Ethereum Based ICO
Using Solidity smart contracts
Challenge
The customer approached Invatechs with a request to create an Ethereum-based ICO using Solidity smart contracts. The task was very challenging, as the development of such a project requires a high degree of care and attention to detail, since a smart contract does not have the ability to cancel in case of incomplete functionality or malfunction.
To meet this challenge, Invatechs developed a complete set of tests to cover the smart contract and test it for full functionality. After testing, the contract was deployed on "TestNet" to verify its functionality before being sent to production.
In addition, a KYC process for onboarding investors had to be created, in accordance with today's financial application requirements. This process helps ensure that investors are real people and comply with legal requirements.
Solution
Invatechs designed a complete ICO for its customer that included several stages controlled by smart contracts. The design was tailored to meet modern financial application requirements. It considered the nature of a custom ETH ICO with a high risk of creating a faulty or not fully functional smart contract.
The contract tracked the number of tokens sold, limited the number of investments, and provided customers with bonuses at each stage of the ICO. An important aspect of the project was creating a KYC process for onboarding investors. For this purpose, whitelisting features were implemented, and smart contracts were used to ensure the security and confidentiality of user data.
Customers could use major cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) to buy tokens. Opportunities to exchange fiat money for tokens were also provided.
To ensure the security and guarantee full functionality of the smart contract, Invatechs covered it with a full set of tests. We deployed it to "TestNet" before sending it into production. In addition, the Burn feature, Refund feature, Pause feature, PostDelivery, and Oraclize were implemented, and fiatContract was used to create a secure and reliable product that meets the requirements of today's market and satisfies investors' needs.
Technologies & tools
Process
Invatechs created an Ethereum-based ICO using Solidity smart contracts. To do this, the specialists analyzed the customer's requirements and determined the basic functionality of smart contracts. Next, the developers wrote code for Solidity smart contracts, which were sent to TestNet for testing.
When testing was completed, the smart contracts were deployed on Ethereum Mainnet. Invatechs has developed three phases of the ICO, each fixed in time and monitored by smart contracts. The contracts also track the number of tokens sold, limit the number of investments and provide customers with bonuses at each stage of the ICO.
The smart contracts feature that Invatechs implemented included:
A write function.
A return function.
A pause function.
A post-delivery function.
Whitelist functions.
A fiatContract function that allows the exchange of fiat money for tokens.
Oraclize was also implemented, which provides interaction between the smart contract and external data.
An important step in creating the ICO was completing the KYC process for onboarding investors by modern requirements for financial applications. Invatechs specialists developed the necessary tools and processes to ensure the security and privacy of investors' data. As a result, thanks to the work of Invatechs specialists, the customer received a full cycle of ICO creation using Solidity smart contracts on Ethereum.
Finally, Invatechs specialists deployed the smart contracts on the Ethereum core network to launch the ICO and start selling tokens to investors. They also developed a user interface for buying tokens, integrated a KYC process for onboarding investors, and provided support for token exchange. These steps were taken with the utmost care and attention to detail to make the ICO safe and functional.
Team
Project duration
Results
Invatechs successfully developed an ICO for its client based on Ethereum, using Solidity smart contracts. The project's results exceeded the client's expectations, and he was satisfied with the work of Invatechs specialists. Thanks to our help, the client could raise the necessary funds and successfully enter the market.
Our team designed the entire ICO cycle, from gathering smart contract requirements to deploying a production network. We created three phases of the ICO, each controlled by smart contracts, and the features of the contracts allowed us to limit the amount of investment and provide customers with bonuses at each stage.
In addition, we developed a proprietary platform to accelerate ETH-based ICOs and reduce the number of smart contract errors. The client received a convenient and reliable tool for his ICO, which made his project more successful.
The final result of our work allowed the client to successfully raise the necessary funds for his project and launch it on the market. Our team successfully met the objectives and helped the client achieve his goals. We also continue to cooperate with many startups that need help in the form of our developed platform.
