{"id":83,"date":"2018-02-03T10:00:43","date_gmt":"2018-02-03T10:00:43","guid":{"rendered":"https:\/\/blockchainappfactory.com\/blog\/?p=83"},"modified":"2022-07-26T17:45:54","modified_gmt":"2022-07-26T12:15:54","slug":"how-to-start-an-ico","status":"publish","type":"post","link":"https:\/\/www.blockchainappfactory.com\/blog\/how-to-start-an-ico\/","title":{"rendered":"How To Start An ICO And Build Your Own CryptoCoin or Token"},"content":{"rendered":"<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">ICOs are the hot topic of the day and deservedly so, because of their potential to be agile capital-raisers for coin creation at almost one fourth the cost of an IPO. ICOs can be looked upon as an alternative method of <a href=\"https:\/\/www.blockchainappfactory.com\/crowdfunding-platform\"><strong>crowdfunding<\/strong><\/a> that has evolved outside of the traditional system of finance. An ICO progresses over a period of a week or more and allows the purchase of newly issued token in exchange for the pre-established cryptocurrency. The token will have a designated price which does not change during the period of ICO making the token supply static. Other options are to have a static supply with dynamic funding (More the funds, higher the token price) or have a dynamic token supply that will be determined by the number of funds received (Static price for token, new token created for every paid currency unit within a limited time frame). ICOs are one of the easiest and quickest ways for companies to fund their projects and for users to invest in projects.<\/span><\/p>\n<h2 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">The Process of Building a Coin<\/span><\/h2>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">From a developer\u2019s perspective, the process of creating a coin and a landing page using the <strong>Ethereum platform<\/strong> are as follows.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Specifications<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Agreeing upon a set of specifications will help in laying down the rules and avoid making updates which might reduce the trust from the community. Basic parameters like start date, end date, minimum and maximum caps and the currency for exchange are discussed and confirmed during this phase.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Smart Contract Implementation, Testing &amp; Deployment<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">All lines of codes are tested thoroughly and tests are conducted for all possible scenarios. Static code analysis, audit and code review helps to detect inconsistent behaviour and fix them.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Tools of the Trade<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">To develop a basic<strong> <a style=\"color: #000000;\" href=\"https:\/\/www.blockchainappfactory.com\/smart-contract-development\">Ethereum Smart Contract<\/a><\/strong> to represent a coin with a simple Initial Coin Offering can be accomplished with Solidity as the programming language, OpenZeppelin Solidity contracts as the foundation for the Smart contract, Truffle Framework as the testing and building tool, TestRPC for Ethereum blockchain node simulation, JavaScript for programming the unit tests and MyEtherWallet for testing and deployment of the contract on Ethereum blockchain.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Implementation<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">An instance of the contract is tested to check its properties by accessing the fields and calling functions to implement missing parts.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Deployment<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">After putting the contract through a set of unit tests, it is compiled using Truffle and deployed to test Ethereum blockchain using MyEtherWallet<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Manual Testing<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">The code is put through extensive unit tests before going live and also tested against a working blockchain.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">ICO Status Page<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">The status page is a crucial part of the ICO. An ideal status page effectively informs token buyers about the basic ICO parameters like start and end dates, minimum and maximum cap, rates, bonuses etc.<\/span><\/p>\n<h4 style=\"font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Conclusion<\/span><\/h4>\n<p><span style=\"font-family: georgia, palatino, serif; color: #000000;\">So far we have covered the introduction to Ethereum Smart Contracts, ICOs, the importance of clear specifications, development of smart contracts, manual and automatic testing. There\u2019s more to a successful ICO, such as an effective whitepaper, technical execution, and <strong><a style=\"color: #000000;\" title=\"ICO Development Company\" href=\"https:\/\/www.blockchainappfactory.com\/ico-development\">ICO Marketing Strategies<\/a><\/strong>. Find complete ICO and coin development solution under one roof at <strong>Blockchain App Factory<\/strong>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: center; font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Do you Want to Raise $300,000 to $1 Million in<\/span><\/h2>\n<h2 style=\"text-align: center; font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\">Just Couple of Weeks<\/span><\/h2>\n<h3 style=\"text-align: center; font-family: verdana;\"><span style=\"font-family: georgia, palatino, serif; color: #000000;\"><strong><a style=\"color: #000000;\" href=\"https:\/\/www.blockchainappfactory.com\/ico-development\" target=\"_blank\" rel=\"noopener noreferrer\">Talk to Our Expert<\/a><\/strong><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>ICOs are the hot topic of the day and deservedly so, because of their potential to be agile capital-raisers for coin creation at almost one fourth the cost of an IPO.ICOs can be looked upon as an alternative<\/p>\n","protected":false},"author":3,"featured_media":86,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[13],"tags":[24,17,390,386,385,388,16,14,20,15,387,389,18,21,19,23,391,22],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Start An ICO - Blockchain App Factory<\/title>\n<meta name=\"description\" content=\"There\u2019s more to a successful ICO, such as an effective whitepaper, technical execution, and ICO Marketing Strategies. 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