Based on Ethereum and Solidity

Today, contracts form the foundation of modern business and trade worldwide. To achieve success in various industries in a constantly evolving business marketplace that is steadily moving toward decentralized virtual networks and to prevent business and legal conflicts, smart contracts are an option worth considering.

Smart contracts are high-level software codes written in the EVM before being deployed to the Ethereum blockchain. Programming languages such as Serpent, Solidity, Mutan, and LLL are commonly used to create and write them.

Developing a cryptocurrency based on Ethereum

Ethereum is a community-driven technology that powers the Ethereum cryptocurrency (ETH) and thousands of decentralized applications. It uses blockchain technology to enable smart contracts and secure cryptocurrency trading without third-party involvement. Ethereum offers two accounts: one is an external account and the other is a contract account. Ethereum enables developers to build all types of decentralized applications.

Ethereum allows anyone to create their own crypto token on top of the existing blockchain, without having to launch a separate blockchain. The blockchain's native cryptocurrency, Ethereum (ETH), is used as a transaction fee. ERC-20 is a standard that defines how these tokens behave and makes them compatible with other platforms, such as cryptocurrency exchanges, crypto wallets, and decentralized applications (DApps).

Let's use an example to understand how an ERC-20 token smart contract works. Let's say we want to create a token called "My Asset" with the symbol "MASS," and that there will be 1,000,000 of these tokens. First, the token smart contract tracks some basic token attributes.

For example, it records the name "My Asset," the symbol it represents, and the total number of tokens in existence. Secondly, it tracks who owns "My Asset" and how many, and thirdly, it executes various scenarios (distributing and calculating fees, performing automated transactions, etc.).

ERC-20 tokens can be transferred between accounts as payment, just like any other cryptocurrency. They can also be acquired through crowdsales, such as ICOs. They can also be bought and sold on cryptocurrency exchanges.

How does an ICO work?

ERC-20 tokens can be distributed in a variety of ways. One popular method is a crowdsale or initial coin offering (ICO). A crowdsale is a way to raise capital for a business by creating its own ERC-20 token, which investors can purchase using ETH.

Whenever a crowd sale occurs, the company receives capital in the form of liquid cryptocurrency that was paid by investors and also holds a reserved amount of ERC-20 tokens that were sold during the crowd sale.

To participate in the crowdsale, an investor must connect to the Ethereum blockchain using an account.

This account has a wallet address where you can store ETH, as well as ERC-20 tokens acquired during the crowdsale. Investors must visit the crowdsale website, which communicates with a smart contract. The smart contract governs all crowdsale rules.

Whenever an investor purchases tokens on the crowdsale website, they send ETH from their wallet to the smart contract, and the smart contract instantly distributes the purchased tokens to their wallet. The smart contract sets the token price in the crowdsale and regulates the crowdsale's behavior.

Mass sales can take many different forms and sizes. They can have multiple levels or phases. Each of these levels can occur at different points in time and behave differently.

What is a smart contract and how does it work?

A smart contract is a computer program that facilitates the exchange of any asset between two parties. This could be money, stocks, property, or any other digital asset you wish to exchange. Any user of the Ethereum network can create these contracts. A contract consists primarily of terms and conditions mutually agreed upon by the parties. Smart contracts are created in the Solidity programming language, which is very similar to Javascript. It's a full-fledged programming language that allows you to do many of the same things Javascript can, but it behaves slightly differently due to its use case.

The key feature of a smart contract is that once executed, it cannot be changed, and any transaction executed on top of the smart contract is permanently recorded—it is immutable. Therefore, even if you modify the smart contract in the future, the transactions associated with the original contract will remain the same; you cannot edit them.

The process of verifying smart contracts is carried out by anonymous parties on the network without the need for centralized control, and this is what makes the execution of any smart contract on Ethereum decentralized.

The transfer of any asset or currency is carried out transparently and trustlessly, and the identities of both parties are protected on the Ethereum network. Upon successful completion of a transaction, the sender and recipient's accounts are updated accordingly, thus establishing trust between the parties.

In the case of an ERC-20 token, a smart contract regulates all actions related to the token's operation and tracks token ownership and account balance. Using the ERC-20 standard ensures that the token complies with the following (and many other) use cases:

• Wallet transfers – sending tokens from one account to another
• Buying and selling on cryptocurrency exchanges
• Buying tokens in a crowdsale (ICO)

The ERC-20 specification essentially dictates the interface a smart contract must respond to. It defines the structure of a smart contract and the types of functions it must have. The specification also provides some useful functions that can be included, but these are optional.

To develop your own Ethereum-based cryptocurrency, you can take two approaches: hiring blockchain developers to join your project team or turning to third-party developers.

