Working with an ICO development company: Understanding smart contract

Smart contracts are computer codes generated to efficiently imitate the real-world legal deals and these codes are deemed automatons of trust to ensure smooth business transactions, without deviation of even a single bit from the code clause that comprise them.

A large number of people seek a reliable ICO development company to launch their ICO program for fund-raising. Although it allows a project with credible potential to raise the required amount, the downside is that it increases the risks as the investors are not sure of the money that they invest into the business. It is like an investment in blind fate.

ICO development company 

Smart contracts, however, give ICO investors the courage required to support a specific project. These computer codes work as an intermediary between the investors and the developers. The funds are transferred to a specific address, where they are stored and monitored until the completion of project development. These contracts issue tokens, such as a document or a certificate or an expression of good fate, by the developer to an investor with a hope that as project development proceeds and the project becomes successful the tokens can be exchanged back to the currency that has been donated.

The very first network to execute this aspect of blockchain was Ethereum and today smart contracts are used in almost every credible ICO. It helps businesses to rest assured that an ICO development company or a blockchain development company delivers on the set promises.

Here are a few reasons why smart contracts are needed for an ICO.

Credibility

An ICO project that is ready to launch but does not have smart contracts in place is more likely to struggle to gain people’s confidence.

Considering that human factors have failed quite often, it has become hard for people to trust a system that is decentralized without any regulation and has not received considerable mainstream adoption. This is when smart contracts help projects to build credibility and earn trust of investors.

Sustainability

One of the common challenges that most startups face after their launch is failing to stay in the crypto race. While many projects are able to scale through their crowd sales and even achieve their hard cap, there are many others that are unable to meet their objectives.

Smart contracts help stabilize the relationships between developers and investors by building long-term agreements for reevaluation of trust models.

Transparency

Transparency is important in any business relationship and that is exactly what smart contracts can help businesses to achieve in their ICO project.

Efficiency

At the time of token sale, many individuals could be involved in the contribution process. This could be a problem if the tokens are transferred to people manually or individually, one after the other. This could make the process complicated. However, a program for the disbursement of funds, when they are due, can simplify the process.

To sum up, smart contracts have become favorable for the ICO success, and in case a project fails then smart contracts can be further programmed to refund the money to investors. It is advisable for investors to check if the ICO has smart contracts attached to their token creation event, prior to investing.

If you are looking to build smart contracts for your ICO project, partner with a trusted ICO development company that has in-depth knowledge about the blockchain world, along with the experience of working on this technology. Smart contracts will help you to represent yourself as a genuine ICO, which will in turn aid in building trust among your potential investors. So when the success of your ICO project depends on the developers, make sure to choose the best.

How Can Businesses Benefit From Cryptocurrency Wallet Development?

In the past few months, we have been hearing a lot about words Bitcoin, Bitcoin wallets, cryptocurrency, cryptocurrency wallets etc. In this blog, we would like to give you an overview of the cryptocurrency wallet development and how businesses can make the most of it in order to generate high revenues.

Startups and emerging businesses usually face problems in raising funds and establishing the business in the market. If you are also one of those small medium enterprises struggling to promote the business in the market to attract potential investors then it makes sense leveraging the blockchain technology. Now when it has already improved sectors of several infrastructures, it won’t be wrong if we say that blockchain technology revolution has just begun. 

Cryptocurrency Wallet Development

Nowadays, businesses can create their own digital currencies such as: Bitcoin, Ethereum and Litecoin which are developed using the blockchain technology. This is how they promote their business in the market by projecting company’s goals and vision to attract investors for a magnified fundraising during an ICO campaign.

Why A Cryptocurrency Wallet Development?

As we all know, the market always accepts services only if it comes with a better user experience. Isn’t it? Now when businesses have found an improved means of the transaction where the individuals and investors can easily access the digital data with ease a lot of transaction issues will be solved. But how it will happen? Well with the cryptocurrency wallet anyone can transact with one another smoothly.

