After they technically collaborated to successful ICOs, these are some of the problems they observed:
- It takes a considerable amount of time and expertise to develop a customized ICO platform, especially for start-ups;
- Developing an ICO platform seems pretty straight-forward (and it is, no rocket science!), but actually the challenge lies on reliability. In the end, such piece of software deals with money and investments, and should just work;
- Non scalable and "buggy" ICO platforms lead to frustrated investors;
- Companies that want to perform an ICO either develop its own ICO platform from scratch, or contract third-party companies. While contracting third-party companies has its advantages, they tend to not provide a high degree of software transparency and keep the entire software development/operations under their control;
With such issues in mind, the ICOnator Project started with the following goal:
Provide an easy, secure, configurable, and scalable open source ICO engine to support the world's tokenization process.
ICO Engine concept
The ICOnator project primarily aims to provide an ICO engine which serves as the core component of an ICO platform. Such engine has, e.g., features like:
- Register to invest;
- Investors specifying payment and refund wallet addresses;
- Detecting payments made by investors;
- Sending emails;
- Support for specifying token tiers;
- Scalable components;
- Ready to deploy to Cloud vendors.
The ICO engine is composed by decoupled applications, each performing a function in the system. Functions can be easily extended by interacting with the ICOnator REST APIs or with the events (AMQP protocol) generated by each application.
The purpose of the ICOnator engine is to serve as the solid foundation for ICO platforms. Therefore, ICOnator serves as the generic core engine and, on top of that, ICO platforms can build specific features and tailored requirements which certainly differ depending on business requirements.
More information about the system's architecture and features can be found at GitHub.