CRYPTO DEVELOPMENT

Development of cryptocurrency based on Ethereum

Development of cryptocurrency based on Ethereum

Crypto Development

Development of cryptocurrency based on Ethereum Crypto Development

Ethereum is a community-driven technology that powers the Ethereum (ETH) cryptocurrency and thousands of decentralized applications. It uses blockchain technology to promote smart contracts and secure cryptocurrency trading without the involvement of a third party. There are two accounts available through Ethereum, one is an external account and the other is a contract account. Ethereum allows developers to use all kinds of decentralized applications.

Ethereum allows anyone to create their own crypto token on top of an existing blockchain without having to run a separate blockchain. At the same time, the native cryptocurrency of the blockchain – ethereum (ETH) – is used as a payment for transactions. ERC-20 is a standard that defines how these tokens behave and makes them compatible with other platforms such as cryptocurrency exchanges, crypto wallets, and decentralized applications (DApps).

Let’s use an example to understand how the ERC-20 token smart contract works. Let’s say we want to create a token called “My Asset” with the symbol “MASS” and that there will be 1,000,000 such tokens. First, the smart contract of the token keeps track of some of the basic attributes of the token.

For example, it records the name “My Asset”, the symbol it has, and the total number of tokens in existence. Secondly, it keeps track of who owns “My Asset” and in what quantity; thirdly, it executes various scenarios (distributes and calculates commission, makes automatic transactions, etc.).

ERC-20 tokens can be transferred from one account to another as payment, just like any other cryptocurrency. They can also be purchased at mass sales like ICOs. In addition, they can be bought and sold on the cryptocurrency exchange.

Development of cryptocurrency based on Ethereum

How does an ICO work?

Initial coin offering

How does an ICO work? Initial coin offering

ERC-20 tokens can be distributed in various ways. One of the popular methods is to conduct a crowdsale or an initial coin offering (ICO). A crowdsale is a way to raise capital for your business by creating your own ERC-20 token, which investors can purchase with ETH.

Whenever a mass sale takes place, the company receives capital in the form of liquid cryptocurrencies, which was paid by investors, and also holds a reserved amount of ERC-20 tokens that were sold in the mass sale.

To participate in the crowdsale, an investor must connect to the Etherum blockchain using an account.

This account has a wallet address where you can store ETH, as well as ERC-20 tokens purchased during the crowdsale. The investor must visit the crowdsale website that communicates with the smart contract. A smart contract regulates all the rules of the crowdsale.

Whenever an investor buys tokens on the crowdsale website, he sends ETH from his wallet to the smart contract, and the smart contract instantly distributes the purchased tokens to his wallet. The smart contract sets the price of the token in the crowdsale and regulates the behavior of the crowdsale.

Bulk sales can take many forms and sizes. They may have several levels or phases. Each of these levels can occur at different times and behave differently.

Development of cryptocurrency based on Ethereum

What is a smart contract and how does it work?

Smart contract

What is a smart contract and how does it work? Smart contract

A smart contract is a computer program that facilitates the exchange of any asset between two parties. It can be money, shares, property, or any other digital asset that you want to exchange. Any user of the Ethereum network can create these contracts. The contract consists mainly of terms and conditions mutually agreed between the parties. Smart contacts are created in the Solidity programming language, which is very similar to Javascript. It’s a complete programming language that allows you to do a lot of what Javascript is capable of, but it behaves a little differently due to its use case.

The main feature of a smart contract is that once it has been executed, it cannot be changed, and any transaction made on top of a smart contract is recorded permanently – it is immutable. Thus, even if you change the smart contract in the future, the transactions associated with the original contract will not change; you cannot edit them.

The validation process of smart contracts is carried out by anonymous parties on the network without the need for centralized control, and this is what makes the execution of any smart contract on Ethereum decentralized.

The transfer of any asset or currency is done in a transparent and trustworthy manner, and the identities of two persons are protected on the Ethereum network. After the successful completion of the transaction, the accounts of the sender and recipient are updated accordingly, and thus trust is created between the parties.

In the case of an ERC-20 token, the smart contract regulates all activities related to the operation of the token and keeps track of token ownership and account balance. Using the ERC-20 standard ensures that the token meets the following (and many more) use cases:

  • Wallet transfers – sending tokens from one account to another
  • Buying and selling on cryptocurrency exchanges
  • Buying tokens in a crowdsale (ICO)

The ERC-20 specification essentially dictates the interface that a smart contract should respond to. It defines the structure of a smart contract and the types of features it should have. The specification also provides some useful features that you can have, but they are optional.

In order to develop your own cryptocurrency based on Ethereum, you can go in two ways: hire blockchain developers to the project team or turn to third-party developers.

Our company AVADA-MEDIA has been successfully developing, deploying and supporting blockchain projects for about 4 years. We use a full stack of modern technologies, which allows our clients to fully use the effectiveness of the blockchain in their business.

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