When you go back in history, the pages will show you a lot of inventions, innovations, and changes. Be it an invention that immediately changed the current world upside down or an innovation that kept evolving slowly, making everything comfortable. Every small invention took a great place in improving human lives. Blockchain technology will be the invincible technology that is evolving and will continue to make things better through web 3.0. It will continue to be with mankind for centuries from now. With an enormous crowd joining the crypto world, IDO launchpad development on Solana, blockchain is getting the most attention from entrepreneurs. If you are an aspiring entrepreneur exploring blockchain technology, then here is a wholesome guide on it.
Why is the Solana ecosystem trending?
Even if you are new to the world of blockchain, or an entrepreneur who is interested in investing in blockchain, you should definitely have heard of Solana blockchain.
Solana is a blockchain network that works on the Proof of history consensus mechanism. It is otherwise known as the tower consensus mechanism. It is a sequence of computations that can provide a way to verify the passage of time between two events or transactions cryptographically.
On the other hand, Ethereum is the most popular blockchain network that works on the Proof of stake mechanism, which was Proof of work previously. Since a huge number of projects are launching on the Ethereum chain, the blockchain can’t handle the traffic; hence it is facing many challenges right now. The high transaction cost and minimal transaction speed are what bother Ethereum users right now.
All the scalability issues have been taken care of in the Solana chain without compromising the low transaction cost and the high transaction speed. In fact, the gas fee is kept as low as below one US dollar. So this has made everything convenient for the blockchain users to build their projects on the Solana blockchain.
Apart from those advantages, the Solana chain is evolving as an ecosystem that can host everything under a single roof. Solsea, the leading NFT marketplace of Solana, is getting the most attention now. It is also emerging as the network for minting NFTs and is expected to overtake the unshaken Ethereum soon.
Why IDO launchpad development on Solana?
It is natural to question everything before stepping into it. When you hear IDO launchpad development on the Solana chain is lucrative and beneficial, you must have a lot of questions running through. The first would be why start an IDO launchpad development on Solana when you have a lot of other options. Here are some facts that would help you validate this stand.
- The user base of blockchain is increasing every day. The cryptocurrency user base has grown up to 190% from 2018 to 2020 alone, and the number of crypto wallet users increased to 83 million in 2022. It was just 22 million in 2018.
- The number of crypto-based projects coming out in various blockchains has also increased to quench the crypto thirst of this growing user base.
- Crypto crowdfunding is a crucial part of project development that every project needs to adapt to complete its project. Initial Dex Offering is a beneficial crypto crowdfunding concept that is most preferred by the crypto community.
- The number of projects in the Solana blockchain is also increasing as the blockchain is bringing a sustainable environment for budding crypto projects.
- Though there is Solstarter- an IDO launchpad on the Solana chain, it does have its own cons, making the crypto users, as well as the project holders, lookout for a new IDO launchpad on Solana that would do it all.
How to get started?
When it comes to developing a project on the blockchain, many entrepreneurs think it is a tedious, time-consuming, and expensive process. With blockchain technology evolving at a faster pace, there are many new development techniques that prove beneficial over the traditional development process from scratch.
Getting a white-label solution for the previously existing IDO launchpad platform and customizing the script accordingly is the most preferred development process recently. It is a pre-developed and tested solution that is ready to get customized. You might think about what this customization option will offer you. Right from the features to the user interface design, everything can be customized according to your requirements, making it a brand new IDO launchpad platform.
When you meet your developer, you will have to be clear with the features that you need and the user interface design. Understand the basic working of an IDO launchpad platform so that you can get a clear understanding of what you are getting into.
Basic Understanding of the workflow
The users will have to register themselves and verify their Identity using KYC. When they find a project that interests them, they can click on the project and apply for the whitelisting process. Whitelisting means getting access to buy the tokens from the project holders. This is granted by the project’s requirement of funds. This access is granted based on a lottery system in some platforms, while others use a fair allotment system based on the native tokens staked.
Crypto users prefer a fair allotment system so that they get to enjoy the privileges they deserve by staking the native tokens of the IDO launchpad platform.
Takeaway
Before selecting your developer, look out for their experience in this field and their previous projects. Check out the services they offer along with the IDO Launchpad development on Solana. Many developers have their own professional marketing team who understands the target market better. They offer pre-and post-launch marketing that will make your platform reach the masses as soon as possible. So give a good background check on the developers before entrusting your project with them.