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How to achieve ICO through Taifang, for this problem, this article introduces the corresponding analysis and answer in detail, hoping to help more partners who want to solve this problem to find a more simple and feasible method.

ICO, or online digital currency, is a new craze. Blockchain technology provides a unique way to encourage early adopters to participate in the project and to obtain initial funding by issuing digital currency. Don't be afraid of the new terms used in this field. Here is a comprehensive guide to what ICO is and how to learn more about smart contracts for these ICO.

What on earth is ICO?

Online digital money, often referred to as ICO, is a funding mechanism in which new projects sell their digital cryptocurrencies in exchange for bitcoin and ethercoin. An encrypted digital coin, or a token, is generally just a term for a unit of value issued by a project or company. This unit of value can be used to reward users who participate in a project and perform specific actions, or it can be used as a transaction cost for obtaining specific services on the network. For example, the Taifang network uses Ethernet currency (ETH) as the digital currency to perform calculations in the network.

These digital currencies can be purchased in dollars or exchanged for legal tender such as dollars, or they can be earned by performing specific services such as mining on the Internet. The advantage of these digital currencies is that their prices also appreciate and depreciate based on the demand for these digital currencies. This behavior is similar to the stock of the company, which reflects the partial ownership of the company. Digital currency reflects not only the currency used for payment services in the network, but also the fairness in the digital currency network.

With the increase of the network effect of digital currency, it increases in value in pricing. The first step in determining whether digital currency makes sense for your project depends on what your project's goals are, and there is a way to "monetize" it. As discussed above, digital money is not only the currency used in the network, but also a unit of the business model built on the network.

Does digital currency make sense for your project?

If the digital currency makes sense for the project, the project in question should have the following properties:

Tokens in the network should have practical value. For example, the digital currency of the ethernet platform is the etheric currency, which is used to pay for any calculated transaction costs performed in the blockchain.

There should be economic incentives for players to buy digital money, and the issuing mechanism of digital money should be designed in such a way that with the use of digital money, their value should increase. For example, Filecoin is the digital currency of the IPFS used to store files in a decentralized hard disk network. As more and more users want to store files in a distributed way, they will need Filecoin. In general, these digital currencies predefine how the money supply will evolve over time. These strategies are designed in which the value of tokens increases as the services provided by the network are used more frequently.

ERC20 is a digital currency standard, which makes it easy for us to release new encrypted digital currencies. It is based on Ethernet Square and describes the functions and events that must be realized in ethernet digital currency contracts. But before we begin to learn how to issue tokens for our projects, we must understand what a "smart contract" is. This is one of the themes of this article.

What is a smart contract?

Smart contracts are computer programs that allow the automatic transfer of digital assets between parties based on pre-specified conditions. Smart contracts are mainly used to encrypt the interaction of digital currencies. The most prominent intelligent contract implementation is the ethernet block chain platform, which is also known as decentralized applications, or DApp.

Traditionally, we are used to centrally hosting applications. Although the application's code can be distributed across multiple physical servers, they are controlled by a single entity. For example, facebook is a centralized application that is controlled by an entity called facebook, while a decentralized application is not controlled by a central entity, but by code and the protocols set in it. This code is usually open source, and anyone can use it to create their own new DAPP. Some of the successful DApp based on Ethernet Square are Golem, Augur and Melonport. These DAPPS can already reach multimillion-dollar value on the market.

Comparison of Intelligent contract Development platform

Although Etay Square is the most popular platform for developing smart contracts, it is not the only one. Here are some other platforms for writing smart contracts:

Script in Bitcoin, the ability of scripts to process documents is limited. Bitcoin has a non-Turing complete scripting language that allows convertibility under specified conditions. The scripting language is quite limited because it has only some basic arithmetic, logic, and cryptographic operations (such as hash and verifying digital signatures).

Automated Transactions is another Turing complete intelligent contract language for encrypted digital currencies such as Burstcoin and Qora. One example of its application is atomic cross-chain trading. Atomic cross-chain trading allows both parties to have different digital cryptocurrencies, which can be exchanged directly without the need for a third trusted party.

NXT:NXT is a common blockchain platform, and there is a limited choice of templates that include smart contracts. You must use a given template, you cannot write your own code.

Chain provides an enterprise blockchain infrastructure with SDK using Java, Ruby, and Node.js.

Limitations of Smart contracts

Smart contracts are still in the development stage and cannot completely replace all forms of contracts. They are more effective for terms that can be objectively defined and are entirely in the digital field. More specifically:

Smart contracts should not make calls to external Web services, API, or external databases. This may cause multiple independent execution of the same intelligent contract code to produce different results. This may undermine the consensus of the blockchain. Oracles, updating real-world data to blockchains, is one way to solve this problem.

Smart contracts can only solve problems that can in fact be determined objectively. This constraint makes the value of the intelligent contract to the legal contract low, and it is easy to have disputes by relying on the subjective judgment of both parties in the absence of objective facts.

The most important limitation of smart contracts is that they are used in simple contract models based on if a, then b, or similar change patterns. In the current legal terms of our country, it is very difficult to consider the subjective aspects of the contract, such as "no improper delay" and "beyond reasonable doubt".

