Creation Of An Initial Coin Offering (ICO) Across The Ethereum network For Blockchain
Overview
As blockchain technology becomes more familiar to the general population, its potential applications continue to be discovered in various industries. In the healthcare industry, blockchain has the potential to revolutionize the way we manage Health Records.
One example of this is a collaboration between Jaiinfoway and a client who launched an Initial Coin Offering (ICO) on the Ethereum Network to fund their HR management initiative. The client's blockchain network allows healthcare professionals to track and share clinical research and findings, making it easier for patients to access their records on demand.
This blockchain network also simplifies the process of pairing patients with clinical trials, leading to better quality findings and increased treatment opportunities for patients with medical conditions. With the use of blockchain technology, the healthcare industry can enter a low-maintenance, self-executing era of informational exchange.
In addition, blockchain HRs give patients more control over who accesses their records, returning autonomy to the patient and simplifying the curation and retrieval processes. This innovative use of blockchain technology in healthcare shows great potential for improving patient outcomes and streamlining the healthcare industry.
Requirements
Jaiinfoway was tasked with launching an Initial Coin Offering (ICO) that would attract a large number of investors. The ICO would consist of two parts: a pre-sale and a public sale. To incentivize pre-sale investors, the client wanted a gift mechanism that would reward the first registered users with a free bonus token.
To achieve this, Jaiinfoway had to develop a series of validations to ensure that transactions and exchanges were legitimate. These validations included date validations for both the pre-sale and public sale, as well as soft and hard cap validations.
However, the project was not limited to just the ICO launch. Jaiinfoway had to develop a range of functionalities, starting with the creation of a token. The token needed to be mintable, meaning that the total supply could be adjusted as needed.
Jaiinfoway also set a soft cap, which would automatically transfer funds to the owner’s account if met. If the soft cap was not met, investors’ funds would be refunded.
Overall, the project required Jaiinfoway to address a multitude of complex tasks to successfully launch the ICO, including developing a secure token, implementing validation mechanisms, and setting caps and refund protocols.
Solutions
Jaiinfoway implemented strict rules for the token sale to ensure security and legitimacy. Only users who have completed their KYC (Know Your Customer) details were allowed to purchase tokens. For the private sale, Jaiinfoway implemented a date validation mechanism that only allowed registration gifts to be issued during the private sale period. Additionally, Jaiinfoway set up pre-sale validations to operate separately, automating the distribution of bonus tokens and funneling funds into the owner's account without requiring manual deposit.
To maintain a record of buyer credentials and KYC information, the client requested that Jaiinfoway update their web application to include a sign-up page. Users could register themselves on the platform and receive an immediate verification email that contained an encrypted verification code and user ID. Clicking on the link within the email would validate the account.
Jaiinfoway also included a login portal on the website, which allowed users to easily access their wallet address and manage their tokens. This login portal provided users with a secure and efficient way to manage their accounts and tokens. Overall, Jaiinfoway's implementation of these features ensured a secure and streamlined token sale process for both the client and their investors.
Results
Jaiinfoway successfully integrated the token and implemented the necessary validations across the Ethereum network. The token included all the basic functionalities required by the client and was deployed across the Ropsten network.
To compile and deploy the project, Jaiinfoway used MetaMask and Remix compiler, as well as Geth, as recommended by the Ethereum development team. This ensured that the project was developed in compliance with the best practices and standards of the Ethereum network.
Upon completion of the project, the client received the final source code and a fully functional ICO that would allow them to carry out their crowdfunding goals. With the ICO, the client could now make significant strides towards revolutionizing health record exchange.
Overall, Jaiinfoway's successful implementation of the token and validations across the Ethereum network has provided the client with a robust and efficient platform for their ICO, paving the way for greater innovation in the healthcare industry.
Industry - : Blockchain Technology
Technology Leveraged
- Geth
- Node JS
- MetaMask
- Remix
- Visual Studio Code
- Remix Compiler
- SQL Server
- Linux Operation System
- Ropsten Network
- Main Public Ethereum Network