Do’s Before an ICO: Our Experience
ICO is a great fundraising tool, but one doesn’t simply go and get millions of dollars from investors. You should have a great idea and work hard to make it real. Some tasks should be solved before an ICO. Here is our experience in doing so.
Pay attention to security
According to a study recently published by Ernst & Young, more than 10% of all the money raised by ICO was stolen by cybercriminals. Analysts studied 372 ICOs from 2015 to 2017. The monthly losses resulted from hacker attacks at the ICO were $1.5 million. Besides money, hackers often manage to access investors’ personal information: from their addresses and phones, to payment transaction data.
This is why it is very important to make sure that your ICO is reliably protected. The best solution here is to recruit a great partner with a background in information security. This is why we partnered with Group-IB, an international company specializing in the prevention of cyber attacks and information security products development. Its experts will develop a risk map, with risks ranked by the degree of their severity and Lightcash’s susceptibility to them. During the period of preparation and staging an ICO, priority will be given to identifying and blocking phishing sites, as well as protecting the community, monitoring social networks, and public communications with investors.
As a result, we will provide a high level of security to our investors and users.
Ensure infrastructure stability
Every ICO project team dreams of being successful. It is great to attract lots of attention and meet funding goals. But despite all the good, there are always risks. And the most critical for a popular project is the stability of its infrastructure.
If your servers fall or network collapses in the middle of the token sale, it could kill the project. Solving problems under high load is a very hard task. It is much better to prepare your infrastructure in advance.
In order to do so, we here at Lightcash partnered with ITSumma which engineers developed our network infrastructure and organized its 24x7 monitoring. Now we are sure that our network works like a charm and could be easily upgraded to meet higher loads when necessary.
Craft a team of advisors
Security and tech are not the only problems you’ll face during an ICO. In fact, it is even impossible to predict exactly what complications you will face. So it is a good idea to have someone who could give you an expert advice on how to tackle these problems.
This is why it is so important to have a great team of advisors. These experts could not only help you to market your project and build credibility but find answers to important questions on legal, media and investor relations, sales etc.
This is why we took this very seriously and worked hard to get aboard best professionals we could. We managed to recruit famous law professional Sima Baktas, famous journalist Simon Cocking, business development expert Reuben Godfrey and other remarkable experts as our advisors.
With all of these efforts, we hope to achieve our goals and create the best tools for working with fiat and digital money as well as our cryptocurrency backed by real gold.
