Reflections on a Token Sale

Reflections on a token sale; find out more at www.axpire.io
  1. The community makes or breaks the launch. Your community is the beating heart of your crypto platform. They are your best advocates, and want to see you succeed. There are the occasional bad apples, as there are in any community, but they are few and far between (<1% of our ~6,650 official aXpire telegram channel members); the vast majority are rooting for you. We have found a number of our current administrators from our Telegram channel, as they proved that they could consistently manage the community in a professional manner. Also, be aware that you are not only managing the people directly asking you questions, but also you are managing your brand for those people who are just reading. Let your community in on your thinking, be consistent, courteous and professional. They have put hard earned capital into the platform, treat them as such.
  2. Be available and be patient. This is a new concept and technology to so many people, they need to be certain the underlying concept and company-specific technology makes sense. If you are asking for them to participate on your platform, you must make sure you have someone available to answer questions 24/7. Don’t underestimate the power of one-on-one interactions; we found this was a great way to connect on a more personal level with our community. One thing we had absolutely no issues with was the responsiveness of our administrators, our customer support team. Without them, this sale would have not been what it was; they perfectly embodied the aXpire spirit of going above and beyond to make sure our clients are successful. 10/10, and hats off to them. Just one example of the messages we received as a result of our customer service: “I just wanna let you know that as someone who has bought AXP, I’m super comfortable with the platform and the team behind it. I’m glad to be part of something that’s gonna use blockchain technology in such a big way.”
  3. Keep your official channel as professional as possible. Keep in mind these venues are sources of diligence for people thinking about applying their hard-earned capital to get behind your technology. If it’s mainly memes and “when lambo?” it does not reflect well on the professionalism of your business. We did not crack down on that as early as we should have, but we’ve learnt our lesson. If people are so inclined to discuss anything unrelated to the technology of your company and the mechanisms of your token sale ask them to create a separate, unofficial, un-endorsed channel to discuss.
  4. Diligence your partners. We’ve been blessed to have fantastic partners thus far, but *buyer beware* there is an extreme lack of professionalism in the crypto community at this stage of its development. Make sure to ask for at least two references, call those references and talk in detail to those references. Minimize the contract length for a “try before you buy” and have multiple partners available for the job you’re looking for, don’t let lack of choice force you into mediocrity. Crypto moves fast, and you need partners who can keep up. We can recommend our partners R3, Microsoft, WeDoICOs, International RegTech Association and Bounty0X. If you would like an introduction to any of those groups, email info@axpire.io and cc mm@axpire.io. If you have to chase a vendor, which was often the case, then they’re out! Thank them for showing you their cards early! The “flakiness factor” in crypto as it stands now needs to change, but that can’t be your problem. If you can’t find a great vendor, then don’t settle, delay your process and do it correctly yourself, or wait until you can get an excellent partner. This has been one of the most challenging lessons to learn in our token sale. Also, don’t be afraid to make an upgrade if one of your partners is just not delivering, you owe it to your community. The good news is that it’s only getting better!
  5. Security comes first. There are plenty of bad actors in this space, and we all need to do our part in shutting them down. Phishers tried to take our brand and use it to steal people’s private keys. Our community quickly alerted us to this fraud, and we shut it down. Not only that, but some of our community spammed these phishers with fake private keys to buy some of our community time to move their tokens. Luckily, all of our private information is hashed and secure. That is a must. Speaking of “musts,” three words: two factor authentication. Take your time, and do quality assurance testing, even if it means you must budge timeline. Better to risk your timeliness reputation than your quality reputation. Even better to risk neither!
  6. Compliance may not be higher than security on the list, but it’s mandatory. Be extremely aware of the latest developments in the world of crypto law, we highly recommend the “Unchained” podcast by Laura Shin, as she usually highlights the latest developments, and stay on top of coindesk.com. Speak with your counsel regularly, and make sure you are as fully compliant with the latest thinking. Saying that, realize that some counsel may have a vested interest in a certain “solution” becoming the norm, even when it’s not regulator-confirmed. Read all of the SEC commentary, you must conform to their views, regardless of your own. Do your own legal diligence too.
  7. Focus on the big picture. When the token sale initiated there were countless customer support tickets to handle, but you need to allocate full time resources to that, allowing the rest of the team to dedicate their time to what will actually generate value for the business, a.k.a. don’t get sucked in! It’s very tempting, but it’s in the long term interest of your community to have the bulk of the team working on securing sales, partnerships and talent.
  8. Keep spirits high. There will inevitably be bumps in the road, there’s no such thing as a perfect plan here. The only thing you can do is be patient, keep your chin up and remember you are creating a better future. Don’t get flustered, respond positively and professionally.
  9. Be a good steward. Remember that you represent the face of crypto, “don’t let the team down.” People are actively watching this space, including regulators, and are gauging if it should exist as it does now in the near future. Show them that not only should the space exist, but it should be augmented; it represents a promising technology and a new avenue of entrepreneurial growth that was previously underserved.
  10. Under promise, over deliver. Enough said.

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aXpire

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Cutting edge FinTech, trusted by enterprises. Powered by the AXPR token.

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