If you’re reading this, chances are you’re planning an Initial Coin Offering (ICO). ICO launches are extremely complex and time-consuming affairs. It’s a huge undertaking just to coordinate the many people involved, including software developers, blockchain and cryptocurrency specialists, PR and marketing managers, as well as advisors, partners and early investors. Staying on schedule for the nine to twelve months it takes to prepare and promote a successful ICO is major challenge.
In other words, you have your work cut out for you. But with the right project management app, you can achieve better collaboration, data sharing, agility, and results for your ICO.
Gryffin’s online project management app can help keep your team focused on what matters most. You can customize the tools you need to make your ICO a success within an integrated, cloud-based workspace.
Challenges of Running an ICO
Creating and running an ICO project has become more accessible and simpler than ever before. For example, there are now multiple open-source platforms available that enable you to develop smart contracts and guarantee their reliable and proper functioning.
But every ICO still deals with many complications and problems. Let’s take a look at some of the most common ones in more detail.
Proof of Concept.
Successful cryptocurrencies must plan to solve a unique problem, such as privacy, governance, risk management, or food safety. Therefore, an ICO needs to have a proof-of-concept that simply and clearly explains its purpose. What problem are you trying to solve? To have a really successful ICO, your proof-of-concept has to be interesting, scalable, novel and (most importantly) demonstrate the potential for creating long-term value.
Your proof-of-concept should be fleshed out with a white paper. A white paper will clearly define your ICO’s goals, as well as a roadmap for how to get there. It will also include…
- Analysis of the market in which you’re operating
- Technical overview of the solution your project is creating
- Token system analysis (also known as token economics or tokenomics)
- Use cases for a better understanding of how your token will work
- Token distribution plan
- Information about the great people on your team
A great white paper should be captivating to everyone, including those experienced with crypto and newcomers. You will need to develop text, illustrations, charts, and other materials for inclusion in the white paper. And you will need to prepare for any questions that come up from the crypto community once your white paper is released.
When developing your ICO, you will need to consult with attorneys and legal experts to ensure you are following all laws and regulations, and to foresee legal problems your ICO might run up against. Legal assistance will also help you register your ICO, resolve the issue of your’s token legal status, find escrow, write all legal documents correctly, and clarify investment allocation mechanisms and refund program. You also may need to make sure you are meeting Know-Your-Customer requirements and all other legal requirements in each territory you plan to do business in.
Cryptocurrencies can potentially be a target for hackers. Thus ensuring the security of your ICO against hackers is a must. ICO projects should complete comprehensive test-checks and careful review of any smart contract coding. Bringing in dedicated security analysts is worth considering.
Promotion and Communication.
One of the most essential components of a successful ICO is a top shelf promotional strategy Social media and messaging apps including Facebook, Twitter, Reddit, Telegram, Slack, and Bitcointalk are important building blocks. You need an official website and carefully managed social media profiles. Consistently answering all questions, providing links, and replying to comments is a full-time job.
Gryffin’s Project Management App Will Keep Your ICO on Track
Managing all these moving parts is a superhuman task. Luckily, you don’t have to do it all on your own. You can keep your ICO moving forward with project management apps.
Consider some of the features that Gryffin’s project management offers:
- Task automation lets you create efficient, streamlined workflows for every part of your ICO project.
- Avoid floating tasks or out of control lists by connecting related tasks together to keep your ICO organized and your day-to-day on-track
- Gryffin gives you visibility controls so that your teams keep their eye on the ball – the right ball – while integrating each team in one workspace
- You can have valuable conversations, tag team members with direct mentions, and upload important files to project chats
- Track your projects from conception to completion with unlimited custom templates, that allow you to design your project management system to meet your ICO’s specifications
- You can create and collaborate in real-time with Google Docs integration, and attach files to projects so that everything is available to team members where they need them, when they need them
- Contract and freelance workers can generate invoices from the projects assigned to them.
- Segmented feeds allow you to track the activity of you, your team, and the projects you care about most.
- You can create a project from any email, then track and send emails directly from the project once you’ve got the ball rolling.
Your ICO + Project Management Apps = Results!
There is no time like the present when it comes to setting your ICO on the right track for a successful launch. If you’ve spent any energy thinking about improving your team’s cohesion, reducing turnaround time, and making sure everyone involved in your ICO (including you!) knows exactly what they should be working on at any given time, then a project management app might just be what you have been looking for. With Gryffin’s project management app, you will be able to meet your ICO’s growing project, program, and team coordination needs.