Interested in playing the cryptocurrency game, but need capital? Well, like with all aspects of cryptocurrency, there’s a smart innovation toward how to solve a problem. In this case, it’s an “Initial Coin Offering” or an ICO for short.
But what are they? How do you do one? While a short article like this can’t cover all the many steps to a full and successful ICO, I can clear up a few things. An ICO is like crowdfunding. A company or group, or person even, in exchange for either modern currencies like the American dollar or some of the more accepted cryptocurrencies like Ethereum or Bitcoin, offer pieces of their new crypto.
The reason this works, among other possible explanations, is imagine I could offer you a chance to go back and help the creation of Bitcoin in exchange for Bitcoins?
But, now comes the question: what’s one of the first steps on the ICO side? Well, while building cryptos is a coding endeavor, along with many other things, funding a crypto is marketing. Best practices for any publicly funded projects apply here. And by that, I mean transparency.
As you start building using that capital, you’ll want to make videos, release blog articles, and post pictures. Show samples of your code or beta versions of the cryptocurrency. The goal is constant and open communication. Prove you are using investor’s money for what you said you would. Make public a plan not just for how you’ll build the crypto, but how you’ll expand it, and distribute it.
You need the math and the hardware and the skills to create cryptos, and don’t neglect that either, but you also need a human touch. Being for the people is what started this whole cryptocurrency craze to begin with.
By Brandon Scott