Initial Coin Offerings are the new craze of our days. Often mentioned as ICO, this innovative fundraising mechanism presumes the act of selling a crypto token and receiving a crypto coin in exchange. The token is usually understood as a unit of value generated by the particular company or a project.
In order to understand the process of creating a Smart Contract for a token, it is important to grasp its concept. In essence, Smart Contract is called “Smart” due to its digital presence - it is a computer-based protocol used to automatically transmit assets between two parties in accordance with the pre-defined terms and conditions.
Generally, the primary platform for the Smart Contracts’ creation is Ethereum, which uses Solidity and Serpent programming languages. No matter what language is used, the following steps are performed when creating a Smart Contract:
Brainstorming: The ideation process according to the company’s requirements
Creating an appealing design: The generation of an ideally structured contract
Developing the actual contract: The ICO smart contract development testing and release to the market
Implementing & upgrading the contract: The process of improving the contract by adding necessary features and upgrades
With a wide array of benefits ranging from the reduced costs to the more accurate and immutable system, the establishment of the Smart Contract has the ability to automate your business solutions. You won’t have the desire to go back to the traditional time-consuming contracts’ elaboration. Blockchain App Factory is capable of providing you with this digital trend, thus contributing to your company’s prosperity.