Auspicious days to hold an ICO

asia_ico

Does it make sense to hold your ICO on an auspicious day or not?

In the Asian culture there is a belief that some days are more auspicious for different events.

An example of this would be the list of dates for weddings, moving houses, decorations, buying vehicles etc.: https://www.yourchineseastrology.com/calendar/auspicious-grand-opening-date.htm

This also implies that there are potentially better times to do an ICO based and this could be important if your ICO has many asian buyers.

If you feel that this is important then you can also look at the use of colours such as Gold (prosperity) and Red (good luck) which are considered to be related to luck and fortune in your marketing materials.

The other thing to look at would be numbers such as 888 which is considered to the the luckiest number and avoiding the use of 4 which is considered to be unlucky.

That all been said your ICO should not rely on luck and you need to build a good value proposition around your token and offering rather than relying on the luck of the gods to bring you prosperity.

Whitepaper ICO Translations and Scams

ICO Languages

There are many different nations that buy into ICO’s and not everyone reads and writes English.

In order to get your whitepaper translated can be costly and therefore often overlooked by ICO’s. However if you run a bounty program you can get people to help you translate your documents into many languages.

Key languages would be Simplified Chinese, Japanese, Korean, Spanish, Hindi, Thai, Arabic as these languages cover much of the global market that could be interested in your ICO. Even though these languages  may not cover their mother tongue most buyers can read one of these languages.

Multi-Lingual social media management

The question of whether or not you can manage multi-lingual social media is much more difficult and it is probably not a good idea to run to many social media languages.

The other thing about social media is it is often plagued by scammers who will try to scam people with false wallet details and try to get individuals to send their crypto to the wrong wallet.

This happens around the time of the ICO and there is an attack on the social media channels to try to con people.

How to price your ICO

One of the most difficult things is how to price your tokens.

Traditionally ICO whitepapers published their token to ETH price. However with the volatility of ETH this is no longer a good idea.

As an example in the Gibraltar Exchange, the Rock Token (RKT) sale did their Preico sale in USD and therefore did not have to set the ETH to token price.

They did announce the time and date that they would set the ETH to RKT.

Below is an extract from their announcement:

ETH to Token Price setting

The other important point to note here is to publish the official accounts that token sale buyers can get information on.

Types of people in ICO’s

ico_people

There are many different types of people in the ICO world but because this in many ways is a fringe ecosystem it is has many different dynamics than traditional business or startup environments that are more mature.

Early Tech geeks 

There are a set of early tech guys/girls who bought in early into Bitcoin and the ICO world. They are traditionally coders and tech guys who have spear headed the ICO environment and rightly should take credit for the current ICO ecosystem. Usually these

Tech guy doing an ICO  

There are pure tech guys who are building technical solutions that often deal with core blockchain technology ecosystem developments such as storage, databases, identity etc. These are often the most appreciated ICO’s in the market.

Business guy doing an ICO

There are many business guys who don’t know anything about blockchain however they have heard that an ICO is a great way to raise capital. The business guys are looking for experts to help them do an ICO.

Lawyers

ICO’s are like IPO’s and have ambiguity around the legalities of whether or not the proposed ICO token is a security. They also help with how and where the tokens should be launched and hosted as a trust, foundation, business etc.

Token Exchanges 

Token exchanges are the new stock exchanges and at the ICO networking events etc. These exchanges are looking for new deals and finding buyers for their networks.

Government

Government representatives often come to conferences and networking events in order to understand the new technology.

Hustlers 

There are guys on the fringes of the ICO market that often try to support ICO’s, OTC and other services around the ICO ecosystem.

ICO Promoters

 There are many promoters that help businesses do ICO’s. They work as agents and find

Institutional employees

There are also lots of employees from corporate organisations that are looking at blockchain initiatives and some are trying to understand the opportunities for their businesses and possibly themselves.

 

Why have a whitelist of token buyers

ICO whitelist

All ICO’s should create a whitelist of ICO buyers 

Whitelists have a number of benefits for ICO’s:

  1. Identifying your buyers
  2. Establishing interest
  3. Doing KYC/AML checks
  4. Capturing user data
  5. Building rapport

It is relatively easy to capture the data by allowing customers to create accounts.

How ICO Whitelists work

Whitelists are a list of pre-approved token buyers. The smart contracts only accept purchases from buyers that have their wallets pre-approved to buy the tokens and will automatically reject token buyers that are not approved by the smart contract.

Conducting KYC/AML

It is important to do Know your customer (KYC) checks and anti money laundering checks (AML).

KYC is for an ICO is basic requirement that involves getting an identity document.

AML is checking that these individuals are not on a list of sensitive individuals (known criminals, politically sensitive individuals and any other individuals that governments have deemed to problematic).

Building Rapport

Establishing rapport with your potential token buyers is important and can be done through sending emails with ICO updates, company news etc.

You can also promote other communication channels such as your Slack or Telegram group.