How to Choose a Platform to Issue Your Coin
The Noah Coin, circulating in the Noah Ecosystem, has been issued on the Ethereum platform and is an ERC-20 standard coin. Today, Ethereum is by far the most popular blockchain solution to issue tokens on.
However, some companies choose other issuance platforms, mainly because they are looking for higher speeds for processing transactions or unique capabilities in terms of coding and management of nodes.
Other projects choose to develop the underlying platforms from scratch. This takes a lot of time and contribution, since it’s necessary to hire professional blockchain developers to build up the overall architecture and resolve any issues in the process. Such customized platforms are usually chosen by the companies, which seek unique capabilities to serve large-scale industries. A good example is Ripple, which, from the very beginning, was set on catering to banking institutions, while also having a strong control over how the system is structured and how nodes operate and interact with each other.
And now let’s look at the main issuance platforms, which have already had successfully hosted, at least, several ICOs. (EOS, which is planning to roll out its operations in the months to come, is not functional yet. Whenever it comes online, it might turn into a major competitor to Ethereum).
Ethereum was the first-mover on the market for smart contracts, bringing forward a convenient system for new cryptocurrencies to launch.
The system uses the programming language called Solidity, which is a high-level language. When mastered, it opens the door to limitless possibilities to customize the smart contracts to the full extent, envisioned by the creators.
The system’s biggest weakness is a low speed for processing transactions, which stands at a meager 30 transactions per second. And though there are plans to address the speed issue, it might take a long time for the community to arrive at the consensus as to the next steps.
The platform has been tested by hundreds of ICOs, showing that it’s highly resilient to hacker attacks and easy to use for developers. The ERC-20 tokens (ERC-20 being the standard that is currently used to issue new tokens) can be integrated into any wallets or exchanges, where Ether (the internal currency of Ethereum) is used.
We have chosen Ethereum for our Noah Сoin due to the flexibility in coding, heightened security and easy integration into contributors’ wallets.
Waves is the second largest platform, accounting for over 8% of the blockchain projects’ market. This Russia-based system was founded in 2016 by Alexander Ivanov.
One of the key advantages that the system has over Ethereum is the capability to create a cryptocurrency without any complicated coding. The creators can use plugins to activate the functionalities that they need. They also get to the disposal of the full suite of components, including a wallet, native decentralized exchange and a system to release tokens.
The processing speed stands at 100 transactions per second. The proof-of-stake consensus principle enables to avoid spending time on mining.
NEO is a Chinese-based platform that has had to survive in harsh conditions of stringent regulations. It has a wide network of partnerships and might become a key player in the months to come.
NEM was released in 2015 and from the very beginning has been seeking to meet the needs of business users. The system was written in Java and the developers are currently working on the C++ version.
A projects used the open-source code for NEM’s blockchain in order to create the business blockchain. It is currently being tested by a group of Japan’s businesses and financial institutions, who seek to determine its viability and potential scope of application. The key advantage over the others is the highest processing speed, which stands at 4,000 transactions per second.
This platform was co-founded by Jed McCaleb, who earlier created Ripple and was a co-founder at Mt GOX. Mt GOX was one of the first exchanges to trade Bitcoin. It was located in Japan and at some point it was targeted by a hacker attack, which enabled the perpetrators to steal a significant portion of users’ funds stored there. During his tenure Mt GOX was successfully handling over 80% of all Bitcoin transactions and it’s only after he left the company that the system was completely recorded, which resulted in the infamous hacker attack.
The biggest advantage that it holds over the peers is simplicity, with which developers can create smart contracts. While it’s possible to use Ethereum for creating highly complex smart contracts, Stellar offers only basic functions. And it’s these very functions that most projects actually need to roll out their tokens.
The easy and intuitive process that Stellar brings to the market might enable it to become a strong competitor to Ethereum in the years to come.
Now that you’ve learned about the major token issuance platforms on the market, it should be easier to make a well-judged decision for your coin.
Noah Project focuses on delivering infrastructure projects in the Philippines. The ecosystem is powered by Noah Coin (ERC-20 token), which circulates throughout all of the projects being rolled out. This enables contributors to directly support long-term projects, without the need to move outside of Noah ecosystem.