There is a lot of focus in the media on buying cryptocurrency. For example, there is a wealth of resources online explaining the best new crypto to buy. These guides explain the criteria for choosing cryptocurrency and the best ways to go about purchasing and storing your tokens.
However, not a lot is known to the public about the process of launching a cryptocurrency. Thousands of tokens are floating around the market at any given time but what does it take to push your very own crypto asset? In this article, we break down the steps to launching your own crypto.
- Assemble a Team
Just like with any other project you would embark upon, you’ll need a team behind you before you can launch your cryptocurrency. Some crypto founders have been known to do everything themselves, but it’s not overly common. You’ll need someone with knowledge of blockchain to design the crypto, someone to work on marketing, someone to write the whitepaper, and so on.
These could be people you pay outright or partners who are passionate about the project and are willing to split profits.
- Decide on Details
The term crypto is quite vague and could imply several different things. As you launch a crypto project, you have to decide what type of blockchain to build it on. There are proof-of-work and proof-of-stake blockchains and these are the most commonly used. You also want to decide if you are creating a utility token, a meme coin, etc.
You also want to know what use cases this token will have, what its mascot will be (if any), and what you’re going to call it. When you have these details sorted, designing the token will be easier.
- Release Whitepaper
Once your crypto is designed, you’ll want to give the public, potential investors, and other relevant parties information about it. This is where the whitepaper comes in. A whitepaper is a document that gives all the vital information about your cryptocurrency. This includes its underlying blockchain, its tokenomics, its use cases, the team behind it, its roadmap, and so on.
Publish the whitepaper before starting promotional activities as this will help boost credibility and will be a requirement for both exchanges and investors. Make sure your whitepaper is detailed but also easy to understand as it will set the scene for the rest of your project.
- Apply for Listing
If you intend for your cryptocurrency to be listed on exchanges, you’ll have to apply well ahead of time. Different exchanges have different requirements for listing but typically, you have to provide proof of concept for your token, which is where the whitepaper comes in. You also need to convince the management of the exchange that your token is worthwhile and has potential. The process can be vigorous but if you get approved for listing, your crypto will have much more credibility, as well as more exposure.
Once you apply for listing and get approved, you should be given a listing date which can help put a timeline to the rest of your launch activities.
- Launch Presale or ICO
Some crypto projects raise funds for their development through pre-sales and ICOs. These essentially refer to sales of the token to early investors with the expectation that once they are listed on exchanges or fully rolled out, they will appreciate in value.
If you choose to launch a pre-sale or ICO, you’ll have to set up a dedicated website for it, decide how much of your token stock you plan to sell, market it, and hopefully raise enough to move forward with your plans. If you are running an ICO in a country like the United States, it will need to be registered with the Securities and Exchange Commission. Make sure you do this lest you end up like the dozens of crypto projects that have been sued for running on registered ICOs.
- Drum Up Publicity
Cryptocurrencies, like every other project, need publicity to grow and given how saturated the crypto sector is, this is more important than ever before. Even before you launch your token, you must have a plan in place for how you will drum up publicity for it. This could include hiring an in-house PR person, engaging the services of an agency, or relying on organic growth through your community.
Regardless of what method you choose, make sure there are social media handles for your projects and engagement taking place with the community at all times. Many crypto projects have gone from obscure to dominant overnight thanks to good publicity and with a bit of luck, the same could happen to you.
