Published in · 10 min read · Mar 28, 2023
As of right now, the world is striving towards new technologies. Speaking of those new technologies, blockchain technology has become the most outstanding one of all other technologies. Recently, various industries like education, healthcare, logistics, etc have started including blockchain technology in their business medium.
Now, you might think about what exactly a blockchain is. It is a digital ledger where any information can be stored with utmost security and immutability. The reason for its popularity is its decentralization and transparency. Nobody can mute or erase any data in the blockchain. Blockchain experts predict that the revenue generated by incorporating blockchain technology in businesses will reach up to $40 billion by 2025.
Speaking of cryptocurrencies, they are created over the digital ledger (Blockchain). Cryptos got their initiation in 2009 with the name “Bitcoin”. Following Bitcoin, many new cryptocurrencies are evolving every day. Currently, there are many best blockchain platforms available in the crypto space and tokens can be created over any of those popular blockchains.
The required range of funds can be raised with the help of crypto tokens and the process is known as Crypto Crowdfunding. In crowdfunding, the crypto token sale occurs and the newly created tokens will be available for sale. There are various types of crypto crowdfunding methods available in the crypto space like ICO, IPO, STO, IEO, etc. As said earlier, tokens are mandatory for proceeding with any fundraising process. Hence, it will be challenging for budding startups to pick the ideal token development company. This article will shower you with some best blockchains prevailing in the crypto marketplace for crypto token creation.
Come, let’s start quickly with …
Crypto token development acts as the base for all crypto-based activities to be carried out in the blockchain industry. A crypto token is a form of digital currency or an asset that holds some value and is used for multiple purposes. With those crypto tokens, you can reap capital for your business and trade them on prominent exchanges. On considering its profits and usage, many people have started creating their crypto tokens and utilizing them for multiple purposes.
A crypto token is created with smart contracts. A smart contract is defined as a bond or an agreement that holds a certain set of programs where customizations can be done. All the crypto tokens that are created with smart contracts will reside on the blockchain and be maintained securely.
There are numerous types of crypto tokens prevailing in the crypto ecosystem. You can use those crypto tokens for your business development without any hassles.
Fungible tokens hold some value that is divisible and non-unique. Any fungible token can be swapped with another same type of token. Currently, most of the tokens circulating in the crypto market are fungible tokens as they serve multi-purposes like crypto crowdfunding, trading, staking, lending, etc. Generally, fungible tokens exist in several types as utility and security tokens.
Utility Token Development
A utility token is the widely preferred crypto token that relies on the blockchain. These tokens are used for buying, selling, and trading in crypto marketplaces. Utility tokens serve a specific purpose within the crypto space. These tokens are mainly issued during a crypto crowdfunding named initial coin offering (ICO) and they are used for many futuristic purposes like trading, staking, lending, making purchases, etc. A new startup that wishes to raise funds for its business will create its utility tokens.
They are used for providing investors with a token of appreciation for their investment. Utility tokens also access voting and accessing the services offered by the fundraising company. If you wish to create a utility token for your business, you can approach a reputed Utility Token Development company in the crypto space for the best results.
Security Token Development
Security tokens are created by backing the value of any real-term assets such as bonds, assets, some collectibles, etc. To be precise, security tokens are the tokenized version of real-world securities. These tokens are developed only after following the SEC(Securities and exchange commission) guidelines and local government regulations. The regulations followed by the SEC may vary for different countries. The common regulations followed in most countries are regulations A+, D, S, and CF. Since assets are backed for creating security tokens, it avoids intermediaries and there is high security. There are various types of security tokens available. They are,
- Debt token
- Equity token
- Asset token
You can decide the type of security token to be developed based on your business requirements.
Non-fungible tokens are the most popular tokens that have buzzed in recent days. Any digital collectible can be tokenized into a non-fungible token and they can be sold for millions of dollars. Non-fungible tokens can be created with any collectible like paintings, artworks, music files, GIFs, and even tweets of popular personalities, etc. As each NFT possesses an individual characteristic, all of them are unique and cannot be interchanged with other NFTs.
