ICO which stands for initial coin offering, is definitely something which a lot of people have been talking about more and more in recent years. The past few years have witnessed a lot of ICOs come and go, however most of them being failures, with just a few that have been capable of making it to success. What were the reasons that most of these initial coin offerings in cryptocurrency failed? Experts comment that although there are multiple factors that can be accounted for such failures, the biggest issue has been inefficient or insufficient ICO roadmaps, which really is one of the leading reasons. Let us try to gather what an ICO roadmap is and all you need to know about it and why it is so critically important!
What is an ICO Roadmap
Have you ever seen a well created GANTT chart? It usually includes all the start and end dates for all important milestones that occur in some projects. It won’t be wrong to say that it acts as a backbone for the project administration and operation from beginning till end. Similar to the ICO roadmap. It is the foundation of a blockchain project, which lays down all the future project developments that have been planned over that platform.
It is also a chart like the GANTT chart, that is more extensive in nature. It tries to encapsulate things like the mission, vision, and target behind floating the ICO, when must the relevant objectives be materialized, what are the start and end dates, what are the expected project finances in these sub-activities; in all, a comprehensive view on how the ICO is going to be conceptualized and then accomplished. There is also a need for some marketing tone in the roadmap, because it is usually published on the website, and so investors and clients might feel engaged going through this blueprint. This indirectly also acts as a form of gathering relevant feedback during the beta stage itself, before floating the actual ICO, so that necessary modifications can be made.
A well formed ICO roadmap not only helps the team members to collaborate holistically, but it also helps them to state project tasks clearly. Why an ICO is being launched becomes self-obvious with a clear-cut ICO roadmap, and this is something that is very important to prospective investors and clients.
Who Can Go For an ICO
Of course anyone can make an ICO, but that would not imply everyone should do it. If one has a proper understanding of cryptocurrency and blockchain, and also has the required pool of funds handy, along with the required expertise and knowledge of finance and economic principles, only then must one think of floating some ICO, which too with the help of a well formed ICO roadmap. However, one thing that must be ensured while an ICO roadmap is formulated and then displayed is that it must be feasible and accurate. There is no use of publishing something which cannot be fulfilled as that would lead to nothing but failure of the project. Therefore, a lot of brainstorming, and maximum amount of time duration, is usually spent while in the ICO roadmap creation stage for any cryptocurrency.