Do you want to create an ICO then get started today
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Do you want to create an ICO

If you are thinking of starting an ICO, then it might benefit your project in the long run. And there are a couple of ways to do this. We will be going over son basics to prepare you for what is to come since it is not a simple thing to make a proper ICO.

Starting point

Before you do anything, you need an idea. For this article, we will do a thought experiment to use an ICO to fund a project. Our intention is to create an online game with a cryptocurrency to support in-game purchases. So before we move on, we have to look at our idea outline the project detailing what our plan is for the game and how we will integrate our cryptocurrency.

We create a concept outline where the game is set to be a space RPG, where the player will take on whatever role they see fit. The integration of a cryptocurrency will be done as taking the place of any in-game currency. We now have to deal with many aspects, but at this point, we only make a concept idea, so this will set the basic idea.

Selected for you
Choosing the wallet that fits you

Before the whitepaper

Before you start writing your whitepaper, it is crucial that you read up on local law for example in Denmark to make a token and sell it whether it is a security or not I am to set up a company. Pay vat on sold tokens since they are regarded as a product on the line with refrigerator, computers and other items. Whereas in countries like the US. There are different laws for each state, and if you do it wronge, it might have some form of legal repercussions.

Once you have an understanding of the legal ramifications for your project, it is time to make a timeline set up when you want each part of your project to be finished remember to give time for making the basics. Because if you make the basics work right, it will mee a lot easier in the later stages. We have made an example of a timeline. We will still use our gamin example, and it all starts at year 0.

Year 0 Q1: Concept creation, legal work

Year 0 Q3: concept artwork

Year 0 Q4: Start working on a prototype

Year 1 Q1: Whitepaper creation

And you will continue setting realistic goals for when to start on something and when it needs to be finished, this first timeline is only for internal use, and remember as the ICO sells you will get more money and can divert more energy and human resources to the project. Thereby being able to shorten the amount of time needed for each stage.

Wrighting a white paper

The white paper

Before starting to write the most important document for you, ICO called the whitepaper you need to be aware of your target audience, in short, who do you want as an investor. Then you can start building your whitepaper we will take it step by step.

If you don’t want to write it yourself, you can always hire a freelancer at Fiverr to do the work for you at the time of writing the service can be bought for as little as $99

overview

Her you will give a short introduction to what you want to archive with the project so that any interested investors can get a quick overview. this might be smart to write first and then revisit, at last, to see if your whitepaper is reflected in the white paper

Background

Here it might be beneficial to split it up into two sections. First up is the background of your team/company such as when you were founded and what you have accomplished of successes. the second part is your vision summed up in one sentence

Problem

here you will split up the issues you wish to tackle for our game example it would be something like

Securing in-game item purchases

Securing in-game currency

Interactions between game and currency

Trading between games

Trading in-game for real currency

Under each section, the problem needs to be defined, without a solution. We will return to the solution later on. This is just to make sure that the target investors know what problems your product is trying to solve and why they are problems that need to be solved.

Product

In this section, you will define what the product is. Remember to tackle the problems you describe. This way you show investors that you have a solution and a product that appeals to people. And it is okay to split it up into a different section for each aspect of the product.

Technology

If you got some unique technology, or you use some particular technology, it should be defined in this section, so that potential investors know what to expect you are bringing to the table.

Marketing plan

How do you plan to market your ICO, do you expect to use social media, commercials on Facebook and whatever option you are thinking of using. It will also be a good idea to highlight how you are going to market the end product.

Token system

First, define the token it is an ERC20 token or something more advanced, then how the ecosystem is to be set up starting with token amounts and the distribution of tokens for our example, it will look something like this.

Total tokens for sale 10.000.000 distributed with 85% for sales 10% for marketing purposes and 5% for the team.

Then you need to settle on how the Tokens are to be used in our example we will be able to set up an exchange where the token can be exchanged into our final cryptocurrency, or we might issue a buyback with profits from the game.

Roadmap

Here you need to define a realistic roadmap and some pointers before you can make a roadmap.

Set a time for a working prototype
The ICO main sale should begin after the release of a prototype
Set realistic timetables
Appendix
Here you should offer an honest risk assessment, and other documents related to the token sales.

IF YOU WANT YOUR WHITEPAPER PROOFREAD BY AN EXTERNAL SOURCE, YOU CAN BUY THAT SERVICE FROM A FREELANCER AT FIVERR BY CLICKING HER

Token

Setting up a token is not hard if you are no got at coding go to Fiverr and hire a Freelancer to create the token for you. If you do have some experience in coding I recommend you read an article I found on MEDIUM explaining how to set up a token in 20 minutes, you can read it by clicking here.

NOW YOU ARE READY TO FOCUS ON YOUR PROJECT

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The Golden boy
I have a long background in cryptocurrencies, I first heard of Bitcoin back in 2011, did take much notice of it back then, but as time went on, I have got more and more into the idea of a decentralised economy. And have slowly accumulated cryptocurrencies since around 2013, since I didn’t have a lot of money at the time I started slowly. I thought of it more as a statement than an investment. It is first in 2016 I began to see how significant a potential there were in bitcoin and other cryptocurrencies.

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