A utility token is the most popular type of crypto token that offers access to various products and services on a blockchain network. In layman’s terms, a utility token is developed on a blockchain network without backing any assets. Utility tokens act similarly to fiat currencies in the crypto ecosystem.
Basically, utility tokens are fungible types of tokens that have the same values. A utility token can be swapped with another token with the same value. Every popular blockchain has its own token standards for utility token creation like ERC20, TRC20, BEP20, etc. Here, I shall list some of the popular utility tokens prevailing in the crypto marketplace.
- Binance USD
- Chainlink
- USD coin
- Compound
- Yearn finance
- Wrapped bitcoin
- Huobi token, etc
Now, we shall proceed with the steps to create utility tokens.
How to Create Utility Tokens?
Developing a utility token is not as hard as you think. Certain steps have to be followed for utility token development. They are,
- Pick the blockchain platform (either Ethereum or Tron or BNB chain)
- Select the token standard which suits you
- Determine the Token Name and symbol
- Decide the Number of tokens for sale
- Ability to check the utility token wallet balance
- The functionality of transferring your tokens between the wallets
These are the steps to be followed for creating utility tokens on your own. But, utility token development on your own involves certain risk factors. To avoid this, you can approach a reputed utility token development company in the crypto ecosystem for great results.
Features of Utility Token Development
- ERC/TRC/BEP contract generation (based on the blockchain you choose)
- Token wallet app for android and ios
- Setting Initial Supply
- Setting No of Issues
- Setting Fractions
- Deploy Contracts
- Generate Tokens
- Validate Contract
- Token swaps
- High-level security mechanisms and more
Benefits of utility token development
- Middleman-free transaction
- Anonymity
- Globalized instant and secure transaction
- Supports both Android and IOS mobile platforms.
- Features customization
- P2P Decentralized network
- Crypto Crowdfunding
- Limitless data
- Cost-effective transactions
- Easily trackable options
This is the basic information about utility token development. Utility tokens are the most created tokens in the crypto space as they offer. If you wish to create your own utility token in an efficient manner, you can approach a renowned Utility Token Development service provider in the crypto marketplace. They’ll guide you entirely from utility token development to deployment. Create utility tokens immediately to shine in your crypto business.