Making Cryptocurrency - Big Idea
This is the center of your project! You need to think about how your app will help in the industry you are targeting. Do you plan to delete the current broker (such as a bank or broker)? Do you want to solve real world problems (such as poverty or lack of education)?
You need to think about real problems and how blockchain technology can solve them. If your project doesn't have real benefits, then why would anyone want to invest or use it? If you want to create value, you must add value.
Here are some industries that might make your brain flow with ideas: File Storage, Content Services, Insurance, Marketing Peer-to-Peer Communication, Finance, Medical and Energy / Electricity. All of these industries can be helped massively using blockchain technology through dApps.
Development Team
Choosing the right developer for your token and smart contract can be the difference between success and failure. You must be very careful and choose a developer that you can trust to do a good job.
The idea was the first key factor, but it was useless without a good team. You need a talented team to help realize your idea! I would recommend only hiring people with years of experience working with blockchain technology.
To make the contacts you need, you must try to become more involved in the blockchain community. I recommend going to the blockchain event, connecting with new people and building relationships in the industry. This will help you find the right person to join your project!
Smart Contract
Smart contracts play a big role in your cryptocurrency project. For those who don't know what a smart contract is, let me briefly explain ...
Smart contracts like traditional contracts; except digital, running on the blockchain, runs automatically, and cannot be changed.
In a smart contract, rules are written. In ICO smart contracts, the rules might be like IF, users send 1 ETH to a smart contract, THEN smart contracts send 100 tokens to that user.
Because smart contracts operate automatically, no third party controls them. This means users don't have to trust you.
Instead, they trust smart contracts, which are only codes. If the code is correct, it can't fool you. So, users know that they will always pay the right amount of tokens and that they will receive them on time.
Smart contract rules are written by your developer, so you must decide this rule depending on how you want your ICO to function.
Professional External Audit
Like I said a moment ago, smart contracts are just code. This is the same for tokens. So, for users to trust the code, they must know it's safe. This is why you need a professional audit.
Not only that means users / investors can feel safe, but that also means you can feel safe - you don't want to spend all that money on smart contracts and developing tokens just to get hacked, right?
This is an important step that brings legitimacy to your project. This audit is often referred to as an ICO security audit, and you can get it from a company such as a Practical Guarantee. Always make sure that the audit company you choose is credible and has a long history.
Getting your ICO verified with a professional audit will help promote your cryptocurrency project. This promotes the fact that your project follows industry standards and data protection policies - adding extra value to your project. This is an important step!
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