Finance, Cryptocurrencies, ICO
Time and Material
One of our US-based clients decided to create a new cryptocurrency and to conduct the Initial Coin Offering (ICO) process in cooperation with L4A to facilitate business transactions.
An important part of the project was to ensure the ICO’s cybersecurity, due to the fact that we were dealing with a cryptocurrency project for the financial sector and such projects are particularly vulnerable to cyberattacks.
An additional challenge (apart from technological details related to the design and generation of a new cryptocurrency) turned out to be the surrounding legal regulations and the creation of an appropriate capital collection process.
We based the new cryptocurrency on Ethereum and created a Smart Contract compliant with ERC20 standards, which was successfully audited by a company of experts.
To carry out the Initial Coin Offering, L4A developers created a custom tool to control the process of collecting payments from investors: an application that allows you to buy currency using Ethereum and Bitcoin. An external service for FIAT currency payments was also used.
However, due to legal changes in the US regarding ICOs, we had to dynamically adapt to the new regulations and give up direct funding through the application.
In order to implement the ICO, L4A developers had to create an additional application module that was intended to support the process of cryptocurrency allocation after the successful placement of the Smart Contract in the Ethereum blockchain.
After importing addresses of the wallets as well as the number of tokens purchased by a given investor, the client confirmed each transfer using MetaMask, allowing us to avoid storing private keys in the application itself.
Our technological support for the ICO helped thee client create a new cryptocurrency and successfully implement the Initial Coin Offering. We are currently in cooperation to develop the functionalities described in the client's whitepaper.
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