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Use of token and contract in ICO

kirhyipscript profile image KIR HYIP Script ・1 min read

Initial Coin Offering is one of the initial levels of start for launching a cryptocurrency. It will be launched as a token or coin initially to the market, as per the supply and demand it will become so popular and labeled as cryptocurrency. How does this Initial Coin Offering Works? The main purpose of the initial coin offering is fundraising, the user will buy the token/coin and the owner of the website will receive the fund and use it in the project as per the road map of the project. There will be a promised profit for the investor in ICO as per the pre charted road map. The core of the initial coin offering project is token. These tokens will be based on Ethereum, Waves, Bitcoin, etc. Majority Tokens will be based on Ethereum and they will be called ERC20 tokens.

Smart contracts are automated address. They are auto-executing with particular instructions written on its code which get executed when specific conditions are made. When someone wants to get a particular task done in Ethereum they initiate a smart contract with one or more people.

The ERC20 standard consists of 3 optional rules and 6 mandatory rules.
The mandatory rules are as follows:
• TotalSupply
• BalanceOf
• Transfer
• Transfer from
• Approve
• Allowance

On the other hand, the optional rules are:
• Token Name
• Symbol
• Decimal (up to 18)

The main purpose of having an erc20 smart contract inside the ICO website is, it will make the token transfer to users automatic without delay. You can find advanced ICO script with lending and stacking stuffed from KIR HYIP.

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