Ensuring cybersecurity for a new cryptocurrency - ICO

Creating custom cryptocurrency

Collaboration type

Fixed Price

Team

4 specialists

Market

Global

Timeframe

6 months

Graphic showing gears symbolizing the integration of blockchain, machine learning, and technology.

Tech Details

• Blockchain • Solidity • Machine Learning
• Python • AWS • Terraform • Multi Services
‍• Node.js • React • IoT

COMMUNITY

Project Goal

One of our US-based clients decided to create a new cryptocurrency and to conduct the Initial Coin Offering (ICO) process to facilitate business transactions.

The Challenge

The main challenge of ICO projects is to ensure cybersecurity. We were dealing with a cryptocurrency project for the financial sector and such projects are particularly vulnerable to cyber-attacks.An additional challenge (apart from technological details related to the design and generation of a new cryptocurrency) turned out to be the surrounding legal regulations and the creation of an appropriate capital collection process.

The Solution

We created a Smart Contract for the new cryptocurrency. To carry out the Initial Coin Offering, we built a custom tool to control the process of collecting payments from investors. It was an application that allows you to buy currency using Ethereum and Bitcoin, integrated with external service for FIAT payments.

results

What we achieved

Decorative graphic illustrating the concept of blockchain technology, featuring abstract elements and digital motifs that represent interconnected data blocks and secure cryptographic chains.

We based the new cryptocurrency on Ethereum and created a Smart Contract compliant with ERC20 standards, which was successfully audited by a third party. In order to implement the ICO, 4soft developers had to create an additional application module that was intended to support the process of cryptocurrency allocation after the successful placement of the Smart Contract in the Ethereum blockchain.

After importing addresses of the wallets as well as the number of tokens purchased by a given investor, the client confirmed each transfer using MetaMask, allowing us to avoid storing private keys in the application itself.