8 Learning Points from the Fundraising ICO Project in 2018 — SIX network
Currently, there are many ICOs established in the ever-growing cryptocurrency market. Some of the projects become very successful while some of the projects are merely a fraud. What are the processes that each project has to go through during an ICO? Let’s discover the detailed process of an ICO that SIX Network has learned from the beginning to the launching phase.
1) Unlock all your senses to prevent all kinds of scams
As you may know, the transaction made in the world of cryptocurrency is a one-way transaction. You will not be able to appeal to the middleman or the token-owner in the case of frauds or unauthorized transactions. With all these reasons, you need to understand who is your recipient before you conduct any transaction. Imagine that we are a fish among the shark. Even there are a few got bit by a shark, we still never want to be one of them.
2) Don’t dump all your money in the Bounty & Airdrop campaign. It is not your only way out in Marketing!
Allocating most of your marketing token to invest in Bounty & Airdrop campaign for followers to follow your channels or to become an advocate for your token seems to be a method that can make you more outstanding than other ICO projects and give you a presentable statistic to write good news in the press. However, this method actually hurts you indirectly. What happens is that the Bounty participant who received the token will sell your token the moment you enter the exchange market to receive cash. All those tokens, which contributed to being most of your Marketing budget, that were “dumped” after the ICO can cause the company a negative impact on the market. There are several other ways to allocate your marketing budget better so that you can adapt to your objective and the market situation. Don’t just focus on a pretty statistic, distribute your token wisely!
3) Fake influencers and Telegram Scammers
As mentioned on #1, you will find the Influencer as an expert and a celebrity in the ICO/ Blockchain industry comes in your Telegram’s inbox message and offers promotions ranging from 30–50% discount for review your project on his/her YouTube Channel with more than 100,000 subscribers! Interesting, right? But when we want to confirm their identity through simple analytics at the YouTube channel’s dashboard page or reply to us in the YouTube direct message, the experts will not reply. Lastly, from our experience, we never reply back to the direct message that offered product or services to us. We prefer to be referred from someone we trusted.
What happens if I transfer my Ethereum to them..
4) ICO ranking website is also a double-edged sword.
Since the beginning of fund-raising, you might be looking for the website somehow closed to the Marketplace which advertises your project to get an awareness across the globe. That was your top of mind weapon. And Yes!, you are on the right track. While a thousand ICO projects are initiated a month, those investors may not be able to keep updated. Thus, they would rather, as a shortcut, go through the ICO ranking website supporting the analysis and decision making prior to the investment. Up to here, you probably get the idea to switch to submit your information on such a website all after you read this. But wait, every single ICO ranking website is not that credible and reliable. The process would be this. ICO ranking website will first evaluate and the ICO according to the criteria and give the rating. As those ICO company has dreamt of, a satisfied rating is in exchange for money. On the other hand, the score will be badly rated if no pay. However, we have to say thank you to ICO Ranking website for always giving us a high rating.
5) Spend your money wisely
Cryptocurrency market is a high-value market. Everything is expensive, such as publishing articles, translating and proofreading a White-paper, auditing account or even securing your money in their system. Think thoroughly and compare the prices on different sources to ensure that your money will not be wasted.
6) Always participate community meetup
Because the most important things from the conversation during the event are the opportunity to see our investor insight to put ourselves into customer shoe and definitely, we will meet a lot of talent who possesses the same passion to our team which they will turn out as our best candidate.
With the powerful vision, expertise and, cooperation with other projects, they clearly benefit you, good connection.
7) Focus more on roadmap and never ignore the investor
After the complete fundraising, do not only follow as below, relationship making and vision announcement. But rather focus more on your commitment with the investor stated in the whitepaper. By keeping moving on or even ahead of the roadmap and always updating the project progress, this will unleash investor confidence on potentiality, and credibility.
8) Focus on blockchain technology adoption
If you asked someone “Do you have Bitcoin or Ethereum on your hand?” There might be a million people answer “Yes”. But, if you ask deeper. “Did you use your Bitcoin or any cryptocurrency to buying stuff?” There might be left only one thousand or Ten Thousand. And, this is the area that we are interesting and developing. We simplify the SIX wallet to make it easy for everyone to use. The system will connect to the 10 million active user platform. On the other hand, this will help people onboarding into blockchain technology that was hard to understand and turn this difficult technology to their own daily life.
In couple year, Blockchain technology will become mainstream. However, that still depends on one factor “user experiences” There will be no 22 years old user with no education backgrounds in Software still want to keep his own secret key by writing it down on the paper and put it in a safe lock. We are creating something simple, capable to access anytime and any device. This is like a payment application in the last couple of years that was hard to trust and use. The one who brings the user to the technology and starts to use it in their daily life will become the true leader in the market.
To those having ideas or planning to establish ICO project, the last notice is to consider and keep reviewing your project information including precisely coming up with the timeline and start it firmly. You would finally be on track. Good luck!
About SIX Network
SIX Network is a project focused on reinventing the digital economy with better infrastructure. They utilize blockchain and smart contract technology to support decentralized financial services while improving wallet to wallet interactions. SIX Network’s mission is to create a transparent, fair, secure, and efficient ecosystem for stakeholders in the digital, crypto community. Their current alliance is over 40 strong with over a million content creators. They raised over 10 million in their sale and is valued at over 4 billion USD.