Although these limitations currently exist, the team is working to make these smart contracts more intelligent. With the advent of the Internet of things, it is easier to transmit real-time, real-world data, which can be stored on the block chain through oracles. Many blockchain services like Oraclize have been launched, pushing real-world data into the blockchain. Even simple if a, then b smart contracts can be broken in many cases.

Tools for writing and deploying smart contracts

Infura:Infura provides an extensible blockchain infrastructure that meets the needs of running full Ethernet Square nodes and allows developers to focus on their code. It is welcomed by the developer community.

Mist Browser: it is a tool for browsing and using DAPPS. It is a separate browser that can be used to browse DAPPS and interact with them.

Truffle Framework:Truffle is a popular ethernet development framework. It has built-in intelligent contract compilation, linking, deployment, and binary management, greatly simplifying the work of blockchain developers.

Metamask: a bridge that allows people to access decentralized networks in browsers. It allows users to run Ethernet Square DApp in a browser without the need to run the full Ethernet Square node. It is a browser plug-in that allows users to conduct ethernet transactions through regular websites. As of September 2017, Metamask can only be used as a plug-in in Chrome browsers.

Remix: a Web browser-based IDE that allows users to write smart contracts for Solidity, and then deploy and run smart contracts.

A language for writing intelligent contracts

The two main languages used to write smart contracts are Serpent and Solidity. Serpent is an ancient language that has been out of date since September 2017. Solidity, a JavaScript-based language, has become the recommended language for writing smart contracts. In recent years, Serpent has also discovered security vulnerabilities, which is basically an unattractive development platform. Some of the key features of these languages are:

Solidity: a contract-oriented high-level language whose syntax is similar to JavaScript, it is designed to complete the development of an Ethernet virtual machine (EVM).

Serpent: is a high-level language for writing contracts. It is very similar to Python, but by September 2017, solidity was the language of choice for ethernet developers.

The coming Intelligent contract language

Solidity is the most popular intelligent contract language at present. There are some upcoming smart contract languages that may become important in the future:

Viper: focuses on security, language, and compiler simplicity. It has an indentation scheme similar to Python.

Lisk: use JavaScript as an intelligent contract language.

Chain: provides an enterprise blockchain infrastructure and uses popular languages such as Ruby, Java, and Nodejs.

Intelligent contract instance

Let's take a look at an example written on Solidity. Solidity is the most popular language for developing smart contracts. The following contract is an example of how to create a new digital currency. The new digital currency can be mined out of thin air, but can only be used by the user who created the contract. This contract can also be used to transfer money in digital currency, that is, from one address to another.

Pragma solidity ^ 0.4.0; contract Coin {address public minter; mapping (address = & gt; uint) public balances; event Sent (address from, address to, uint amount); function Coin () {minter = msg.sender;} function mint (address receiver, uint amount) {if (msg.sender! = minter) return; balances [receiver] + = amount;} function send (address receiver, uint amount) {if (balances [msg.sender] & lt; amount) return; balances [msg.sender]-= amount Balances [receiver] + = amount; Sent (msg.sender, receiver, amount);}}

The above smart contract shows how it can be used to coinage and transfer it to a specific address. Let's analyze this code.

Address public minter

Define publicly accessible address variables. The address type is a 160-bit variable for addresses stored on an Ethernet network.

Mapping (address = & gt; uint) public balances

Create a mapping between address and unit types to store the digital currency balance in each address. You can think of it as a ledger that records how many digital currencies there are at each address.

Function Coin () {minter = msg.sender;}

This function is a constructor that is executed as soon as it is deployed. This sets the value of minter to the address of the deployed contract. This ensures that only the owner of the contract can forge a new digital currency, while others cannot. This can be guaranteed through the following features:

Function mint (address receiver, uint amount)

The function is executed only when minter calls it. This function equals the digital currency value to the receiving address. If it is called by someone other than minter, then this function does nothing.

Function send (address receiver, uint amount)

This function sends a digital currency from the address of the calling function to the address of the receiver. For example, if Bob calls this function with the address of Alice and the amount is 1000, then 1000 coins will be transferred from Bob's account to Alice's account.

Deploy smart contracts in the ethernet block chain

Once you have written a contract, you need to test it by actually deploying it and testing whether it works as expected. This is why testnets is needed.

What is a test network?

Testnets simulates ethernet network and EVM. They enable developers to upload and interact with smart contracts without paying the cost of gas.

Smart contracts must pay gas on Ethernet for their computing. If you want to run a smart contract on ethernet, you need to pay "gas" to complete the transaction. However, testnets provides an environment for developers to test their contracts without paying any fees. Testnets's gas is available free of charge from many public areas.

What is Etherscan and how do I browse smart contracts?

Etherscan is the resource manager of the blockchain. Blockchain browser is basically a search engine that allows users to easily find, confirm and verify transactions that take place on the block chain of etherfang. Use this link to validate smart contracts in Etherscan.

Start with a few templates for smart contracts

To get you started with smart contracts, you can check the template below. Ethernet Square and solidity documentation have a simple contract for you to get started. Once you've implemented this, you can check out the more advanced templates provided by IBM. The IBM smart contract template shows how to use the output of IoT devices to control smart contracts.

This is the answer to the question about how to achieve ICO through Etay Square. I hope the above content can be of some help to you. If you still have a lot of doubts to be solved, you can follow the industry information channel to learn more about it.

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