Neon Exchange have released version 0.1 of the NEO NEP5 ICO template, which is available on GitHub at https://github.com/neonexchange/neo-ico-template.
The template is just part one of three that will form the open source NEX token generation event platform, which will launch in Q1 of 2018. The template improves upon three main areas of existing token sale templates.
Firstly, it will enable the rejection of transactions that do not qualify for a token sale. Reasons for a rejection could be the token sale has ended, the user has sent tokens too early or they submitted an invalid token amount. In these instances, the whole transaction will be rejected along with any funds sent.
This will allow projects to avoid the issues that occurred during the RPX token sale, which required Red Pulse to process many manual refunds. The first issue was that some users attempted to contribute to the sale a few seconds prior to the second contribution window opening, which had a higher contribution cap than the first window. This led to many investors having NEO locked up and unable to resubmit their contribution after their error had been realised. Secondly, the overwhelming demand for RPX saw Red Pulse raise way above their intended target.
With Neon Exchange’s new NEO NEP5 ICO template, the need to process refunds manually will be almost completely eliminated.
The second key function enabled by the template is the ability to verify whitelisted addresses. This is important for KYC procedures where user details must be verified in advance and assigned to a whitelisted wallet address. Verified addresses will be eligible to participate in a token sale, whilst contributions from addresses that have not been verified will be rejected.
The final feature of the template is the implementation of NEP5 compliant methods that will be required for advanced token interaction needed by exchanges or other dApps.
For more information you can read the full details of the release here – https://medium.com/neon-exchange/nex-ico-template-4ca7ba19fc8b
About The Author: Dean Jeffs
Dean is a digital project manager who has worked extensively with start ups and agencies in the marketing space. Fascinated by the potential applications of blockchain technology, Dean has a passion for realising the new smart economy.
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