In this digital era, we can see many newfangled technologies and how it’s used in different aspects. There are many advanced technologies which are mostly used to reduce our work and our expenses. Speaking of which, in recent years, we can see an increasing usage and implementation of blockchain technology by startups and entrepreneurs. Blockchain technology is one of the emerging and complex technologies in this modern era. Besides, this technology gave birth to the first-ever cryptocurrency - bitcoin. After the invention of bitcoin, blockchain technology had become more popular in the marketplace.
Blockchain technology also helped people to create crypto tokens. The concept of crypto tokens has become a trendy one after the existence of open-source blockchain platforms. Presently, crypto tokens and NFTs are the hot talks in the blockchain space. Blockchain technology grabbed the attention of many startups, speculators, organizations, and industries. So most of the prominent industries and big companies have already started to implement this technology for gaining potential benefits. Some of the industries that we can see blockchain are banking, healthcare, finance, insurance, supply management, lending, etc.
One can make everything secure, transparent, and maintain high privacy by using blockchain technology. Apart from these, this technology offers a wide range of development opportunities to companies and developers. Because blockchain technology is mostly used for creating a crypto token, creating a crypto token wallet, developing a crypto crowdfunding platform, creating a crypto coin, and more. People will create a crypto token mostly for raising funds in the crypto crowdsale platform. As per today’s crypto market, there are different types of crypto crowdfunding platforms such as Initial Coin Offering(ICO), Security Token Offering(STO), & Initial Exchange Offering(IEO). Besides, the IDO and ILO concepts are trending now.
Currently, the popularity of crypto tokens is increasing day by day as these tokens have special functionalities when compared to crypto coins. Therefore, many crypto enthusiasts and other individuals are showing their interest in buying and selling crypto tokens. On the other hand, the usage of crypto tokens is rapidly increasing in the global crypto marketplace. That’s why crypto startups and entrepreneurs are willing to develop a crypto token with elite features.
In this article, let us discuss ideal ways to create a crypto token and all the essential factors that you need to know about crypto token development services.
Let us first see some basic concepts…
What is a Crypto Token?
Crypto token is a kind of digital asset which refers to the special virtual currency token. The crypto tokens represent both the fungible and tradable assets or utilities that reside on the existing blockchain platform. These tokens can have units of value, real-time asset value, or fiat currency value. Crypto token is a new phenomenon in our modern era. Though it came into existence 6 years ago, it is still being misrepresented by many. While some believe crypto tokens will be a new form of money. As previously said, crypto tokens are often used for raising funds in crypto crowdfunding platforms but they are also used for various purposes. Such as trading, payments, boosting brand value, etc.
Crypto tokens are created, distributed, sold, and circulated through a crypto crowdfunding platform like IEO or ICO. These tokens use encryption techniques to regulate the generation of currency units and to verify the transfer of funds. Crypto token has some primary features which attract a huge amount of users such as anonymity, decentralization, and security. Apart from this, the crypto token is not regulated and can not be tracked by any centralized authority, government, or bank. The Blockchain network is an integral part of cryptocurrency. So the data recorded in blocks cannot be modified without the alteration of all subsequent blocks.
One of the major benefits of crypto tokens is they have high transparency and their transactions are viewable & verifiable. These tokens have distinct attributes such as programmable, permissionless, highly secured, and transparent. The crypto tokens are programmable, so they can easily be operated on software protocols. These tokens are permissionless so that anyone can join the system without any credentials. Apart from this, no one can control the system. It is due to the predefined rules by the network protocol.
Best Crypto Tokens in the Marketplace
In the crypto marketplace, there are more than 1000+ crypto tokens but only a few tokens are prevailing in the global market. Here I list some of the finest crypto tokens that are prominent among crypto traders and investors.
The above-mentioned crypto tokens are the best as per the current crypto market.
Types of Crypto Tokens
When it comes to crypto token development, there are different kinds of crypto tokens. Now, let us see them with a short description.
The common tokens are more important for the capitalization means. These kinds of token do have a minimal purpose with a lesser focus. The common tokens are created for common means and will be listed in the crypto exchange platform if they successfully raised funds through the crowdsale platform like ICO or IEO.
As the name suggests, utility tokens are used for specific purposes or utilities. This type of token will be created by the organization and can be used for particular actions. The utility tokens cannot be used for direct investment like the security tokens. But these tokens can be used for specific purposes of tokenization. The utility tokens can assist the platform tokens and can help them for their specific purpose. For example, Binance and wazirx have their own crypto token for a specific purpose and you can use them only on their trading platform.
Security tokens are completely created based on security and pegged with any real-time assets. Some of the real-time assets that you can use for creating security tokens include bonds, debentures, shares, and other properties of either physical or digital form. If the asset is a physical property, then the security would be easily converted into tokens by signing in the smart contract. The property would be segregated into security tokens and the investors can invest in that particular security token. Note - While creating a security token, you need to satisfy all the rules and conditions of the SEC. When it comes to security token development, there are three kinds of security tokens. Such as
NFT is a recent crypto trend and many startups are whispering about this token and creating one. The non-fungible token represents the unique items that might be real or virtual. One can create a non-fungible token by using the popular NFT standard like ERC721, TRC721, ERC1155, or BEP721. These tokens act as a collectible and represent both physical and virtual items like digital art, oil paintings, sculptures, GIFs, tweets, images, gaming items, rare artwork, and more. Currently, we can see a great hype for non-fungible tokens so there is a huge demand for the best non-fungible token development in the marketplace.
There are also other techniques for creating tokens but the above-mentioned are the primary crypto token types that are prevailing in the marketplace right now.
Blockchain Platforms used For Creating a Crypto Token
In the blockchain sector, some best blockchain platforms help you in creating a secure and feature-packed crypto token. The crypto-token development platforms like Ethereum, Tron, and binance smartchain will have the most prominent tools and are easy to use for developers to create crypto tokens and smart contracts. When talking about how to create a crypto token, you will probably hear about these blockchain platforms.
Ethereum is the second popular crypto coin and a market leader when it comes to crypto token development. Ethereum became the first-ever blockchain platform to offer an opportunity for developers to create crypto tokens, smart contracts, and decentralized applications. Ethereum blockchain provides an exceptional level of trust as it has a very strong position in the global cryptocurrency marketplace. When it comes to crypto token creation, Ethereum has multiple token standards like ERC20, ERC721, ERC1155, ERC888, ERC777, and more. But most of the crypto tokens are built on Ethereum’s ERC-20 token standard. Because it is more popular and provides many benefits for the owner. The documentation is written well and makes the ERC20 token development process easier. Due to its popularity and functions, many crypto startups are willing to create ERC20 tokens for their crypto business.
Tron is a popular open-source blockchain platform and has its own crypto coin in the marketplace named TRX. If you are a crypto enthusiast, you might be aware of Tron’s TRX coin because it has a high trading volume and is one of the best cryptocurrencies in today’s market. Like Ethereum, the Tron also offers many opportunities for developers in the creation process. One can create a crypto token using this Tron blockchain. The Tron also has different token standards such as TRC10, TRC20, and TRC721. Among these token standards, TRC20 is a familiar and effective token standard in the Tron network. That’s why crypto startups are showing interest in creating a TRC20 token. Besides, TRC721 is an NFT standard that is primarily used for developing non-fungible tokens
Binance Smart Chain
Binance smart chain is shortly called BSC blockchain network and it was launched by binance DEX platform. Binance is the world’s largest exchange and they introduced the open-source blockchain network for creating crypto tokens, smart contracts, and dapps. Like other blockchain platforms, BSC also has popular token standards such as BEP20 and BEP721. You can use the BEP20 standard for creating utility tokens and BEP721 for developing NFTs.
Now, let us see…
How to Develop a Crypto Token For Business?
Every crypto enthusiast will have a dream of creating a crypto token and raising funds for their blockchain project. Here I share a few ideal tips to create a crypto token and launch them successfully.
1.Choose a Consensus Mechanism
Firstly, you need to do market research and must select the right consensus mechanism for crypto token creation. A consensus mechanism is a protocol that recognizes a particular transaction as legitimate and adds to the block. So first you need to select the consensus mechanism. After choosing the mechanism, you can proceed with the next step.
2.Choose the Right Blockchain Platform
The perfect blockchain network for your crypto token business depends on the consensus mechanism you have selected in the previous step. You can either choose Ethereum, Tron, or binance smartchain for the crypto token development process.
3.Establish Internal Architecture of Blockchain
You must be sure about all the aspects before launching your own crypto token. Because you won’t be able to change some essential parameters of the blockchain platform after the token is deployed in any blockchain network. Therefore, it is one of the important steps you must consider for creating a crypto token successfully.
Some blockchain platforms will not provide pre-built APIs. so you must make sure your token has all the required APIs. If you don’t have, then no need to worry, there are many third-party blockchain API providers. Such as ChromaWay, Gem, Colu, Bitcore, BlockCypher, etc.
5.Make Your Crypto Token Legal
Ensure that your crypto token is completely prepared and satisfies the laws of international crypto regulations. In this excellent way, your work is completely preserved and no sudden surprises can impact your efforts in creating a new crypto token.
By considering these tips, you can create a superfine crypto token for your business. So what happens after creating a crypto token? You can launch a user-friendly ICO website by using premium ICO script software and you can perform token sales for raising funds quickly and effectively. Else, you can participate in the IEO launchpad which is the simplest way to raise funds for your project. But before raising funds through a crowdsale platform, you need to launch a stunning crypto token wallet mobile app for your token which must be compatible with both Android and IOS devices. Therefore, the overall crypto token development cost will range from $8K - $14K. However, the development cost might differ according to your business necessities.
Desirable Features of Crypto Token Development
Here is a list of some of the extraordinary features that you must integrate while creating a secure crypto token for business.
By conjoining these elite features, you can create and launch a successful crypto-token in a hassle-free manner.
Benefits of Crypto Token Development
So, by this article, you would have known how to create a crypto token for business. If you are in the idea of developing a crypto token of any sort most probably Ethereum, binance smartchain, or Tron. Then it is best to get in touch with a genuine and professional crypto token development company in the crypto space and generate profitable revenue for your business expansion.