Smart contracts and tokens

Development of smart contracts and tokens

With the growing popularity of blockchain technologies and digital assets, the development of smart contracts and tokens is becoming a key tool for startups, businesses, and Web3 projects. Smart contracts ensure automation and transparency of transactions, minimize risks, and enable the creation of secure decentralized applications. Tokens open up opportunities for asset tokenization, the launch of cryptocurrency projects, NFTs, and loyalty systems, providing new ways to engage with audiences.

The CryptonisLabs team creates turnkey smart contracts and tokens, taking into account all security and business logic requirements. We provide support for popular blockchains, develop ERC, BEP, and other token standards, and integrate with existing platforms and marketplaces. Our solutions enable businesses to implement innovative monetization mechanisms, automate processes, and confidently develop projects in the Web3 ecosystem.

Development and release of cryptocurrency and crypto tokens

Cryptocurrency is a special type of money that isn't manufactured physically, but exists only in the digital world. Each coin has real value and can be redeemed using traditional currencies, including the euro and the dollar. For businesses, developing their own cryptocurrency or token is a step into a new era, offering significant advantages:

• attracting investors;
• raising the company's status;
• Mutual settlements worldwide without restrictions;
• minimal transaction fees;
• expansion of the customer base;
• complete security of transactions, without involving third parties.

Despite all the advantages, the technology isn't yet widely used. Therefore, it will be a powerful boost to your business. In this article, we'll look at how a company can develop its own digital currency to ensure a profitable investment.

Preparatory stage

Before you begin technical development of a future cryptocurrency, you need to:

• Acquire the necessary equipment, including a server and a PC with sufficient power to support your blockchain and administer the service to which the cryptocurrency will be linked.
• Develop a project concept – think about why you are creating a cryptocurrency, what purpose it will serve in your company, and what problems it will solve.
• Make the coin useful – for a cryptocurrency to be in demand, it must not only exist but also provide tangible benefits to its holders. For example, it can be linked to your product or used to solve a business problem: simplifying payments, minimizing fees, improving security, etc.
• Creating a business plan – yes, developing your own cryptocurrency is like starting a business from scratch. Therefore, before investing in its development, you need to conduct research, calculate the risks, and develop a marketing strategy.

Some of these tasks can be delegated to the developers at CryptonisLabs, who already have experience launching digital currencies and can provide practical advice.

Methods of creating cryptocurrency

There are two ways to create digital currencies: forking and developing from scratch. Let's take a closer look at the differences and which one is preferable.

Developing a cryptocurrency fork

A fork is the creation of a new digital currency based on the code of an existing coin, such as Ethereum or Bitcoin. In other words, it's the adaptation of existing code to suit your business needs.

The algorithm for creating a fork is roughly as follows:

• Obtaining the source code of the desired coin;
• Creating a name for a new currency;
• Setting up network parameters and loading ports;
• Final development;
• Integration with payment systems and crypto wallets.

When launching a fork, the main challenge lies not in the technical development of the cryptocurrency itself, but in creating a client and infrastructure for it. Many forks created by amateur programmers operate on the parent coin's blockchain, which is insufficient for a promising digital currency. This is why it's best to rely on professionals.

CryptonisLabs has been a leader in the crypto development market for nine years. We use cutting-edge technologies to build our projects, ensuring the functionality and security of the entire future infrastructure.

Creating a cryptocurrency from scratch

When creating a digital currency from scratch, programmers develop unique code that has no analogues and is not subject to the limitations of the parent network. This means you can bring virtually any idea to life. This type of development takes longer: from six months to several years, and therefore costs more, including the hourly rate of IT specialists.

Most often, unique coins are issued by large companies or startups to attract investment.

Listing cryptocurrencies on exchanges

Listing is the inclusion of a cryptocurrency in the list of coins traded on an exchange. This increases the asset's liquidity and fuels investor interest.

According to statistics, after listing, the token's value increases by an average of 25-30%, which is achieved through its popularization.

Therefore, listing a coin is one of the most important stages in the development of the entire project. Obviously, if a cryptoasset isn't supported by popular platforms and exchanges, purchasing it becomes problematic, and sometimes even impossible. Therefore, such a coin is unlikely to be in high demand.

How much does it cost to get listed?

There are exchanges that don't charge a fee for listing coins. However, new projects often have the hardest time getting their coins listed on these platforms. This is because they make decisions entirely at their own discretion, assessing the project's merits. Therefore, if you haven't yet achieved popularity in the digital world, you will be denied listing.