Certainly, cryptocurrency wallet app development offers some great innovative features that can highly benefit end-users for an improved user experience. Here we are sharing a few of them:

• Completely decentralized options
• Faster and cheaper transactions
• Access to mine own cryptocurrency
• Auto public key generation
• Automatic session logout
• Get an investment advice
• Identify duplicate payments
• Inflation-free investment
• QR code scanner
• Push notifications

Cryptocurrency Wallet Types

Cryptocurrency wallet development companies majorly focus on developing the below-mentioned types of cryptocurrency wallets:

• Mobile Wallet: The mobile wallet is quite efficient to accept or send payments and supports hardware wallets like QR code scanning.
• Web Wallet: The web wallet allows for multiple cryptocurrency transactions and direct integration into an exchange. It is perfect for minimal cryptocurrency savings and offers a faster way to complete the transaction.
• Desktop Wallet: The desktop wallet is simple and easy to use and comes with private keys. Also, it supports a cold storage option which does not need any energy source where the data will not be stored on a third party server.
• Hardware Wallet: This wallet is safer and easier to store the cryptocurrency data on a long-term basis. It gives a stronger security for all other wallets.

As we have analyzed how a Cryptocurrency Wallet Development plays a critical role to intensify the business reach through a crowdfunding event, you can avail cryptocurrency development services to reap the profitable results in the near future. Keep in mind that developing a crypto wallet is not an easy task as it involves different experts with a specific skill set and expertise. So, make sure to hire the skilled team of professionals who go every step of the way to get you the desired wallet app look and functionality.

Cryptocurrency Exchange Development Is on a List of Japan’s Major Bank

As we all know that Bitcoin transactions have become the new sensation in Japan. There is no dearth of leading financial companies who are gearing towards offering solutions to preserve their market share. MUFG, the leading bank in the country is all set to launch its own exchange, a pegged cryptocurrency, as well as, Bitcoin separated accounts for clients of other exchanges.

Cryptocurrency exchange development 

Everything You Need To Know About MUFG Exchange & Pegged Coin

Mitsubishi UFJ Financial Group, one of the largest banks in the world is planning to launch its own cryptocurrency exchange. As per the latest reports, MUFG has told the Financial Services Agency (JFSA) on the decision to launch a cryptocurrency exchange. This shows how far the cryptocurrency exchange development has come and very soon launching an exchange will be on every business owner’s hit list.

The bank seems to me working hard on issuing its own cryptocurrency anytime soon. As per the current plan, it seems that by supervising the exchange where people can trade this MUFG coin, the bank could overpower major fluxes in its price so that it can be easily used for shopping, remittances and settlements effectively.

The idea right now is that the new cryptocurrency will be kept pegged at JP¥1, however nothing is fixed. MUFG coin used to make secure transactions in Japan, so once the cryptocurrency will be rolled out; traders can use it for other purposes too.

One interesting application is for it to be used in trading pairs on non-fiat exchanges, backed by the biggest bank in Japan in place of Tether.

Bitcoin Segregated Accounts

Reportedly, the bank is working on another big service for Japanese crypto traders - MUFJ Trust. It will keep client holdings in accounts which can be directly linked to crypto exchanges but without sending the money to their control. Like how segregated accounts are used to protect forex traders, this can protect client funds at the bank in case the company goes bankrupt. The service will also track accounts for any suspicious activity which could get flagged for inspection.

The bank is expected to roll out its coin to a handful of customers hoping they will participate in finding bugs as they make typical retail purchases. It appears to roll out the coin by 2019. MUFG Coin’s users in 2019 would first have to download the app, converting fiat deposits. The token is designed for parity with Japanese yen. When the project was hatched 3 years ago, one rationale was to bring down transactions frictions with respect to remittances and transfers, using a variation on peer-to-peer platforms to lower costs.

Mitsubishi United Financial of Japan Group (MUFG) boasts more than $2.5 trillion in assets. Also, it ranks second in the world as a holding company and is the biggest financial group in Japan. Regulators such as its Financial Services Agency (FSA) introduced a half-dozen mandates targeted at squashing sketchier alternative coins whereas protecting the present market too.

With big banks issuing their own coins, do you think it’s good for the ecosystem? Let us know in comments section below.