Building on a new blockchain presents a unique set of challenges and opportunities. On the one hand, it’s refreshing to be the first to get to grips with a next-generation blockchain and have a chance to kick the tyres and peer under the hood, so to speak. Especially one that’s been as long in the making as Cardano.
Everyone’s curious about Cardano, and like the first mountaineers ascending Everest, we’re privileged to have reached the summit and be able to report back. A lot of what we’ve encountered on our journey so far has impressed and enthralled us. But let’s not pretend it’s been plain sailing — or rather smooth climbing, to maintain the metaphor — all the way.
Working with a smart contract network that’s alien to you, even one designed to be as developer-friendly as Cardano, entails a steep learning curve. Thankfully, we’ve had the support and mentoring of iOHK, who’ve been on hand to advise and guide us on the occasions when we’ve come unstuck. So here’s what we’ve learned so far.
Launching a Fair Token Sale AKA Hard Mode on Cardano
Creating and deploying a token on Ethereum is easy; any man and their dog can do it. Sure, the gas might be pricey and the user experience suboptimal, but from a developer perspective, it’s a piece of cake to mint an ERC20 and connect a front-end to the smart contract with which to distribute it.
With Cardano, things are a little trickier. You see, while Ethereum uses an account-based system, Cardano uses UTXO style accounting — like Bitcoin, in other words. This means each wallet is not limited to a single address, but rather has multiple addresses. Thus, the ADA you hold does not “live” in one address, but resides in a set of UTXOs that are associated with that wallet’s addresses.
This isn’t a problem when it comes to sending and receiving funds over the Cardano network, but when you’re creating a system for hosting a token sale, it presents a formidable challenge.
How Revuto Built Its Token Sale Platform
When you’re creating a token sale mechanism, it’s imperative that you can determine who’s sent you cryptocurrency in order to issue the correct number of tokens (REVU) to the correct people. This is generally done on smart contract chains such as Ethereum by whitelisting addresses. As we’ve explained above, this isn’t possible on Cardano, since one individual could send a transaction to purchase REVU made up of multiple UTXOs, all coming from multiple addresses.
To solve this problem, we implemented a random scheme “Byron” wallet that generates one address per user registration. This means that every participant in the Revuto token sale will receive a personalized address to send their ADA to. From there, the system can easily track all of the ADA they have sent to the token sale address.
Creating a fair and manageable token sale framework of this nature had never been attempted before on Cardano. We’re pleased to report that our development team, with the help of iOHK’s ever-patient technical advisors, were able to pull this off. As a result, we look forward to welcoming the Cardano community to the Revuto token sale on May 18 when, we are confident, the event will go off without a hitch.
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