Cryptocurrency is here to stay. Amidst all the criticism surrounding cryptocurrency ventures, these networks continue to increase in value and significance. Upon the launch of Bitcoin, the system attracted investors, institutions, and criminals. They found a platform where they could carry out their transactions without using intermediaries, which means it would cut down costs.
Introduction to Ethereum
The launch of bitcoin spiked developers to come up with their cryptocurrencies. One curious developer, Vitalik Buterin, who was working in bitcoin at the time he birthed the idea, saw the need to create a decentralized blockchain that would have a social impact on the world.
Bitcoin was limited to business transactions only. It was also slow regarding how transactions took place. For one to transfer coins, they had to do so by using small kilobyte data packets. They aimed to maintain security. However, with Ethereum, you could do more transactions at once. Users only had to develop a smart contract for this to happen.
Buterin and his team launched the network in the year 2015. Ethereuem’s introduction was not that easy. At first, the value of one single ether token was about $10. The ICO (Initial Coin Offering) brought in more investors, and its value increased.
Why Invest in Ethereum?
The system is stable. The network runs on an Ethereum virtual machine, which is decentralized. This means that you can carry out transactions and build other decentralized apps on the current blockchain regardless of your physical location.
While the value increased, investors, governments, and financial institution have now had to come to the network. For instance, banking systems can use the platform to secure vital information and assets.
The main benefit of most decentralized systems is that they are secure. They create transparency. Ethereum enables communication using instant messenger. You can also complete transactions within the same blockchain.
As the platform increases in value, developers have the advantage of expanding the blockchain. You can add applications and features for people in the network to use. Some of the most effective decentralized apps within the system include Augur, Golem, uPort, Just a Taste, among many others.
ERC20 Tokens Explained
Different activities take place within the network. To enable successful transactions, Ethereum needed to develop a digital currency known as tokens. The basic token within this system is Ether. This is the digital currency that you use to trade. As you trade (buying and selling), you are free to set the limit to withdraw within a single transaction.
Smart contracts ensure successful transactions. They are the decision makers. They reduce the hassle it would take to consult your bank or lawyer when trading and exchanging money or shares in the market.
For instance, if you want to buy something, the smart contract will make sure that the deal only succeeds until it meets all the conditions.
Now, the ERC20 token is merely a standard or a specification. They represent the different rules that tokens should meet. Before they came up with this token contract, developers had to invent a new line of code to support a new trade or ICO token. Therefore, it means that it would become a sophisticated platform for users.
The token comes in to bring uniformity. Therefore, when a new app comes into the blockchain, it will use this standard to validate it.
Initial Coin Offering (ICO)
One of the reasons that make Ethereum successful is because of its initial ICO. During the pre-sale, the coin continued to increase in value. Developers who want to build a successful app or venture within the Ethereum system needs to hold an ICO first.
Reasons for an ICO
Any startup needs initial capital and marketing. An ICO is a platform that connects investors with the startup. Individuals who love the business concept will put their money into the startup. They will exchange the new cryptocurrency coin with an established cryptocurrency like Ether. Its value continues to increase as more investors buy the cryptocurrency.
What are the stages of developing an ICO?
- Create ERC20 Tokens
- Develop Website for ICO
- Prepare Whitepaper for ICO
- Building a community
- Execute Crowdsale Smart Contract for ICO
- List on http://cryptobarterhub.com/ after ICO
DS Media Concepts Pte Ltd can help you to launch your ICO:
The process of making a successful venture is tiring. Sometimes, you waste a lot of time recruiting team members. Additionally, some of the team members are not trustworthy. We have a trusted team that will make sure that you are secure.
Present ICO Projects
Over time, we have carried out several other projects. Visit the following Block Explorer Links to see other projects that we have been doing.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is a site that facilitates trading cryptocurrency for fiat currencies. Cryptocurrency exchanges also provide you with the service of storing your cryptocurrency. Japan’s Financial Services Agency (FSA) has issued operating licenses to cryptocurrency exchanges.
Whatsapp me at +6587428153 – Sam, if you are interested.