[Ethereum] How to i connect the private blockchain network with public ERC20 token

private-blockchaintokens

I have setted up a private blockchain network which is running in my server. I am ok with the process of creating smart contracts. We have to create a token that can be available in exchanges.

Question 1:
Can i connect with main network token using my private blockchain network?

Question 2:
How can i manage the token's transaction process with my private blockchain network?

Best Answer

Question 1 : Can i connect with main network token using my private blockchain network?

No. Currently, different chains are not able to interconnect directly. You would need a middleware to handle that (like a nodeJS server with web3js).
Question 2: How can i manage the token's transaction process with my private blockchain network?

I don't really understand what you mean. Transaction are handled by the chain itself. But from my point of view, if people can buy tokens on your PRIVATE CHAIN , you will need to assign them an address. There are several javascript librairies that can do that. You would also need a user interface to show the balance tu the user.

Note: ICO (are you an other scam? Please don't tell me you have a white paper...) are not very "good" on private chain, because the token is worth nothing and not tradable with token exchanges. If you really want do build a PUBLIC token, just do it on main net.

Related Solutions

[Ethereum] connect ethereum wallet(or mist) to to ethereum local private network

to start a local test network you can now use

geth --dev

once you do, take note of where it has actually created it by reading the line:

IPC endpoint opened: /var/folders/y1/jynwfrwj411bxck8whqgcbr00000gq/T/ethereum_dev_mode/geth.ipc

Then to have MIST connect to the private network type this in your terminal (MAC version)

open -a /Applications/Mist.app --args --rpc /var/folders/y1/jynwfrwj411bxck8whqgcbr00000gq/T/ethereum_dev_mode/geth.ipc

ERC20 Tokens – How to Call Transfer Function from Another Contract

You have a balance in your Token contract T. In order for your Commodity contract C to accept tokens and give the user the commodity in exchange, contract C would have to implement a function that accepts the tokens like follows:

function buyCommodityWithTokens(address _tokenAddress) public { 
  ERC20 token = ERC20(_tokenAddress);
  require(token.balanceOf(msg.sender) >= 100); // Assume the commodity being bought costs 100 tokens.

  commodityBalance[msg.sender] += 1; //We give the user the commodity

  token.transferFrom(msg.sender, this, 100); // transfer the tokens

}

Please take into consideration that the function above is not taking security measures under consideration.

For this to work, the token owner must first call approve on the token contract to allow contract C to use tokens on his behalf.

Best Answer

Related Solutions

[Ethereum] connect ethereum wallet(or mist) to to ethereum local private network

ERC20 Tokens – How to Call Transfer Function from Another Contract

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