PRIMARY — Taking the first steps towards real-world implementation

In mid-October the first test deployment of PRIMARY tokens on the EOS blockchain took place. As we are offering ERC20 tokens in our ICO, it is a good time to show new crypto enthusiasts how we intend to migrate the value generated onto the EOS main chain. However, let’s start with why ERC20 tokens were used in the first place.

First test smart contract has been deployed

The smart contract used for the PRIMARY dApp is written in C++ as our team deemed it to be the most suitable language for deploying a smart contract on EOS. The PRIMARY team will keep editing and redeploying the contract throughout the ICO period.

‘This is an important milestone because it marks our shift towards real word implementation.’ Faruk Mustafić, Head of Technology

Why use ERC20 tokens if we are building an EOS dApp?

The decision to utilize ERC20 tokens for raising funds via an ICO was logical due to the many benefits afforded by the Ethereum ecosystem. Our team will always utilise the best tools and practices which emerge within the blockchain community. Standardized ERC20 tokens are compatible with many software wallets and can be more easily listed on cryptocurrency exchanges- making it an ideal token for raising funds.

Though we believe that the EOS ecosystem has more potential in the long run, it has a much smaller set of standardized tokens which can be used for the purposes of an ICO. As the EOS mainnet went live less than a year ago, it was also prudent to give the community some time to develop while raising funds in a more conventional (relatively speaking!) manner.

Why build the dApp on EOS?

Regardless of which token is used for ICO purposes, it makes sense to find the best-distributed ledger network for hosting our dApp once the PRIMARY community reaches a certain size, and our ICO concludes. Indeed, as a 3rd generation blockchain, EOS offers several appealing features. As with blockchains such as Ethereum, users can deploy smart contracts on the EOS blockchain using the eosio.token smart contract.
However, EOS goes even further by providing many cryptographic tools for smart contracts allowing development teams to focus on the needs of their particular project. There are also libraries for easily developing web interfaces on EOS and it is easier to implement permission schemes on the newer blockchain network. It is also much faster than 1st and 2nd blockchain networks. No wonder that EOS has quickly become the blockchain which consistently sees the most activity every day.

Building a smart contract in the spirit of openness

As we move forward it is important that the PRIMARY community gets to see the evolution of our smart contract right from the beginning. Take a look at our smart contract as it is redeployed over the course of the next few months. We welcome everyone working in the crypto space, and especially members of the PRIMARY community, to contribute to the development.

The development team is committed to developing the platform in an open source manner so that there is a constant collaboration between every stakeholder group. We would especially like to see a platform which has been built by the very people who will eventually use it. Ultimately, we would like to completely decentralize governance on the platform and the logical first step is to develop every smart contract in a completely open manner.

Take a look at our other posts to learn more about our approach to governance on the blockchain, why the young field of crypto economics and everything else related to the PRIMARY ICO.

Stay in touch with PRIMARY

The pre-sale of the PRY token started on the 1st of August 2018. For further information regarding token distribution and the team behind the project visit PRIMARY. Or get the latest announcements by joining our email list.

Join the Telegram group to become part of the PRIMARY community and stay up to date with the latest news. You can also stay up to date with the latest news via Twitter.