Crowdfunding is an old term. Almost all of us know about it and many of us have also contributed to this in one or the other way. And therefore, we know how rigid the prevailing centralized crowdfunding system is! Isn’t it a good idea to add blockchain to it?
So here the place, we will look at how to create a blockchain technology based crowdfunding platform, that too in just 7 easy steps.
Start with looking for a subject for the platform. It’s is not necessary that it has to be unique. Instead of focusing on something out-of-the-box, we can look for a product that solves the problems of currently working platforms. At this stage, we should try to interact with more and more experts so that we can cross-out some of the options and find the best one.
If someone feels that uniqueness is the essential element then the person will need to go an extra mile and have obstinate research. As there are no valuable models, this would be a tough call and should be initiated keeping the same thoughts in mind. Always ask who is interested and why? This would make the decision-making process easier.
Whatever one chooses, it must be in accordance with the law and responsibility of checking the same lies with none other than the person initiating the process.
Next would be the task of finding a team. This is a pivotal step. At first only look for blockchain pros as we are talking about blockchain based crowdfunding platform. Additionally, ensure that the team is well versed about the crowdfunding working model and can offer the flexibility to make custom changes that fit the needs.
Don’t forget not just the technical person can make the platform successful. You will need arms to take care that each department is adequately working. So, have marketing and PR personnel as well. That would make the team 360° capable. In addition to skills, having synchronized mindset is a great factor, resulting in a great product.
Now when we have the idea accompanied by a team, it’s time to start with designing. This is where you should precisely decide the flow, layout, UI, plugins and more. The motive is to give the idea of the platform an image.
Blockchain-based models use tokens as the currency of the ecosystem. So, while you prepare for the design, it is essential to have harmonized token economy i.e., how it will be used or distributed? How its supply will be managed? What will define the tokens’ price? All such questions need to be answered at the designing stage itself.
Moreover, the role of participating entities, rewards, fees and all the decisive model related decisions are to be taken at this stage. Once the design is ready, don’t forget to assess it on different parameters. If budget allows then it would be better to get it reviewed from a panel including master creators and users of the crowdfunding platform.
Now we are ready with a virtual prototype of our platform. After which we are ready for a token sale event. That’s a real event to be dealt with. This step would allow us to target multiple events at once. With this, we will not only promote our tokens rather we would make our platform popular in real sense.
This step demands time and a vision to take token sale as an individual project. This might look overwhelming, believe us it is not. As we were preparing for our platform, we have done much preparation for the token sale. In fact, you would notice that until we will end token sale, we would be on the verge of finishing the project. The token sale should be done in phases and there is a reason behind it. The fact is that until you don’t have a brand, it would be hard to attract investors and the phases would grant a prolonged period to magnetize larger crowd.
This is the step would start in between the previous step. Sooner we will finish the first leg of the token sale, the faster we would start working on the development of the platform. To be at ease in this phase, we suggested reviewing of design. After creation, step like code review, bug detection test, robotic stress testing of the platform and at last real virtual test needs to be done. Honestly, unless you have a good tech team working for you, it almost certain that the platform would malfunction post-launch.
Therefore, try to go with someone like AlwinTechnologies who have a dedicated team and provide all such facilities prior to launching.
Oh, Amazing! We are at the final stage of our ambitious project. Wait! Are we really ready for the launch? Before the launch, confirm that no more legs of token await completion, platform is tested for vulnerability, we have a support team ready and we have enough crowds to pass through the initial stage of platform post-launch.
If we are confident on all these points then this is the best time to launch the platform. After launch, analyze how things are going and make the required changes accordingly.
Anne Morrow Lindberg gave the exact idea of success. She said:
“Good communication is as stimulating as black coffee, and just as hard to sleep after.”
This is what every project owner has to do to increase the chances of success - communicate at each and every step. Never create a gap in communication; otherwise, someone else will succeed through filling that gap.
Don’t Miss the Beat
Do you want your crowdfunding platform to be a great success? It should make a difference in the sphere of crowdfunding? Then work with someone who has updated knowledge in this era of fast-paced technological advancement. Working with the outdated approach, free software and cheap tech team is like missing a note and running the full song.