What Is the Token Wizard?
Whether or not the world needs more solutions to make ICOs easier to organize remains a topic of substantial debate. The folks at POA Network are convinced that there is a dire need for a streamlined venture in this regard. Their new Token Wizard makes it a matter of a few clicks to create new token sales and the associated contracts. It’s an intriguing solution, but it’s not necessarily what people are looking for.
The Token Wizard Explained
Looking over its website, it’s apparent that POA Network wants to become one of the platforms which people use to create initial coin offerings and generate the associated tokens. To that end, the company has introduced the Token Wizard, a client-side solution to create token and crowdsale contracts in a few clicks.
All of the contracts will be published on the Ethereum blockchain and verifiable on Etherscan. Even though the tool is incredibly convenient, it remains to be seen whether there will be an interest in these features. It is pretty easy to set up a token sale, as users can select their strategy, set up tokens, set up the crowdsale parameters, publish the code, and have a crowdsale page generated on their behalf automatically. It is an all-in-one solution, which seemingly offers all of the convenience anyone could ever ask for.
It is also worth mentioning that the contracts are based on those of TokenMarket, which helps legitimize this platform a bit more. With the help of a web-based GUI, most ICO projects should be up and running within a matter of minutes. It is evident that solutions such as the Token Wizard will only boost the number of initial coin offerings out there in the future. It is doubtful a lot of people are looking forward to such a development, though.
As we have learned, a lot of ICO projects don’t know anything about proper security or how to deal with issues when they arise. With this third-party solution, it is highly improbable that companies will start to focus on security, as they will assume the Token Wizard will handle everything on their behalf.
It is that type of attitude which is hurting the ICO industry quite a bit right now. Several projects have had funds stolen, websites altered, or issues encountered with their smart contracts. Proper preparation for potentially raising millions of dollars should always be the number one priority.
That doesn’t mean the Token Wizard won’t be popular in the future, though. With the initial coin offering industry still firing on all cylinders, it will be interesting to see what the future holds in this regard. We can only hope to see more ICOs with a strong focus on security and less reliance on third-party solutions. At the same time, trusted third-party services may introduce a lot of positive changes for this industry.
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