it’s quite likely to be a scam. Try to find a team that has at least one member having a successful crypto project under his/her belt.
  • Compromised or missing escrow: Absence of an escrow account is the biggest red flag to look out for. Similarly, if an escrow releases 100% funds to the project team after ICO, it’s a bad escrow, and should be considered as a red flag. Fund releasing should happen gradually such as 20% after token distribution, 40% after beta release, and similar milestones.
  • No technical details in the whitepaper: If an ICO promises to disrupt an established industry without providing any technical or operational details, it qualifies as a scam. Good whitepapers have charts, calculations, specifications, and even code at times.
  • Unrealistic goals: If an ICO makes bold claims without an economic plan or roadmap to support it, it’s best to avoid investing. Further, even if the team has offered a roadmap, you have to do your own research and judge the feasibility of the project.
  • Missing code repository: This is another sure shot method to spotting an ICO scam. If the company is unwilling to release its code to public repositories such as Github, avoid the ICO altogether.


Items you should have done to set up your own ICO

  • Should you conduct an ICO for your business? The first question you’re going to be asked is why you want to launch an ICO for your business. Spend some time evaluating the benefits of launching an ICO in the first place and figure out how you plan to integrate the cryptocurrency in your business. Present a meaningful way by which your cryptocoin integrates with your business.
  • Define business goals and benefits for the contributors: Have a clear vision of your business goals and how it will benefit your contributors. It is critical to explain these goals explicitly. The key here is to have realistic goals and offer value to your investor.
  • Focus on an experienced team: Having an anonymous team for your cryptocurrency project is the sure shot way to fall short on your fundraising targets. Start by forming a team that has at least some cryptocurrency industry experience; Investors trust familiar faces. When marketing your project, offer complete information about your team with their photos and social media profiles. In case you do not have any industry expert in your team, reach out to relevant industry professionals and get them on your advisory board.
  • Prepare a roadmap: Starting with realistic goals for your ICO, prepare a roadmap for the project. You will require a whitepaper that clearly explains your business goals, what you intend to achieve with the project, and how you intend to achieve it. Discuss the technical aspects of the project in detail and it is even better if your project is under development. Investors prefer a project under development at some stage. Having a working prototype is the best play. Your entire ICO will revolve around your prototype.
  • Investor security: One thing that investors deter above everything else is losing money. Provide an investor guarantee by using a multi-signature escrow wallet. Offer discounts to your early investors, decreasing them gradually as the ICO progresses. Mention a mechanism to return investor money in case of a failure.
  • Get the word out: The success of an ICO depends hugely on its marketing and PR campaign. Spread the word out on all the primary ICO forums including Reddit and Bitcointalk along with a consistent promotion on social media platforms such as Twitter, Facebook etc. Be consistent with your ICO, communicating before and throughout the offering.
  • Established ICO platforms: To make the complete ICO campaign easy to manage, you can choose among established ICO platforms to launch your project. Some of the popular options include Ethereum, Waves, Not, and NEM platform. These platforms have all the tools to launch a successful ICO campaign.


Parts sourced from: https://icowatchlist.com/education/introduction

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