Appsolutely Founder Explains How to Do ICOs Right

Appsolutely is a 5-year old company whose expertise is in loyalty programs and analytics. Recently, the company launched a new project โ Loyal Coin. During the DTS 2018 Summit, Appsolutely founder Patrick Palacios discussed what it was like to run an Initial Coin Offering (ICO) for Loyal Coin.
Loyal Coin ICO Lessons
Have a clear vision for the company
According to Mr. Palacios, you need to offer something unique that maximizes and optimizes the use of the blockchain. Loyal Coin has a clear vision: โCoins/Points that can be redeemed anytime, anywhere, and everywhereโ.
Under this very simple and effective slogan, Loyal Coin has reached its hard cap of ย 4,750,000,000 loyal coins.
Have a clear differentiator
Scroll through Coinmarketcap and you can find hundreds of coin projects which had their initial coin offerings in the past. So whatโs the difference between Loyal Coin and majority of the other ICOs? Itโs that Loyal Coin has a live, working product already.
Have the right people in the right numbers
In the beginning, Appsolutely was going to build the Loyal Platform on the Ethereum Blockchain. But soon, Mr. Palacios was convinced to build it on the NEM blockchain. (Read More: The NEM Blockchain)
Make sure to comply
To make sure that it will not go into legal trouble, Appsolutely has applied for a license in the Philippines. It also applied for a remittance license in the US.
For us here at Bitpinas, we saw how the company used the word โICOsโ sparingly and instead use the word โToken Generation Eventโ in many of its promotional materials. Both words are the same. Itโs just that โICOโ has a negative connotation to some.
Appsolutely also never promoted its token as a โsecurityโ. The Loyal Coin is never a security to begin with. Its purpose is not to appreciate, but to be โusedโ within the Loyal Platform. Hence, it is a utility coin.
Do grassroots campaign
You can check Loyal Coinโs social media accounts, and you can see that they have been everywhere. From Manila to Tokyo and the US. Mr. Palacios noted how their events in the US have garnered a positive response from their audience.
Build and appreciate the community
Loyal Coin has a solid Telegram channel. Telegram is a messaging app like Facebook Messenger and WhatsApp. It is natural that majority of the crypto projects have a Telegram channel because this app is encrypted, which means messages are private. As you know, privacy is valued by the crypto community.
Through the Telegram channel and Loyal Coinโs other social networking sites, the company has been sharing any milestone that it achieves.
Be strict and fair in making decisions
During Loyal Coinโs token generation event, bitcoinโs price is so volatile, to the point that it reached almost $20,000 in December. Because of that, the company decided to give more loyal coins per BTC exchanged.
This, however, did not bode well for the early investors. The company then decided to retroactively give more loyal coins to them. Mr. Palacios noted that they lost millions worth of coins due to the transaction, but itโs okay because itโs a fair decision.
Overall
At the moment, Loyal Coin is probably one of the few notable successful Filipino ICO. Right now, the company is busy distributing all the coins, which will be a requirement before it can get listed on major exchanges.
Also, all roads lead to Boracay as Appsolutely and NEM Philippines organize โBoracay Beach Blockchain Conferenceโ. The event will happen on May 10 โ 11, 2018 at the Henann Regency Resort and Spa on Boracay, Philippines.