The CryptonisLabs team has been successfully developing, deploying, and supporting blockchain projects for nearly 10 years. We utilize a full stack of modern technologies, allowing our clients to fully leverage the power of blockchain in their businesses.

Benefits of smart contracts

Smart contracts offer a huge number of advantages:

• Speed, efficiency, and accuracy. You don't need to fill out paperwork or waste time correcting errors that often occur when completing documents manually, because smart contracts are digital and automated.
• Trust and transparency. Since there are no intermediaries involved, all parties involved in a smart contract can be confident that the contract is executed in a 100% neutral and impartial manner. There is no risk of fraud, manipulation, or unauthorized modification.
• Security. Automated contracts use the highest level of data encryption currently available—the same standard used by modern cryptocurrencies. This level of protection makes them among the most secure on the web.
• Disintermediation and savings. There's no need for a vast chain of intermediaries: lawyers, attorneys, or banks. Consequently, the associated delays and fees are also eliminated.

Development of smart contracts and cryptocurrency based on Ethereum and Solidity

Ethereum, in turn, is a decentralized blockchain platform that creates a peer-to-peer network that securely executes and verifies application code called smart contracts. Decentralized application developers implementing smart contracts on Ethereum benefit from a rich ecosystem of tools and established best practices. When building an application on Ethereum, you can instantly connect it to hundreds of other existing protocols. All transactions on the blockchain are cryptographically secured, and Ethereum has three times more nodes than Bitcoin that verify transactions. Ethereum offers an extremely flexible platform for building decentralized applications using its native scripting language, Solidity, and the Ethereum Virtual Machine.

Solidity is an object-oriented programming language created specifically by the Ethereum Network team for creating Smart Contracts that implement business logic and generate a chain of transaction records in the blockchain system.

• It acts as a tool for generating machine-level code and compiling it on the Ethereum Virtual Machine (EVM)
• It has a lot in common with the C and C++ languages.
• Like other programming languages, Solidity programming also has variables, functions, classes, arithmetic operations, string manipulation, and many other concepts.
• Easy access to object-oriented attributes in Smart Contracts, such as multiple inheritance properties
• Solidity supports a variety of support roles using an application binary interface, or ABI.

Smart Contract Development in Solidity

1. Concept. Our specialists contact clients and define the purpose of developing a smart contract for Ethereum, clarify all client requirements, and define the main objectives of the future project.
2. Development. Next comes the process of actually coding the smart contract using a programming language. Our team uses the Solidity programming language from Ethereum.
3. Testing. Our specialists conduct thorough testing. Smart contracts are immutable once deployed to the network, meaning you won't be able to edit any errors discovered after deployment.
4. Compilation. Before deploying smart contracts, they must be compiled. This involves converting your contract code into a JSON file so it can be read by a standard web application. Take, for example, a smart contract for Ethereum. After being written in Solidity, your contracts are compiled into EVM, or Ethereum Virtual Machine, bytecode, making them compatible with all EVM networks.
5. Deployment. Finally, it's time to deploy your contract, or actually place it on the network of your choice. When we deploy smart contracts, we execute them and execute the transaction using real cryptocurrency. After this step, your deployed contract will be launched, and all your coded functions will be activated once the defined conditions are met.
6. Execution. Once your contract is executed, deployed, and launched on the network, we'll verify its functionality. This includes checking your wallets to ensure the correct balances are being deposited at the correct time, addressing any storage issues, and addressing any maintenance tasks.

Technical production of smart contracts

CryptonisLabs boasts the best development teams and highly qualified blockchain specialists. Our company guarantees high-quality execution of all stages of smart contract development in Solidity. Furthermore, we are ready to handle a wide range of tasks, examples of which are listed below:

• Fundraising, crowdfunding, ICO, MLM projects.
• We'll create a Solidity smart contract for you and issue your own blockchain tokens to attract investor interest and capital for the fastest and most effective implementation of your business idea.
• Development of a personal investor account
• Creating a user interface (frontend) for interaction with the blockchain/smart contract.
• Deploying a private blockchain platform. Do you need your own independent blockchain for interacting with counterparties? We'll help you deploy a private blockchain platform and create applications to interact with it.
• Cryptofund development. Generate yield charts and portfolio structures in a clear and user-friendly way. Investors purchase crypto assets, which are deposited directly into their accounts, allowing them to track their returns.
• Cryptoprocessing. Enabling cryptocurrency acceptance for your project or personal account. Using internal billing, processing crypto payments, and accruing tokens.
• Technical consulting and support. External audit of your Solidity smart contract.

By ordering development from us, you automatically receive technical support and access to our team's expertise.