In this modern time, many people are moving towards digitization. Because it reduces the work and makes the tedious tasks into easy ones. As of now, blockchain technology is prevailing across the world with many use cases and platforms. I hope you are aware of digital currencies and crypto tokens. These two made a huge impact in the marketplace. But many startups and entrepreneurs often prefer token development services to create a unique token for fundraising.
Crypto tokens are digital assets that have potential fintech solutions and their implementation is easy. Currently, there is an upsurge in the usage of crypto tokens. So there is a vast demand for token development services and service providers in the market. However, the new token protocols are introduced in the market. So it is getting harder for the startups and entrepreneurs to choose among them.
In this current time, there are many token development platforms in the blockchain space. Also, those token platforms are completely applied in many lines of work. In this article, let us see the top 5 token development platforms that are going to be a trendsetter in 2023.
Before seeing this topic, let us see an essential one.
How to Choose the Best Token Development Platform?
It is essential to know about all the aspects that impact the token development process and the performance of the crypto token. There are some crucial factors that you must consider before choosing the token development platform.
1) Consensus Algorithm
2) Blockchain Mechanism
3) Language
4) Type of network
5) Pricing
6) Activity
7) Popularity
If you have found the toke development platform that satisfies all the above-mentioned factors. Then you can further proceed with the token development process. Now, let us see
5 Mainstream Token Development Platforms in the Marketplace
Here is the list of the top 5 token development platforms that are going to be momentous and prominent in 2023.
- Ethereum
- Tron
- Waves
- Tezos
- EOS
Let us see these platforms in a detail
1) Ethereum
Ethereum was first founded in 2013 and it is an open-source blockchain-based distributed computing platform. It was first proposed by Vitalk Buterin, a 22-year old Russian-Canadian programmer. Ethereum is very popular for running smart contracts on a blockchain. Ethereum Virtual Machine (EVM) is an essential one that provides the run-time environment to smart contracts in Ethereum.
(Image Source: ICO token news)
On the other side, Ethereum is a prominent token development platform across the globe. Ether is a native cryptocurrency of Ethereum blockchain, these coins will fuel the ethereum ecosystem. Ethereum is the separate blockchain that has been used for ethereum token development, smart contracts development, Dapp development, and much more. Ethereum is a kind of well-known domain and remains the more popular and valuable cryptocurrency after bitcoin. However, ethereum provides data security and a more reliable structure that assures the smooth working of all the underlying processes.
Ethereum is a permissionless blockchain platform, so anyone can join, write, and participate. However, it is the Proof of Work-based platform, so it will be slow in terms of speed. But experts say that ethereum might change its consensus algorithm to Proof of Stake in the future. If you build any application using Ethereum, then you have to pay charges in Ethers. So it helps to perform transactions and run apps on the ethereum network.
Many people prefer the ethereum blockchain for ethereum token development. Ethereum has different standards for token development.
i) ERC20
ERC20 has a simple interface and helps to provide a smooth transaction. With the ERC20 standard developers can create multiple tokens. This ethereum token standard has helped many decentralized apps across different domains by becoming a part of various ICO projects. when compared to other token standards, ERC20 is more prominent and efficient with many productive practices. Thus many business people prefer the ERC20 token development service.
(Image Source: Medium)
Some essential functions make this ERC20 standard more realistic for ethereum token developers. Such as
- Allowance
- Approve
- TransferFrom
- Transfer
- BalanceOf
- TotalSupply
ii) ERC721
ERC721 is one of the ethereum standards and it is mainly known for rendering non-fungible tokens. Thus, this unique characteristic makes the ERC721 standard highly valuable. Tokens created on this standard are entirely different from each other with different characteristics. Cryptokitties is one of the popular ethereum tokens. Also, it was the first project to adapt to this ERC721 standard.
iii) ERC1400
ERC1400 standard helps to eliminate the technical uniformity that prevents crypto and fiat securities to work side by side. It has simplified ownership that helps to replace the hard process with a transparent setting.
iv) ERC223
ERC223 is an updated version of the ERC20 standard. It comes with a similar set of features as like ERC20 standard. But this standard primarily focuses on enhancing the overall functionality of the ethereum token development process.
v) ERC777
This ethereum standard helps to grab more efficiency into the existing ethereum tokens. It enhances the token disposition and also allows many operators to join the network. Also, it helps to regulate the working of ethereum tokens.
vi) ERC1155
This standard highlights more on the optimization of smart contracts to make the token management better. It also provides non-fungible tokens and helps to resolve issues that have impacted the crypto users.
