While this ICO is still running, the FlipNpik company has decided to move from the blockchain Stellar to the blockchain Ethereum.
At first, the choice had fallen on the Stellar blockchain given its low transaction fees and high scalability. But through a more thorough analysis of the advantages of Ethereum and a study of the market trends, the ICO realized that the Ethereum blockchain offered the project advantages that cannot be ignored.
A carefully considered choice that can be explained through 5 main reasons.
1. Higher adoption of the project:
Each technology has its pros and cons, but as far as FlipNpik and the ICO are concerned, we think it’s hard to do without Ethereum in 2018. The blockchain choice was frequently raised by the investors we met as well as the Bounty community. Ethereum which offers a standard protocol that is already known and adopted by the crypto community, is their number one choice. Choosing Ethereum will enhance the development and adoption of our project by the greatest community number. This decision will enable us to benefit from less risk, more uniformity, AML/KYC compliance and enhanced liquidity of tokens, Ethereum being more decentralized with easier access to many exchanges.
2. Endless possibilities with Ethereum’s smart contracts:
First and foremost, the main reason why FlipNpik is moving to Ethereum is because of the powerful potential of its smart contracts. Ethereum’s Turing-complete programming language is interesting for the FlipNpik application, allowing more possibilities with smart-contracts. E.g. as the architecture aims at performing as many transactions on the platform (off-chain) as possible to limit transaction fees, the company plans to develop a smart-contract on the blockchain to regularly update and store the status of all the accounts registered on the platform.
3. Growing number of developers:
Ethereum has a big technical community contributing to the development and maintenance of the platform, creation and availability a knowledge base covering a wide range of topics (tutorials, how-tos and templates). And this community is still growing.
The Ethereum platform, with the help of its community provides a solid infrastructure as well as numerous tools to help with the on-boarding of new comers to the Ethereum space. E.g. the Openzeppelin smart-contract templates are open source and community audited and maintained, which allows companies to cut cost on the development and audit of their standard smart contracts.
4. Community value:
The Ethereum community is undoubtedly one of the most active. On Twitter, the @Ethereum and @VitalikButerin accounts are watched by more than one million people. ETH is the cryptocurrency with the second largest marketcap behind bitcoin.
These elements show the importance of Ethereum and its ERC-20 standard protocol which makes it an essential element in the world of cryptocurrencies. If some gaps have been identified, we have no doubt that they will soon be corrected by the community. « This is one of many fascinating aspects of Ethereum. It has an organic quality that hopefully will contribute to how human organisation can scale up but remain inclusive », wrote Darren Langley, a Senior Blockchain Developer, about Ethereum 2.0.
5. Ethereum, the most popular platform for ICOs in 2017:
Almost unanimously, ICOs recognize the benefits of the Ethereum blockchain as a crowd sale platform. In addition to the market cap and trading volume being the second largest in the crypto market, the ERC20 token standard implementation makes it simple for any useful token to enable trading. Creating an ERC-20 compliant ICO on Ethereum means the token will have immediate interoperability with all other tokens on the Ethereum blockchain.