Currently, there are multiple blockchain platforms available in the crypto ecosystem for creating crypto tokens. Among the list, the best blockchain platforms are Ethereum, Tron, and the BNB chain. All these popular blockchains are used to create a crypto token. Here I’ll explain each blockchain in detail.
Ethereum is the second-developed and best blockchain platform in the crypto industry. It is a decentralized blockchain used for Dapp development, crypto token development, etc. Smart contracts are the most required factor for creating decentralized apps and crypto tokens.
Over the Ethereum token development platform, you can create fungible, non-fungible, and semi-fungible tokens. Ethereum has separate token standards for creating all these types of tokens. The token standards of ethereum include ERC20, ERC721, ERC1400, and ERC1155 are used for Ethereum token creation. Here ERC stands for ethereum request for comments and the following digit is their proposal identifier.
ERC20 Token standard
ERC20 is the well-known crypto token standard of the Ethereum blockchain. It is a fungible token standard where the tokens created can be easily swapped with other tokens. The value of the fungible token to be created can be divided into smaller values. These tokens have high volatility and are used for wide purposes like ICO crowdfunding, trading, staking, lending, etc. Hence, people prefer ERC20 token standard to create crypto tokens in the Ethereum token development platform. If you wish to create ERC20 token, you can contact a reputed Ethereum Token Development Company for the best results.
ERC721 Token standard
This is the non-fungible token standard of the Ethereum blockchain. Any unique collectible can be converted into an NFT with the help of an ERC721 token standard. Here, each ERC721 token has a unique characteristic that is distinct from the other tokens. Mostly, ERC721 tokens like Crypto Kitties are used in gaming platforms and it is given as rewards for the players.
ERC1400 Token standard
ERC1400 is the most eminent token standard of Ethereum ultimately designed for security token creation. The ERC1400 token standard is a combination of the ERC20 and ERC777 token standards. You can create your security token with Polymath token studio by including the ERC1400 token standard with it. With this token standard, the ERC1400 token can be created with ease.
ERC1155 Token standard
It is the semi-fungible token standard that comes as a combination of both the ERC20 and ERC721 token standards. To be precise, both fungible and non-fungible tokens can be created with this token standard. Semi-fungible tokens remain fungible for a defined period and then automatically convert into non-fungible tokens.
Among the above-mentioned token standards, the ERC20 standard is the most widely chosen for crypto token creation. The reason is that it is the early created standard and the reputation of this standard is high. Most of the ERC20 tokens will be available and listed in all prominent exchanges. If you wish to create a fungible crypto token, it is best to choose the ERC20 token standard.
Tron is also a prominent blockchain in the crypto space that was created with a motto of hosting entertainment-based applications. For developing any entertainment-based tokens, Tron acts as the best token development platform. It is an open-source blockchain that has some advanced features used for the creation of decentralized apps. It is also used for the sharing of digital content in a cost-effective manner. Tron has its cryptocurrency called Tronix which is also called TRX. It is also one of the popular cryptocurrencies in the marketplace. Its main focus is on expanding the dapps that make it easier to create and deploy them. Tron has token standards like TRC20 and TRC721 for Tron token creation.
TRC20 Token standard
TRC20 is a popular fungible token standard of the Tron blockchain that is adopted by many budding entrepreneurs for creating their TRC20 tokens. It holds a standard of protocols that are adopted to Create a TRC20 Tokens effectively. This token standard helps millions of token developers to create easy, effective, scalable, and reliable tokens for uplifting their business.
TRC721 Token standard
TRC721 is an NFT token standard of Tron that is widely used for creating non-fungible tokens. Any virtual assets can be easily tokenized into a non-fungible token for generating greater revenue. High adaptability and efficiency will be offered to the NFT creators by creating their NFTs with the TRC721 token standard. If you wish to create your non-fungible token, then you can go with the TRC721 token standard for immense results.
The BNB chain was initiated with a motto of expanding decentralization. Here, BNB stands for “build N build” and it focuses on increasing interoperability and offering the world’s parallel virtual environment. Any individual can create decentralized applications that keep low latency and high capacity. Cost-effective tokens can be created with the BNB chain. Hence, it is also recognized as the best blockchain platform. On considering all these merits in mind, people are going with the BNB chain for their crypto token creation. The popular token standards of the BNB chain like BEP20 and BEP721 are used to create crypto tokens.
BEP20 Token standard
BEP20 is the best token standard of the BNB chain that is developed with the focus of extending the ERC20 token standard. This token standard is compatible with both the BEP2 and ERC20 token standards. BEP20 comes with a technical specification that provides a flexible and easiest format for token developers to create crypto tokens. BEP20 tokens are used for multi-purposes and their unique perk is that it enhances ultra-fast trading. So, you can create BEP20 token by adopting the BEP20 token standard.
BEP721 Token standard
The BEP721 token standard is an extension of the ERC721 that is mainly used for creating NFTs. The BEP721 token standard allows you to tokenize your asset with full ownership. Any in-game items, digital art, collectibles, physical tangible items, lottery tickets, etc might be converted into a non-fungible token. For every NFT created with BEP721 token standard, a unique identifier is created and maintained.
Solana is a popular blockchain that helps in bringing an effective experience for users. Any decentralized applications can be easily created and accessed in the Solana blockchain. Solana blockchain offers various benefits for the token creators like high censorship resistance, high scalability, greater transaction speed, interoperability, etc.
All the token standards of the Solana blockchain come together in a Solana program library (SPL) and is a software program. This interface is used for creating, issuing, and transferring Solana tokens in the Solana ecosystem which is distinct from the other token development platforms.
Polygon is the best blockchain platform developed to support and add more scalability to the Ethereum blockchain. Polygon solves all the hassles that are found on the Ethereum blockchain which makes Ethereum outstanding among the others. To be precise, A high scalability and easy framework is offered for token creators who build the tokens on Ethereum. Thus, Polygon stands as one of the best token development platforms in the crypto space to create crypto tokens. In the initial days, Polygon was also called a Matic network but it changed its name with enhanced features to Polygon blockchain. Any startup can easily create polygon tokens on the Polygon blockchain network.
A custom and user-friendly crypto token can be easily developed with the Waves blockchain platform. Even Waves has its crypto exchange that helps users with trading with other tokens developed over the Waves platform without any hassles. Decentralized applications can be easily developed over the Waves blockchain. The cost to create waves tokens is ultimately low hence it has become the best blockchain platform in the crypto ecosystem.
These are the top blockchain platforms currently popular in the crypto ecosystem. Now, as a startup, you might not have clarity on choosing the best blockchain platform that suits your business. No worries!! Here comes the solution.
Each blockchain has its features and characteristics and they are popular for multiple reasons. Multiple parameters make the blockchain outstanding among the other token development platforms. Such factors are,
- Reputation in the crypto industry
- Coding used
- Kind of network
- Gas fee
- Consensus algorithms used
- Performance
You can pick a top blockchain platform by considering all these factors. But as a budding entrepreneur, you might not have an idea of choosing the best blockchain that suits your business. In that sense, connecting with the best Token Development Company in the crypto ecosystem will be helpful in the long run.
Final Thought…
As the crypto industry is thriving towards the path of innovation as many and many new blockchains are introduced every day. Each blockchain is stepping ahead with new features and advancements. So, you should consider the above-said factors before choosing the blockchain for your crypto token creation.
Developing a crypto token is a tedious process and needs much technical expertise to create. So, perform complete research and create crypto tokens from the best token development company in the crypto industry. They will create the tokens at an affordable cost in a minimal time. They’ll also guide you with efficient crypto token creation on the ideal blockchain in the crypto marketplace. Hence, develop your crypto token with a top blockchain platform and reap millions of profits in your business right now
