ICO technical issues.
1. In order to launch your ICO on a technological level, you need to choose and configure three basic things:
- The blockchain under which your project will operate;
- A smart contract that will operate;
- A wallet, into which the funds will flow;
The blockchain is the "ledger" where all your transaction data is stored. It is the root of the tree on which your ICO will grow. Choose any of the existing blockchains - Ethereum, Binance(I wholeheartedly recommend them - you'll see why below), Tron, etc.
Smart Contract is the software standard that your token will operate under. There are predefined software standards for all blockchains - ERC for Ethereum, BEP for Binance and TRC for Tron.
The wallet is where you store your tokens once you create them - this can be done either by having them programmed for you or by creating them yourself in dedicated software applications like BigSale for example. Since you will be storing large amounts of tokens - millions, billions, maybe even trillions, you will need not only a hosted wallet, i.e. one based online - for example a Smartchain (BNB) Wallet, but also a so-called hardware or "cold wallet", which in most cases literally looks like a flash drive. You can keep this wallet in your pocket and it can contain millions.
2. The main purpose of creating ICO tokens is to quantify the utility of an ICO. Typically, an ICO is a fundraising activity based on blockchain technology.
Here are the steps in creating an ICO Token:
- Choose the blockchain on which your ICO token will be built;
- Ethereum and Binance Smart Chain are popular blockchains for token creation, and practice shows that Binance Smart Chain has lower gas fees;
- Use the Truffle Framework to lay the foundation for the smart contracts that will be developed;
- Develop the code under Solidity for the smart contract that manages token management. You can create your token and technologically build your entire ICO project on top of software solutions.
- Build a designated wallet to store the ICO token;
- Set a limit on the amount of tokens;
- Launch the ICO and promote the utility of the token.
- Start the pre-sale of the created ICO tokens.
3. In order to invest funds from the sale of tokens in an ICO, you must follow these steps:
3.1. First of all, check whether the project has a so-called "white list" and whether you are eligible to join it. A white list is a list of approved participants who can buy tokens before the public sale. You may need to complete certain tasks or pass a "know your customer" or KYC check to join the white list.
3.2. Second - connect your crypto wallet that can interact with DApps, such as MetaMask or Binance Chain Wallet. You will need some USDC to buy the tokens, and some BNB to pay the transaction fee.
3.3. Third - select the token sale you want to participate in and enter the amount of USDC you want to spend. There is a maximum allocation for each wallet depending on the round of the sale. On the topic, choose and install a wallet for example in Smartchain (BNB) Wallet. Why there?
Binance Smart Chain (BSC) is a parallel smart contract blockchain to Binance Chain that provides a permissioned platform for decentralized applications (DApps). Binance launched Smart Chain to provide a high-speed, low-cost alternative for the growing decentralized funding (DeFi) market, which suffers from Ethereum's high transaction fees. Launching in September 2020, Binance Smart Chain boasts a five-second block time, inter-chain asset transfer, EVM compatibility and a consensus Proof of Staked Authority protocol that guarantees scalability.
What else? Binance Smart Chain (BSC) offers the BEP20 token standard, which functions similarly to Ethereum's ERC20 standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on the Binance Smart Chain. What's more, leading digital assets in other chains can be ported to the Binance Smart Chain in the form of bound BEP20 tokens. For example, you can use Binance Bridge to exchange bitcoin (BTC) for BTCB tokens (BEP20) backed by BTC. The BTCB (BEP20) tokens can then be embedded in DeFi protocols to yield bitcoin. The same goes for ETH, XRP, DOGE and many others.
3.4. Fourth - once everything described is already a fact, confirm the transaction and wait for it to be processed by the blockchain. You will receive the tokens in your wallet as soon as the transaction is confirmed. You can then claim, pledge or trade your tokens on exchange platforms or other DeFi projects.
4.What is „Hash“(or TxID) and why is it important? If you have deposited funds into a specific ICO project via the Binance Chain Wallet but the funds are not showing up, you can check the transaction status and TxID on the platform you withdrew funds from.
What is a transaction identifier (TxID)?
A transaction identifier (TxID) or transaction „hash“ is a unique string of characters that is given to each transaction that is verified and added to the blockchain. In other words, the TxID is an identification number that marks each transaction in the blockchain. Using the TxID, you can view your deposit and withdrawal history.
How to find your TxID?
You can find it through the platform(Dapps) through which you have performed the respective financial transaction. For example, you can find your TxID from [Transaction History] in Binance or by following these steps:
1 .Log in to your Binance account. Click [Wallet] and select [Overview] from the drop-down menu.
2. Click [Transaction History]. Here you can view your entire deposit and withdrawal history. You can find your TxID in the [TxID] section. You can also access your transaction history from [Wallets] - [Spot] - [Transaction History] in the Binance app. Point the marker to the relevant transaction to find the TxID.
You can watch a video on our YouTube channel on the topic of ICO here: