Were you fed up with the prolonged ICO development process? Or is it because you did not hit the right note to partake in the crypto market? The reasons and challenges will differ or even pile up every time you undergo the development process. But, what matters the most and a big question that you should ask yourself is that, Did you gather all the intricacies that you faced with the previous development steps? If not, we shall now examine the obstacles that arise in the ICO launch services. And create an efficient pathway for all the aspiring entrepreneurs or startups or experts to witness massive outreach with their ICO projects.
ICO Development – A Key To Enterprise’s Void!
Initial Coin Offerings [ICOs], the big league in the crypto market and a sole source mechanism to raise funds. The decentralized crowdfunding system has elevated the business venture into the crypto market and witnessed a booming fortune. Hence, proving the potential of ICO development for millions and millions of entrepreneurs.
Typically, ICO development refers to the idea of creating tokens for crypto projects, which can be enlisted on crowdfunding platforms to seek the investor’s attention. Moreover, the core concept of this development process is to make the creators directly connect with the investors without the means of middlemen. Thereby, it has become a vital source for them to step ahead into the leading crypto market.
However, listing the ICO tokens through the traditional way is allowed, i.e., listing the ICO tokens on popular fundraising platforms. One can also create an exclusive ICO and undergo a special listing style. Two predominant types of ICOs include,
- Private ICO – By the term itself states that this is entirely private or works only with a limited number of crypto investors. Hence allowing only a set of net-worth personalities to take part in this crowdfunding process. You can even set a limitation of the investors with a certain amount for the project’s investment.
- Public ICO – As the term itself states, Public ICO provides a space for all the investors globally to fund your ICO projects (eliminating the involvement of third parties).
In order to succeed and excel in the new unknown horizon, it is necessary to eliminate the obstacles. Be it for fledgling or professional entrepreneurs, there are few aspects that pull their projects downwards, which in turn becomes a barrier to raising funds. These barriers do not begin after the launch but the unnoticed elements in the initial development stages. Once it is planned out and executed with a proper layout, it can outwit the competitive aisle. Let’s unknot them and unveil the vivid stages.
5 Challenges Involved In ICO Software Development
Challenge One – Examine The Paramount Of Blockchain Framework For Your Projects
You might wonder why I have highlighted the blockchain framework. Let’s say that you have a project which can carry the potential to raise funds (in a traditional manner) without even the requirement of a blockchain framework. If so, pause for a minute and take time to consider whether you will have to enter into this cut-throat crowdfunding business. Until or unless a blockchain framework is quintessential for your new projects, you can consider ICO development. As it is a new concept, people thrive in it without having a deep knowledge of the crypto market. Understand and analyze your project’s ideation which demands blockchain deployment, then slide with the ICO software development process.
Challenge Two – Focus More On The Token Creation
Token creation or token implementation is the heart of any blockchain project. You will have to be keen on the token standards that you pick to create tokens that an investor would stake in and get benefitted from. For instance, it can be based on the token standard such as ERC20 or else on your preferred standards. Which henceforth leads the way to scalability and eases the transactions for the crypto investors.
Challenge Three – Elaborated Proof Of Concept / Whitepaper
So, everyone has their own visionary, doesn’t it? In order to persuade the crypto investors toward your ICO projects (crypto, NFT, or blockchain-related projects); it is important to have an elaborated proof of concept that describes the idea of the projects, objectives, targeted audience, roadmap, benefits, and other highlighting information that investors should know before investing on your project. Once you have curated your whitepaper, you can list it on your very own ICO website to gain investors’ audience quickly.
Challenge Four – Studying And Abiding Regulatory Norms
In this present state, most crowdfunding platforms have become a scam and are losing the trust of investors. In addition, many fail to understand the basic legal laws (that differ from one country to another). Such confusion in jurisdictions can be hypothetical to enter into fundraising, so it is advisable to understand the regulatory norms before conducting fundraising activity. Therefore, hiring the best legal advisor can be effective in helping you figure out the jurisdictions.
Challenge Five – Implementing Bullet-Proof Smart Contract Feature
Speaking of data breaches and data threats, it is vivid that investors backfire quickly rather than investing in the projects. But if you ensure your ICO project with a bullet-proof smart contract feature helps to secure and safer token transactions to the contributors. Apart from the other basic features, implementing the smart contract feature can boost and elevate the fundraising opportunities for your projects in a decentralized manner.
Hence, this blog would have been a key to spotlighting the challenges that arose during an ICO token development. Fixing this isn’t a big deal, but working on it with the finest developer can boost the fundraising system for you in the crypto market rather than just being hidden behind the barriers.