Blockchain implementation to create a token, blockchain, and wallet for a client
Our client wanted to create a Token that was secure and scalable as they desired to launch it quickly to coincide with an event.
Our team quickly analyzed the goals of the client and walked them through our proprietary Blockchain Playbook to conclude on the type of token, blockchain, and wallet considerations.
As per the Playbook recommendations, we concluded to develop a Token on the Layer 2 Solution of Ethereum (Matic network). We developed the ERC20 smart contract, where we successfully implemented all the requirements.
Our Design phase helped enlist the Tokenomics for the ERC20 token. Tokens are distributed to the users in a hassle-free manner, which simplifies the Buy, Sell, and Transfers of funds. A token is the digital representation of either virtual currency or a digital asset in the Distributed Ledger that can be owned, transferred, and modified by users. A token provides fast and secure token trading, allowing users to trade wallet-to-wallet on high performance.
Token Redemption – We defined a Lockable ERC20 token that provides the option for the owner to lock some of its tokens using smart contracts. A time-lock and an escrow party account or smart contract can be specified allowing the tokens to be unlocked when certain business conditions are met.
Governance – this functionality allows token holders to govern a blockchain protocol, and in some cases enables them to capture value directly from Defi application usage. The process by which this community makes decisions is called on-chain governance, and it has become a central component of decentralized protocols, fuelling varied decisions such as parameter tweaking, smart contract upgrades, integrations with other protocols, treasury management, grants, etc.
Blacklist – This smart-contract functionality helps in blacklisting the address from all the ERC20 functionality such as transfer, mint, etc.
Withdraw – we have made this function to withdraw any ERC-20 token based on the token contract address that you pass as an input and also prevent any funds deposits. This is also one of the main security measures in auditing ERC20.
Custom Security and governance algorithms are used in the Smart contract which helped in Signature verifications of the users and the transactions, blocking the addresses to prevent fraudulent transactions
All these functionalities enabled it to be faster & secure.
Achieving Full Potential
The token was fully tested using automated test scripts and registered on the Blockchain before the distribution. From ideation through to development and launch, our team enabled the client with the guidance needed at every step to accomplish their goals and drive measurable business results.