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3 steps to ensure best practice in your ICO

By Chaineum

With the ever growing increase of ICOs, blockchain and cryptocurrency, this has revolutionized the way companies raise capital. Removing the middleman and instead of having to pitch venture capital firms and sacrifice equity and control, startups are now able to access the financing needed to develop and succeed in the market. 

With some risks to the market, as with any other financial mechanism, they shouldn't deter a company from seeking the capital that they need to thrive and compete against others. There are several strategies that can enhance an ICO’s security and ensure it is safe and successful.

Auditing Smart Contracts
 

When it comes to ICOs, smart contracts have a history of being a weak link in the capital-raising process. It is essential to have a third party review and audit of your contract. This ensures no disappearing of funds or duplicated tokens. 

Implementing robust policies to detect phishers
 

Being aware of potential scams is essential with ICOs. Business development and sales teams don’t need to understand coding, however, they do need to know about potential exploits and signs of a hack or scam being perpetrated. Consistent scanning of web platforms associated with ICOs can help point out suspicious activity and help with preparation. 

Protect your users
 

Once users have received their tokens, they also need access to the services they helped fund. Protecting a website and users from hacks involves having the right tools to do so. Companies should always push for the most stringent security measures for users. Protecting users is vital, ensuring they have access to services they have paid for is also a necessity to avoid legal repercussions.

As with any ICO it is advisable to get help and guidance from a professional that can ensure your project is highly secure for individuals and the company, which in turn will result in a success. 

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