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2.ICO-and-ERC20.md

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ICO on the Ethereum blockchain

It is a smart contract deployed on Ethereum. There is usually a set of limited coins / tokens. They have:

  • a date from which they can be bought
  • an initial fixed price
  • an auction
  • a dutch auction

Has a few functions through the interface. The standard pattern is the ERC20 token. There is a repository dedicated to Ethereum Improvement Proposal (EIP) & Ethereum Request for Comments. ERC20 is just a standardized set of functions

ERC20 Specs

Properties to be used in the course:

  • fixed amount of tokens
  • can transfer tokens between tokens
  • can transfer tokens between token contract and exchange contract
  • no usage of decimal

Launching an ICO

Theory: just a contract Practical:

  • Come up with the right idea
  • Regulation and law
  • Marketing
  • PR events
  • Whitepaper
  • Community
  • ...

An ICO is just deploying a smart contract. People will buy token in exchange for ether and the owner owns ether.

ERC20 token wiki

Start ganache-cli to start debugging fixed supply token

ganache-cli -m "weasel champion mountain carry number spawn tissue ten basic mom ritual mechanic"
/Applications/Mist.app/Contents/MacOS/Mist --rpc http://localhost:8545

Notes (with Mist v0.10.0)

  • The debugger works only with JavaScript VM
  • The addresses in the function parameter need to be double quoted
  • The contract caller is the address selected in the account dropdown list