A new platform enables almost anyone to issue Ethereum-based initial coin offerings.
We have seen the increasing use of cryptocurrencies as they have been issued by entities as diverse as governments and content creators. However, up to now, creating and launching a cryptocurrency or Ethereum token has been too complicated for most small businesses or individuals. Issues involved include the need for expensive teams of specialist lawyers, accountants, blockchain developers, and marketers. Now, CoinLaunch has created a platform, dubbed CoinCreator, aimed at allowing almost anyone to create smart contracts that enable the creation of an Ethereum-based initial coin offering (ICO).
CoinCreator is an end-to-end platform that creates a simple contract to control the flow and usage of Ethereum crypto tokens. The platform also allows users to create an entire initial coin offering campaign and to accept Ethereum-based funding from backers using a built-in crypto-payment gateway. The platform includes an integrated compliance system that allows vetted currencies to comply with local regulations, and they hope to shortly add SEC crowdfunding compliance. Because the platform uses cryptocurrency there are no transaction fees. Campaign backers send Ether to the ICO contract address and the platform tracks and manages the rest.
Entrepreneurs Reuven Cohen and Randy Clemens self-finded the project to fill what they saw as a gap in the cryptocurrency market that would allow people to “build, deploy and monetize compliant Initial Coin Offerings in one place”. So far, users have generated the equivalent of about USD 1 billion using the service. CoinLaunch takes a commission any funds raised paid in Ethereum. How might the ability to issue cryptocurrencies more easily change the nature of finance?