Smart Contract Case Study

Company Name: RedPen
Website: www.meetredpen.com
Ryan Lewis and Macklemore are part of the RedPen project, which as of publication, is approaching their token sale. Tokens will not be available for those in the U.S., Cayman Islands, Canada, People’s Republic of China, and South Korea

RedPen

A team of artists and technologists are launching an ICO to build an open source, online reputation, and news verification platform. The purpose of the project is to use blockchain to syndicate conversation on the internet and its solution is twofold: to create a syndicated amalgamation of news articles, creating one coherent story from many sources; and to attach a person’s engagement in comment sections to their overall online reputation.

ICO Raise: US$45,000,000
ICO Launch Date: In progress
Total Token Supply: 250,000,000
Team Size: 10 team members, 13 advisors
Location: Washington, D.C.  

Requirements

The client needed two smart contracts on a rushed timeline for an ERC20 token: one for token minting and one for token distribution. They wanted to freeze and then unfreeze tokens to distribute to certain employees when their value was close to zero, without breaking trust with their community. The client also wanted to deploy the token themselves.

Action

The client contracted Totem to write their smart contracts after running into challenges with other developers. Totem took the time at the beginning of the engagement to understand the client’s goals, ask and answer questions to flesh out the project, and receive feedback on the work. At the end of the process, Totem helped deploy the infrastructure by giving tutorials and ensuring the ecosystem would operate as planned.

Services Provided

  • Token Minting Contract
  • Token Distribution Contract
  • Token Deployment

Platform

  • Ethereum

Benefits

The client desired smart contracts that did not have a centralized “backdoor,” but would also benefit the employees who had worked on the project. Totem developers were able to include all the required features while keeping the decentralized nature of the project. Totem implemented these requirements and provided troubleshooting assistance at completion. In terms of values, Totem understood what the client was working on at a grassroots level. The importance of the project was in that it was a social good, providing internet users with multiple viewpoints rather than just one biased voice, and creating a reputation management tool through a decentralized method.

The immediacy of their response couldn’t have been smoother, within a week or less. The developers were great and very willing to jump into different discussions, providing lots of details—it felt like there was not just a good dialogue, but options were presented. We’d be interested in getting [Totem’s] help with future projects.

RJ Smith

CEO | CTO, RedPen

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