There is a typical process that people go through with new developments like cryptocurrency ICOs, and I want to help you go through it faster. At first, people find innovation exciting but believe that it does not apply to them. Then, they realize that things like the Internet and ICOs do apply them but fear that they cannot make the technology work. Finally, people discover the right platform and find that success in the new world is quicker and easier than they ever imagined.
ICOs for Everyone?
Today, many people think that serious ICOs are only for large organizations and technology savvy investors. I firmly believe that token sales are the funding mechanism of the future. ICOs raised over 6.5 billion US dollars in 2017 and have already surpassed this in 2018. Rapid growth is only one of many reasons to believe that this is just the beginning.
The cryptocurrency market is part of what Chris Anderson described as the long tail. Technology has dramatically expanded our options, and the result is that there are fewer big winners and more everyday success stories. Best-selling novels generally do not sell as well as they did decades ago, but there are more successful niche and specialty books than ever before. ICOs are giving smaller companies direct access to capital for the first time. The long tail is coming to the financial world.
The ICOs of the future will be less about unlocking the potential of technology and more about realizing it. It is still difficult to buy many goods and services with cryptocurrencies today, so there are fantastic opportunities for businesses outside of the technology sphere.
A Platform for You
What you really need is a platform for your ICO, just as you have a platform on the Internet. Even an individual entrepreneur with limited technical knowledge can reach many potential customers through the LinkedIn platform. Anyone can sell to national and even global markets through platforms like eBay and the Amazon Marketplace. Larger businesses can launch their websites and avoid worrying about technical issues like server capacity and secure payments by using platforms like Shopify. You don’t have to be Jeff Bezos to sell on Amazon, and you don’t have to be Vitalik Buterin to have an ICO. All you have to do is use the right specialized platform.
The Age of Hyperspecialization
We are living in what Thomas Malone of MIT called the Age of Hyperspecialization. Work that was previously done by a single person is increasingly being done by dozens of different people. Technology has enabled us to break tasks into smaller and smaller parts. Hyperspecialization also makes it faster, easier, and more profitable to bring in outside experts.
Most companies would never dream of doing a stock market IPO without outside assistance from financial experts, lawyers, and public relations firms. However, they are usually successful because they hire experienced professionals. If anything, launching a token sale calls for more expertise because of the technical requirements and unique risks associated with blockchain technology.
Unfortunately, failure is likely without experienced counsel. Only 48% of ICOs were successful in 2017 according to TokenData and Fabric Ventures. We have learned from their mistakes (and a few of our own!)
The Technology Platform
Approximately 10% of ICO funds have been stolen according to accounting firm Ernst & Young. No one wants to be part of that 10%, and proper audits and security procedures are the best ways to stay safe. The only way to develop effective safeguards is to test them repeatedly. With Tokeny, you can have tested technology today.
You actually save time and improve safety when you follow an appropriate checklist. The remarkable safety record of the airline industry is largely the result of using preflight checklists. All of Tokeny’s token sales have been SICOP (Sustainable Initial Coin Offering Protocol) compliant, and SICOP is like a preflight checklist for ICOs. According to Verasity CEO, “Using the Tokeny platform meant we eliminated risks in issuing tokens, … allowing us to focus on our business and marketing our ICO.”
We built the Tokeny platform to make token sales fast, safe, and easy for businesses and investors. You do not have to become an expert in multi-factor authentication or master coding Smart Contracts to launch an ICO. By using a tested platform, you can quickly pass through fear, uncertainty, and doubt and start building a new future for your business.