In this article we will look at the process of preparing for ICO — the production and sale of tokens to attract investment in the project. After the team is assembled and the business plan is developed, the project goes to the stage of its implementation. One of the most important and complex tasks that each project leader faces is the creation of a Crowdsale contract (the contract). This is a program for creation and distribution (sale) of project’s tokens. In this article, we will consider possible ways of creating the contract, their pros and cons; and also emphasize the simplest and the most reliable ones.
The first idea, which comes to the mind of any project manager, is to develop the contract by the project’s own resources. However, if in-house specialists do not have experience in it, this approach is extremely risky. Because of the fact the Ethereum network and the Solidity programming language have a number of serious differences from traditional programming. There are a lot of examples of loss or freezing of millions USD because of the obvious error made by the developer.
So, the first reasonable way to create the contract is to find the appropriate developers.
At first sight, this is a simple task taking into account the popularity of blockchain technology and the amount of people willing to make money on it. However, project manager will faces the following difficulties:
- lack of highly skilled developers;
- high cost of their services;
- the difficulty to determine the developers skills;
- need of testing and auditing (to audit the code by a third party is highly recommended).
Thus, this approach takes a long time to find highly qualified specialists and additional audit.
The second way is to appeal to the ICO agency. ICO agencies provide a wide range of services from website development to listing a token on the exchange. This method is perfect if the project manager plans to contact the agency for marketing and PR campaigns and has the required amount of funds (often it requires more than 300,000 usd).
The next way is to use of contract constructor. Contract constructor is a service with a library of tested and audited contracts, which allows the user to specify any parameters for the tokens distribution (their price, number), determine bonuses, sales dates and much more.
The advantages of using the platform-constructor are:
- no need to search for highly qualified developers
- all templates that can be selected on the platform are repeatedly tested by specialists, and therefore the probability of errors is reduced to zero.
Consider some of the currently available constructors:
- Token Wizard gives the ability to create a token and crowdsale contract, but an unprepared user is extremely difficult to do this (requires the installation of additional software and enough deep knowledge).
- Etherparty and BlockCAT are the most famous projects in the world of smart contracts that allow to create a token and a Сrowdsale contract. At the moment, there is no complete solution for Ethereum (both platforms in the Beta version).
- MyWish is the most popular open-source platform for creating contracts (more than 3000 users), has a simple interface and does not require the installation of additional software. The price of one Crowdsale contract is exactly 1 ETH. This is a complete solution used by a number of projects to raise funds.
You can also visually see how to use this platform, here.
To resume, we will distinguish two most reliable and convenient methods of Crowdsale contract creation: delegating the creation of the contract to ICO agency if the project has enough financial capabilities, and creating a contract on the MyWish platform.
Good luck!
If you have any questions please contact us: info@mywish.io
