At MaxinAI, we always come up with state-of-the-art solutions. This time we partnered with C-Devs to help MBMX develop a smart contract with an account freezing function and an automated coin burn.
Launching a cryptocurrency is challenging, especially considering the competition surrounding digital tokens. It’s hard to stand out and deliver a successful product that has increased usability and value for the customers. It’s even more difficult to achieve considerable success in the industry without building a strong foundation first.
This challenge gets amplified even further when we factor in the time-consuming process of coin burn. Most owners burn a specific number of cryptocurrencies, but not all of them are capable of automating the process and increasing efficiency.
More importantly, even the biggest crypto companies are vulnerable to the damage caused by suspicious accounts. Since digital tokens operate on blockchain and lack a central authority, it’s virtually impossible to protect the users from possible attacks and theft. Without an innovative solution, it’s difficult to limit the impact of digital threats.
That’s why it’s so important to launch a cryptocurrency project with a bulletproof smart contract that includes usable features and specifications. It’s essential to come up with a mechanism that would maintain the value of the coin and protect the users at the same time.
But how is it possible to make the coin burn less time-consuming? How can the owner mitigate the effects of suspicious activities?
What is coin burn and why is it necessary?
Coin burn is the process of destroying a certain number of cryptocurrencies. To remove them from circulation, coins are usually transferred to a specific Burn wallet that receives transactions but doesn’t allow withdrawal.
The main reason why it’s necessary to burn coins is to prevent inflation, which is caused by supplying excessive numbers of currencies. By reducing the supply, it’s possible to increase the value of the cryptocurrency or guarantee an increase in value in the future.
Burning the coins manually can be a time-consuming process, as it requires the users or the owner to transfer crypto to the Burn wallet regularly. Manual burning can decrease the efficiency of the contract and create significant vulnerabilities.
Why are suspicious accounts jeopardizing security?
Cryptocurrencies are launched on the blockchain – a secure network that makes it possible to execute safe transactions. Yet even blockchain isn’t impenetrable to digital attacks and malicious accounts that conduct dishonest activities.
Without a central authority overseeing the transactions, suspicious accounts can steal funds from the users or the owners.
Dude Coin – An innovative non-profit cryptocurrency
MBMX recently launched a new cryptocurrency – Dude Coin. It’s a non-profit incentive that aims to help people gain financial stability. The owners collaborate with charities and donate all the earnings to underprivileged individuals, children, and families.
Before launching the Dude Coin, MBMX needed a company of professionals who would help in the process of smart contract development. They wanted to partner with a team that would deliver a high-quality smart contract with innovative features. That’s how MBMX ended up partnering with MaxinAI.
MBMX Universe partners with MaxinAI
MaxinAI is a blockchain development company with extensive expertise in smart contract development, AI, Big Data, and software development. With multiple success stories and comprehensive crypto knowledge, we were an obvious choice for the client.
As MBMX was preparing to launch a new coin, they approached us with the request to develop a smart contract. They wanted to optimize the process of burning the crypto and implement some sort of security mechanism that would prevent the theft of money.
To deliver a bulletproof smart contract, we put together a team of professional developers. We gathered the talents with an innovative mindset to tackle the challenges of the project.
Our solution for the optimization of coin burn was to automate the process using the Gelato Network. We came up with a mechanism that would trigger the network and burn a pre-determined number of coins daily. We also created a BurnWallet contract that would only be accessible to the owner.
To tackle the security challenges, we also implemented an account freezing function in the smart contract. With this function, the owner can freeze the accounts that conduct suspicious activities. For example, if an account steals funds from other users, the owner can freeze their assets and make it impossible to use stolen assets.
In collaboration with our client, we decided to use the Polygon platform. By doing so, we optimized the smart contract and reduced transaction fees (i.e. gas).
To make sure the project would be successful, we had to take the following steps in the process:
1. Receiving the requirements from the client to plan the project accurately;
2. Working on the written documentation required for the smart contract and confirming the details with the client;
3. Creating an initial version of the smart contract and deploying it to the Testnet;
4. Conducting an external audit of the smart contract and correcting any deficiencies;
5. Showing the smart contract to the client and receiving final requirements;
6. Auditing the smart contract once again to confirm that changes were implemented correctly;
7. Deploying the final smart contract on Mainnet and transferring ownership to the client.
Throughout the whole process, we maintained a clear network of communication with the client. We provided recommendations regarding the best ways to tackle the existing challenges, particularly with burn automation and account freezing function.
Smart contract development for Dude Coin took about a month to complete. The project was medium in terms of difficulty, which is why we were able to deliver it in such a short amount of time.
The success of the project was demonstrated through a comprehensive smart contract audit. We always use external auditing services to prove the quality of our products. During the audit, we discovered minor errors that were easily corrected. We conducted the audit once more to ensure the final smart contract would be bulletproof.
By auditing the smart contract before launching it to the blockchain, we empowered the client to showcase their reliability and build trust among their customers.
At the end of the project, the client confirmed that all of their requirements were successfully implemented.
Next steps in our partnership
MaxinAI and MBMX are continuing their partnership. With the trust we built throughout the previous project, we’re taking new steps toward the future of our partnership. This time we’re working on a project that includes the development of a unique ERC20 smart contract.
Do you want your project to be just as successful as the Dude Coin? Schedule a consultation today, get started with smart contract development and we’ll help you build a strong foundation for your project!