When a new ICO launches, the first thing investors want to know is if the contract is safe. Many scams in the past have made investors more careful. That’s why learning how to verify ICO contract is so important. It builds trust and gives both projects and investors confidence.
Let’s see how to verify ICO contracts on some of the most popular blockchains.
Why to verify ICO Contract?
Verifying an ICO contract means checking if the smart contract is real, transparent, and matches the code shown by the project team. A verified contract shows that:
- The code is open for anyone to read.
- The functions do what the team promises.
- No hidden tricks or backdoors exist.
Where to get Contract address of an ICO
The only way to get the contract address of an ICO is to check in their official website, official social media pages like X and telegram, etc.
Easy way to find Contract accress is in reputable crypto platforms like Coinmarketcap and coingecko. There you can find contract address (less trustable than the official website of the ICO project)
How to Verify ICO Contract on Ethereum (ERC20)
Ethereum is a popular blockchain for ICOs. Most ICOs that exists use ERC20 blockchain.
Steps to verify:
- Go to Etherscan.io
- In the search bar, copy and paste the contract address from official ICO’s website.
- Open the contract tab and check if it’s already verified.
How to Verify ICO Contract on Binance Smart Chain (BEP20)
BEP20 tokens are very similar to ERC20. The main difference is they run on Binance Smart Chain.
Steps to verify:
- Visit BscScan.com.
- In the search bar, Enter the ICO contract address.
- Go to the contract tab.
- Open the contract tab and check if it’s already verified.
How to Verify ICO Contract in Solana blockchain
Solana works differently because it does not use EVM smart contracts. Contracts in Solana blockchain are called programs. How to verify a coins contract address in Solana.
Steps to verify:
- Go to solscan.io
- In the search bar Enter the Solana ICO contract address.
- Verify the data in market overview and summary.
Final Thoughts
Knowing how to verify ICO contract is a must for investors and hodlers. On Ethereum and BSC, the process is simple through Etherscan and BscScan. On Solana verification depends more on open-source publishing and comparing program IDs.
Verification makes ICOs safer and builds trust in the investors and hodlers. Always double-check contract addresses from official websites and social handlers and never invest if the code is not verified.
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Disclaimer: All information provided on Fomotalks.com is for informational purposes only. It should not be considered financial advice. Always do your own research before investing in cryptocurrencies.
