How Does ICO work under the hood(programmer explain)
ICO short for Initial Coin Offering . ICO means someone give away their cryptocurrencies (usually in Ethereum or NEO) to the particular project, in return, you will have the token from the project that guarantees for future goods or services.
What is
ERC20,NEP5?
First of all, how would you know if you can get the token once you give out your ETH or NEO?
Ethereum and NEO is a platform that could write smart contract for everything. One of the use cases is fund raising . It enables people all around the world to invest any project that you like without worrying about the boundaries.
Both ERC20 and NEP5 , is just a specification of how a smart contract should look like with methods that could be called for fun raising.
For example, it needs to have a method called totalSupply in order to get totally supply of this token in the market. If you want to know more about smart contract, go to COB smart contract to try out yourself.
In Sum, both
NEP5andERC20are just smart contract that has methods needed in order to do fun raising.
