ICO News: NEO ICO Template Makes Its Debut

The NEO ICO platform presents competition to the Ethereum ICO model, both of which are on GitHub. But startups can choose both token standards.

ICO News: NEO ICO Template Makes Its Debut

Nine times out of 10, when a startup launches an upcoming ICO they do so on the Ethereum network. There may be a shift ahead, however, as a template for creating an ICO on China's NEO platform has been unveiled on GitHub. The templates give developers a chance to build on some of the code that has already been proven rather than reinventing the wheel for each and every token sale. While the Ethereum token standard is ERC20, NEO's is NEP5. 

Neon Exchange on Github unveiled the initial version of the NEO NEP5 ICO Template, improvements to which are anticipated soon. The release is the first in a series of three steps that will comprise the components for the NEX token generating event (TGE) platform, according to NEX. The balance of the components are expected to be revealed in Q1 2018.

Similar to many upcoming ICOs that will choose to launch their token sale on the NEO blockchain, NEX is looking to solve a problem. They point to the maiden ICO that occurred on the NEO blockchain, RPX. In that sale, there was confusion among buyers who paid for their RPX tokens in NEO but were refused tokens because they were either too late or missed some other detail. Refunds were delayed, which frustrated both rejected buyers and RPX. 

The NEO ICO template is designed to prevent similar setbacks from occurring in the future. With the NEO ICO template, users who don't qualify for the tokens they're trying to purchase will be rejected alongside their payment, so nothing is lost. When refunds are necessary, NEX says they will be smaller in nature and wont' burden the startup behind the ICO because with this method the refund process will be automated.

The NEO token generating event template supports know-your-customer (KYL) and anti-money laundering (AML) protocols, which are both part of the vetting process for participants in an upcoming ICO. 

NEO and Ethereum Can Coexist 

As it turns out, startups don't have to choose between Ethereum and NEO for their upcoming ICOs. Qlink, for instance, is holding its token sale on both the Ethereum and NEO networks, delivering a token that is both NEP5 an ERC20 compatible. 

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