Here are six things you should know before launching your ICO

1) The utility of your token should be proven before you start your ICO.

This means developing your software well ahead of your ICO and demonstrating the utility of the token within the software before you begin selling tokens. Additionally, every project considering a token sale should be able to answer these three utility and usability questions:

Is your token required for the functioning of the underlying software you are building? Or could it be done with ETH or another token? If minting your own token is not a must for the functioning of the software, it’s unlikely you’ll be able to ICO in this market. How will different token prices impact your technology due to market volatility? How does your project propose to solve the current scalability challenges with public blockchains? If you don’t have a good answer lined up, it’s unrealistic that your DApp will gain any meaningful traction.

2) It is essential to make your code open source before the ICO and during the life of the project.

Open-sourcing your protocol demonstrates a commitment to the broader blockchain movement. A publicly accessible code will also challenge developers to replicate the demo of your token in action. Open-sourcing the code also stimulates the community to report bugs proactively and to suggest improvements for your software’s code.

3) Your project has to build community trust.

Starting from scratch, be ready to introduce the team working on your project, and be sure to share progress updates on the evolution of your technology regularly. Project founders should interact directly with the community through live AMA sessions and by participating in conversations on Telegram. Genuine involvement and active listening are essential to improve your project’s credibility continuously. While the audience for your AMA sessions may appear small in the beginning, you should still go ahead with them as it lays the foundation for a highly motivated community that will support your project throughout its development and beyond.

4) Keep sharing quality content about the project and engage with your growing community to foster visibility and to create a movement.

Thought leadership pieces written by members of your team are a great way to not only focus on your own project but also on the blockchain space in general and how you propose to contribute by elaborating on your project’s vision.

Team members voicing their professional opinions gives a sense of security to the community as it proves that your team has a holistic view of the market and its needs. This type of thought leadership content boosts the visibility of your ICO and attracts interest from new audiences.

Publishing platforms and online communities like Medium, Twitter, Reddit, and Steemit are great tools to amplify your project as they’re home to knowledgeable and highly engaging audiences — while Gitter or Github will cultivate transparency by drawing the interest (and feedback!) of technical crypto enthusiasts. A good example here is the OpenST Foundation repository.

Standard marketing practices (e.g. ICO listing websites and paid ads) are par of the course, but growing an engaging audience will provide your project with valuable insights about its supporters while drawing in more people as your community shares its enthusiasm for the project.

Furthermore, there are many alternative ways of driving interest for your project that are often overlooked. Think of YouTube clips and explainer videos or social media influencer campaigns. Don’t be alarmed by a small-sized target audience: if done right, even a small group of highly engaged enthusiasts can bring effective results in building a robust community.