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  • How To Build Your Very Own CryptoCoin/Token And Start An ICO

    ICO

    Nowadays, ICOs are the latest trend in the cryptocurrency landscape. They deserve so because of their characteristics to be an agile fundraiser for coin development at almost half the cost of an IPO (Initial Public Offering). ICOs can be seen as another possible way of crowdfunding that has emerged outside of the conventional system of finance. An ICO campaign is usually run for over a period of a week or more. Meanwhile, it allows the buying of a freshly mined token in exchange for an already developed cryptocurrency.  The mined token will have a pre-determined price that will not change during the ICO campaign, keeping the token supply unchanged. Other alternatives are a dynamic token supply that’ll be assessed by the number of funds received and a fixed supply with dynamic funding (more the funds, higher the token charge). And thus, ICOs are one of the best ways for companies to raise funds and for users to invest in cryptocurrency projects.

    Coin Development Process

    From a blockchain developer’s view, the process of developing a coin and creating a landing page using Ethereum platform is:

    Specifications:

    Working upon a set of specification helps in devising the rules as well as refrain from making updates which may reduce the credibility of the community. Fundamental parameters like start date, end date, minimum and maximum caps as well as the currency for exchange are generally discussed and confirmed in this phase.

    Implementing, Testing &Deploying A Smart Contract:

    For all possible scenarios, all lines of codes are in detail tested. Fixed code analysis, code review, and audit support in finding complex behavior and fixing them.

    Trading Tools:

    To get a standard Ethereum based smart contract for representing a coin with a simple ICO can be achieved with following tools:

    • Solidity as the programming language
    • Truffle Framework as the testing and development tool
    • Open Zeppelin Solidity contracts as the base of the smart contract
    • TestRPC for Ethereum based blockchain node stimulation
    • JavaScript for programming the test units
    • And MyEtherWallet for testing an deploying the contract on Ethereum blockchain.

    Implementation:

    An example of the contract will be put on test to analyze its properties by accessing the fields and calling features to execute absent parts.

    Deployment:

    After running the contract through a set of unit tests, it gets compiled using Truffle and further deployed to MyEtherWallet to test Ethereum blockchain.

    Nonautomated Testing:

    Before going live, the code is run through comprehensive unit tests and tested against a functioning blockchain.

    ICO status page:

    The status page is one of the most important parts of ICO. A good-quality page keeps users informed about the fundamental ICO parameters such as start and end dates, prices, bonuses, minimum and maximum cap etc.

    In Summary

    In this blog, we have covered the basics of Ethereum Smart Contracts, ICOs, the vitality of having clear specifications, smart contract development, automatic and manual testing. However, there’s more to have a successful ICO campaign, such as an excellent white paper, ICO marketing strategies, and technical execution. Get the complete coin and ICO development solutions under one roof at blockchain.oodles.io.

     


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