2) Tron
Tron was first introduced by Justin sun in September 2017. He is the tech entrepreneur and former chief representative of Ripple digital currency. TRON is a kind of stable blockchain that is first introduced to develop Dapps, smart contracts, and crypto tokens. TRON platform helps to phase out the need for a third-party or any intermediate. In general, Tron token development platform can handle more than 2000 transactions per second in a hassle-free manner. But the bitcoin and ethereum network can handle only 6 TPS and 25 TPS.
(Image Source: securities.io)
Tron is a top-level peer to peer blockchain network and compatible for large-scale business operations. This token standard will allow a higher level of customization. In many ways, this token development platform is similar to Ethereum. But Tron and Ethereum have some major differences. Like mechanisms, transaction per second, decentralization, targeting platforms, programming languages, and more.
The Tron platform enhances the performance of the network and makes it more convenient. Also, makes it more scalable without any additional tasks for the token developers. Currently, many people feel it is difficult to create a crypto token. So, the TRON aims to avoid this difficulty by allowing developers to share resources in the creation of Tron tokens. There are two types of standards in the Tron token development platform. Such as TRC10 and TRC20 tokens.
i) TRC10
TRC10 standard is widely available since it was first launched on the TRON mainnet. It is a technical standard under the Tron network without depending on the Tron virtual machine. The tokens which are developed using the TRC10 standard are compatible with all the major crypto wallets. Even most of the Tron tokens you see in the marketplace are completely developed using the TRC10 standards.
ii) TRC20
This Tron standard helps to integrate more functions that are based on smart contracts. The tokens which are built using the TRC20 standard are known as TRC20 tokens. This token helps the users to facilitate secure transactions without any hurdle. A TRON blockchain with a smart contract is essential for creating a unique TRC20 token. Moreover, the TRC20 standard is far similar to the ERC20 standard. TRC20 standard is useful for generating tokens with the help of the TRON Virtual Machine (TVM). Thus, many people are emerging to use the TRC20 token development service.
iii) Waves
Currently, waves are also one of the most popular token development platforms for creating a crypto token for a different purpose. This waves platform gives you various features and tools that make the token development process very easy even for those who aren’t aware of this technology. It has its own crypto token and is also popular in the crypto market.
(Image Source: Wave Platform)
By using this platform, one can develop multiple tokens within a short time. Also, it comes with the updated features that boost its usability. This platform emerges as a prevailing crypto token solution for every user who wants to earn more profits in trading. Apart from this, the great reach of waves in different communities made many people create a crypto token under the waves token development platform.
If you want to create a token under the waves platform. Then you can utilize the best wave token development service to develop and launch your token easily.
3) Tezos
Tezos is a well-known token development platform across the globe. Tezos was first found in 2014 by a team of well-experienced blockchain developers. The Co-founders of the Tezos token development platform are Kathleen Breitman and Arthur Breitman. They conducted an ICO in 2016 and raised their funds of about $612k within 6 months.
(Image Source: nulltx)
Tezos is also a smart contract and dApp platforms like Ethereum, Waves, and Tron. But its self-amending cryptographic mechanism makes it unique from other token development platforms. By using this platform, there is a crypto token in the market which is called Tez. This token development platform is not based on the mining of Tez. but the token holders will get a reward for joining in the proof-of-stake consensus mechanism.
This platform enhances the speed of the transaction while dealing with multiple crypto tokens. Also, this platform helps to come up with changes that are impossible to implement in the other token development platform. This desirable characteristic helps the developers and allows them to enhance the level of tezos token development.
4) EOS
(Image Source: coin desk)
EOS was first launched as an open-source software platform in June 2018. EOS is one of the great token development platforms. It is completely designed for dapp development, token development, and smart contract development. The primary goal of this token development platform is to offer some reliable services which will be helpful for crypto startups and businesses. The EOS services include
- The decentralized application hosting
- Decentralized storage of enterprise solutions
- Smart contract capability
- Solves the scalability issues of both the bitcoin and ethereum
- Eliminating the fees for all users
Many people also prefer the EOS token development platform. Because it is free to use, has ultimate features, and an ideal authentication platform.
Wrapping up
The above-mentioned platforms are the top 5 token development platforms in 2023 that you can utilize to create a crypto token. All you need to do is choose the right crypto token creation service Provider for token development. So that you can launch a secure crypto token on any type of token development platform easily at the best market price.
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