CRYPTO & BLOCKCHAIN ASSET EXCHANGE/TRADE
Deribit
Binance
Changelly
Vaultoro
Evolve Markets
HADAX
The Technical Components of an ICO
This information was provided by our friends at Applicature, a development agency working on projects in the blockchain industry implying the development of smart contacts; research, deployment, and customized blockchain solutions; also a technical advisory to blockchain companies; and technical consultancy on token sales / initial coin offerings.

The Technical Components of an ICO

In order to make an ICO successful, blockchain development company Applicature says one has to pay great attention to its technical components. They are the motor of the whole system on which its efficiency depends.

Let’s look through the main technical components of an ICO:

Website

●   Security

The most important key is, of course, security. Provide the highest level of it by building static websites that are very simple and comfortable to use.

●     Multilingualism

Today, multilingualism is not just an additional function—it’s  a crucial demand. List the information on your website and in your services in different languages to make it popular among users all over the world. Build a website in different languages, or have it switch between languages.

●     Responsibility 

Remember that the website has to be responsive and super-mobile. Take care of your users; let their work be simple, convenient, and informative.

Hosting

●     CDN and Storage

Using a static website, a content-delivery network with storage will allow content to load faster. Expensive CDNs are recommended for a really good level of protection.

●     DDoS protection

Another important security element is the password. Do not use the same password on different websites, as this increases the probability of someone else getting access to the data. There were some ridiculous incidents in which hackers managed to compromise a main developer’s password, which had been identically used at other websites, as well. Such unreasonable mistakes can cause thefts by attackers, who replace Ethereum smart contract addresses with their own to steal contributions. So, be careful with passwords, and do not use the same one for all websites if you want to sleep peacefully at night.

ICO Cabinet

●     Sign Up and Log In

The advantage of creating a signup and log-in page, which at first may not be an attractive process for users, is that it differentiates people who are really motivated to participate in the ICO. This will help to set priorities for further successful collaboration.

●     Two-Factor Authentication

Two-factor authentication is the industry standard nowadays. It is required for providing an extra layer of account security. Objectively, it is not mandatory, because all transactions are carried out by contributors through a preexisting wallet. That’s why a lot of clients don’t use TFA.

●     Verification

The ICO cabinet provides functionality for documents’ verification. During the verification process, the user must provide the administrator with documents that certify his identity and residency in order to confirm the truth of his listed data.

●     Whitelisting

Whitelisting is carried out to conduct all transactions in accordance with legal and financial compliance.

You can implement it on the smart contract side in two ways:

  • Create a list of allowed addresses
  • Provide the date with a special signature. Only the address encrypted in the signature will be able to execute a transaction on Ethereum Smart Contract.

On the other hand, it helps to add really like-minded people to the team, who do not just want to sell the coin as soon as possible, but also share a goal of  long-term cooperation and clearly understand the solution the ICO is working on.

●     Contribution  

The ICO cabinet manages contributions and directs contributors to the contribution flow. Contributions should be self-explanatory and simple for your contributors, requiring only a couple of seconds to for fulfillment.

●     History

Transaction history is another factor affecting the confidence of your clients. They can always check the current status of the transaction. This element of the ICO cabinet increases credibility, as the person has access to transaction visibility without searching for it on other services. A  benefit like this motivates the contributor to complete more than one transaction.

When people see that transactions are successful, they repeat contributions. Approximately 10-15% of clients will make more than one transaction.

●     Communication

The ICO cabinet is also the way to keep communication with contributors. Spend plenty of time forming a conversation platform that will meet the needs of your clients.

KYC/AML Databases

External providers give information about the score related to personal transactions. Based upon this factor, you can decide whether to approve or reject a candidate.

Blockchain Node Cluster

It consists of:

  • ETH (by which people can get statistics without using external APIs)
  • BTC (needed to track the transactions in your wallet)
  • LTC
Cold Wallet

The best solution is to have both hot and cold wallets. Always remember to identify executed transactions, as they belong to the personal master public key.

Smart Contracts

Pay attention to both external and internal security aspects while concluding smart contracts. See more information for how blockchains work, they are very simple to use because there is no need to order them again.

  • Tokens are a new blockchain-based investment tool. Though they are similar to bitcoins, they serve a much broader purpose. ERC20, ERC 223, and ERC 721 are some of the standards that govern their functioning. ERC 223 is not a standard yet, however, it consumes less gas. It is not recommended to skip ERC20. Also, use ERC 223, and then the hybrid of ERC20 and ERC 223. ERC 721 is the new standard for non-finding tokens.
  • Token sale contracts are also known as ERC20 tokens. This manages transfers and governs all pricing, bonuses, and discounts of the ICO.

  • Team vesting contracts govern the specific amount of time a team member has to vest.
  • HOLD contracts are for freezing the token for a certain period of time, for which contributors will receive a bonus or other incentive.
  • Dividend smart contracts are a reasonable approach by which people can receive gains from business profit.
  • Voting: There are a lot of other contracts that depend on the specifics and conditions of their stacking.
  • Service mechanics regulate how the token is going to be used on the platform.

Check out more great possibilities for ICOs here:

github.com – People can publish their smart contracts here in order to form an audience for the ICO and evaluate other smart contracts. In addition, a public smart-contract repository is a wise solution for work processes.

Etherscan.ie – for submitting token information and verifying your contract.

Disabled