Blockchain ventures and smart contracts are still becoming the hot news today. New coins, new campaigns are popping up every week. So what should you do if you see someone looking to use this hype and get started in an ICO? I will come up with a developer’s point of view. I will show you the procedure of creating a coin using the Ethereum blockchain platform.
It’s wise to create an ICO (initial coin offering) with a smart plan. Nevertheless, it all actually begins with a business concept. It must include things like creating a cryptocurrency (coin) which has an impressive and exceptional selling point. You must join hands with the founder to come to an agreement on requirements (which might be later used as an important part of a whitepaper) thereafter move onto development with in depth testing. Needless to say, you must build a landing page that shows the ICO status. After your client proceeds to a marketing campaign, you’re all set to go.
With Ethereum smart contracts it is not that easy. You must obtain the token surely from the very beginning, as when the contract goes live – it is final. There is no coming back. There are techniques for updating the coin or ICO token, but, be aware that each change can reduce community trust in your coin, which could be shown in coin price at exchanges. That is why it is better that you agree on a requirements that makes all the details completely clear to all parties.
I highly recommend hiring the developers and programmers, if you already have created a smart contract on your own. In the brief history of the ICO, there have been unfortunate situations, because of a misstep in the smart contract or even its address, all the work was unsuccessful.
After the implementation of the smart contract, in cases like this, the tokens of the project (also you need to show them in 3 big letters) will show up on the Ethereum wallet of the investors. Identify Cap (it is the fund raising minimum threshold – after hitting this mark, the fund-raising might end), resolve it in Ethereums based on its rate on the event of the launch. Also you need to put a limit on the sum of transfer from one address (I would advice about 25 % of the amount of Cap maximum).
Technical knowledge is crucial along with ICO marketing strategies, so if you don’t have enough knowledge, I give you advice to talk to an expert.