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The development of Blockchain has increased rapidly in demand lately. Mobile developers have been the golden geese of Silicon Valley they stayed on top for a long time, but those days are coming to an end. With the growth of the blockchain ecosystem in the hockey stick, the need for specialized blockchain developers in UAE Dubai Abu Dhabi Sharjah is increasing.
Today from this Blog you will learn what it means to be a blockchain developer.
Let’s start with an example: imagine that a company wants to launch an ICO (initial offer of coins). This company first needs to go through many hoops that the crypto community expects from communication, presentation, marketing, etc. But the most important thing is that you need a developed intelligent contract.
The First Step is crucial
To do that, the founders of ICO must first determine which chain of blocks will be used, since there are many options. For BlockChain Development Services in UAE Dubai Abu Dhabi Sharjah Ethereum is the most popular option at the moment, although the ability of companies to develop their own chain of blocks with technologies such as Tendermint is becoming an attractive alternative.
ERC20 token standard
If the founders decide to use the Ethereum blockchain, they must comply with the ERC20 token standard that describes the functions and events that an Ethereum token must implement for the following
- To be able to see the total supply of tokens,
- The balance of addresses,
- The capacity for transfer to and from accounts,
- Approve or deny transactions, etc.
Solidity and its Limitations
In spite of everything, Solidity has its peculiarities and limitations for the moment that can make it difficult for you to work if you do not know the idiosyncrasies involved in its use.
Money Flow with Intelligent Contract
The objective of the construction of this intelligent Contract is the democratic distribution of the tokens among the shareholders. Essentially, a smart contract handles the acceptance of funds and the distribution of tokens.
Those who choose to finance the ICO can send cryptocurrencies to the wallet address of an intelligent contract. The money stays there until a certain financial objective has been reached; then the contract is executed. This means that the money transferred is converted into a number of tokens that are distributed to investors based on the amount they invested.