The crypto industry has emerged as a great business trend over the past few years and had good growth recently. Many advantageous ideas are available in the crypto space like Crypto exchange development, crypto crowdfunding platform development, crypto token creation, etc.
Among the above-mentioned ones, crypto token creation is more popular as it offers numerous advantages to users. Various blockchains are available in the current crypto marketplace like Ethereum, Tron, BNB chain, etc. In this article, we shall discuss crypto token development, the benefits of creating crypto tokens, etc.
Now, let us start this article with…
What is meant by crypto tokens?
Crypto tokens are assets that hold some values similar to fiat currencies. Crypto tokens are created using the token standards of an existing blockchain. The general categorization of crypto tokens is utility tokens, security tokens, currency tokens, loyalty tokens, etc.
Crypto token development is executed with popular blockchains like Ethereum, Tron, BNB chain, etc. Based on their values, crypto tokens are divided into two types: fungible and non-fungible tokens. Each blockchain has its popular token standards for crypto token creation like ERC20, ERC721, ERC1400, ERC1155, TRC20, TRC721, BEP20, BEP721, etc.
Below are some of the popular crypto tokens in the crypto marketplace like,
- Chainlink
- Binance USD
- Yearn finance
- Compound
- Wrapped bitcoin
- Huobi token
- Maker
- Uniswap
- Shiba INU
- Basic attention token, etc
Factors to consider for creating a crypto token
The factors you need to consider for a crypto token creation are,
- Token name
- Symbol of the token
- Token development blockchain and token standard
- Decimal value
- Total number of tokens
- Contract code
- Source code, etc
So, these are the factors that determines the Cost to Create Crypto Token. Yes, creating crypto tokens is simple and beneficial nowadays. However, we cannot decide the fixed cost to create token. It may differ depending on your business requirements, urgent needs, and so on.
Features of Crypto Token Development
- Crypto wallet app for android & ios
- Setting no of issues
- Setting initial supply
- Deploy contracts
- Setting fractions
- Validate contract
- Generate tokens
- Token swaps
- High-level safety & security mechanisms
Benefits availed by creating a crypto token
Here, I shall list some of the benefits of developing a crypto token. They are,
- Other than fiat transactions, crypto token transactions take place at a high speed.
- Transaction cost is much lower for crypto-based transactions than any other financial services.
- Crypto tokens are accessible in all of the crypto exchanges and crypto wallets.
- Crypto token transactions offer high security
- A high level of privacy is maintained for crypto token transactions.
- As crypto transactions are executed in the blockchain, they offer great transparency.
- Crypto tokens offer a good portfolio diversification
- Mostly, the value of the crypto token doesn’t inflate to the maximum level.
- Easy and secure transactions take place.
- Exponential industrial growth
- Possibility of outsized returns
- Cross-border transactions
- Accepted in most of the popular exchanges.
On considering these benefits, many people are interested in creating a crypto token. If you’re a startup or an entrepreneur wishing to create your own crypto token, then you can approach a reputed crypto token development service provider in the crypto ecosystem for effective results.