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What is an ICO Token?

A Token is a digital medium of exchange. It is a materialization of the value of any product or service in terms of digital currency. However, it has a specific difference to cryptocurrency. While a cryptocurrency needs a blockchain to initiate, an ICO Token can be issued via an existing blockchain. Most of the existent Tokens are build on the Ethereum network. A token is the forked portion of the blockchain integrated with different tags and identities to that of the parent blockchain. It is possible to “Tokenize” almost everything because ICO Development is similar to creating an exchange value. A unit of a Token can be the price of a license of the application the platform is selling.

Initial Coin Offering, ICO, on the other hand, is the enterprise offering the token. Generally, tokens are created at the cost of an existing currency. The ICO sets up a public offering mechanism that lets to exchange their tokens with popular coins. As an enterprise, and ICO is similar to IPO. The value of the token increases similarly like shares of an IPO if the business grows in the market. The exchange is simple. A buyer will exchange a certain amount of cryptocurrency for tokens. These tokens can be used to exchange for other cryptocurrencies or to access the service or product of the ICO.

 

What makes an Enterprise ICO Token Successful

The success of an Enterprise ICO Token depends on the growth of the ICO. The market of the ICO increases as it gains better adoption. The more users use the token, higher will be its value.

Suppose, an ICO is offering a new graphics designing platform in exchange for their tokens. A token is equal to 24 hours of unlimited access to the platform. If there are more users of the platform, the ICO will gain more coins in exchange for their token. Since the number of Token is fixed. The additional value of the coins adds to the tokens, thus raising the price of the latter. Owner of the token can exchange more cryptocurrency for the same amount of the token.

 

ICO Token need to follow several aspects to be successful in the market.

  • The token should be free of any bugs or security vulnerabilities.
  • The ICO should solve a real problem faced by an industry or general users.
  • The token should have a competitive price.
  • The mechanism of the ICO and the technology should be transparent.
  • There should be in-depth market research and insights to the future perspective of the token.

 

Best Approach to ICO Development

ICO Development is a highly strategic process. Although does not involve tough technical development as in a blockchain, a token must be backed with strong logic as well as technology. Creating a token is basically creating a new blockchain above an existing public blockchain like the Ethereum.

The best approach to develop and launch an ICO Token can be divided into several stages.

  • Intensive Market Research.
  • Deciding the accurate development methodology.
  • Creating a public whitepaper.
  • Development of the code and posting on public repositories.
  • Testing for algorithmic issues, bugs, and potential vulnerabilities.
  • Deployment in the main-net and observation.

 

Oodles Blockchain Prioritize Scalability & Security

Oodles Blockchain is an emergent leader in ICO Development. As a leading offshore developer of blockchain technologies, Oodles Blockchain is successful to become a brand in the technology landscape. Our ICO development portfolio comprises of a large array of partnerships with ICOs and token providers. Years of experience in launching ICOs and managing large networks made us learn the critical scenarios in technology and operation of such platform. Our objective in launching ICOs is to make profitable both in the short and long run.

 

 

We believe transparency in technical robustness as key to successful ICOs. Talk to an ICO development expert now.

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