As for paid listings, the situation is somewhat ambiguous. Major exchanges prefer to keep their prices private and sign NDAs (non-disclosure agreements) with each project.

Technical requirements

In addition to the listing fee, your project will be reviewed to ensure it meets the platform's requirements.

Most often, these requirements include the following points:

• Completeness of the information provided.
• Legal clarity of documentation.
• No political risks.
• Availability of a qualified team of developers.
• The relevance of the project in the market.
• The veracity of information about the project in open sources such as Bitcointalk.

Smart contract development for your business

A smart contract is a self-executing agreement in which the terms of the agreement between the parties are directly written in computer code. The code and the agreements it contains exist on a distributed, decentralized blockchain network. The smart contract monitors the fulfillment of the agreement's terms, and transactions are traceable and irreversible. By providing transparency, control, and speed, smart contracts have the potential to radically change the face of modern business.

Let us list some of the industries in which this technology is already being successfully used:

• Healthcare
• Banking
• Real estate
• Public and administrative services sector
• E-commerce
• Recruiting
• Insurance
• Logistics
• Copyright

How do smart contracts work?

To understand how smart contracts work, let's consider a simple yet recurring scenario for any business: running a monthly payroll calculation and distribution cycle. Traditionally, this task is performed manually by staff hired to process payroll, including vacation time, taxes, and other necessary calculations. This requires skilled personnel, as well as considerable time and effort. But despite the significant costs, errors are inevitable, as we all know, because to err is human. What if this task could be automated?

Using smart contracts to generate and process payroll data would definitely solve this problem. Let's see how it works. This technology operates on an "if = then" principle. The smart contract contains code that automatically transfers the salary amount to employees' accounts.

The code contains each employee's data, business logic for deducting amounts for holidays and weekends, taxes, etc. As soon as the Nth day of the month arrives, the smart contract is automatically launched and the payroll cycle is processed. No manual work and minimal effort in just seconds! And, of course, no data falsification or errors!

Of course, this is a very simple use case for the technology. Smart contracts can be used to control and enforce the terms of agreements between companies, automate business processes, monitor supply chains, and so on. The possibilities are truly limitless. And this applies not only to the financial sector, but to any type of business.

Benefits of developing smart contracts

Since smart contracts are one of the applications of blockchain technology, they have all the advantages that blockchain has.

• Trust and transparency. Smart contract development begins with both parties defining a set of rules and conditions that are triggered at a specific point. This data is written into code. Once the agreed-upon conditions are met, the contract is automatically executed. This eliminates the need for litigation or contract enforcement. Once a smart contract is implemented, no one can change it. Thanks to the immutability and transparency of the blockchain, once stored, data cannot be altered by anyone throughout the smart contract's lifecycle.
• Data Security. Smart contract development ensures complete security in terms of data protection. Blockchain cryptography mechanisms store data in an encrypted format, making it impossible to hack or manipulate.
• Decentralization and independence. Independence from any intermediary is what businesses strive for in today's environment. While blockchain ensures decentralization, smart contracts eliminate manual intervention by automating redundant and complex processes, thereby eliminating manual errors.
• Speed and efficiency. Smart contracts are automated, significantly reducing manual labor and the time spent on transaction processing. This automatically increases system performance and efficiency.

Stages of smart contract development

Smart contract development takes place in several stages. This ensures that business requirements are properly defined and protected by technology. Here are the main stages:

• Defining business conditions and requirements

The parties involved determine the specific terms of the contract and communicate them to the developer.

• Architecture development

After defining the business logic, developers design a contract architecture to represent this logic. This serves as a roadmap during the development process.

• Smart contract development

This stage involves writing code for the chosen blockchain platform. This step also includes unit testing to determine whether the contract operates as intended.

• Internal audit

An internal audit is conducted via the local blockchain, followed by the launch of a test network. The audit verifies that the contract is functioning properly and meets all security standards.

• Deployment on blockchain

The contract is placed on the market in which it will operate.

Smart Contract and Token Development at CryptonisLabs

By choosing CryptonisLabs for your smart contract and token development, you gain access to a team of experts with years of experience in blockchain development and Web3 projects. We create secure, scalable, and customized solutions that will help your business effectively innovate and enter new markets. Contact us to discuss your project, and our specialists will develop a customized solution tailored to your goals.