A Qhort Guide To Token Development
This blog is for aspiring and present entrepreneurs who want to start their cryptocurrency business using crypto tokens.
Crypto token business is one of the emerging businesses in the present generation. Nowadays, startups and entrepreneurs are highly focussed towards emerging business opportunities and they find token development as one of the best ones in the present digital trend. As this has been brewing, we can find that not all the entrepreneurs who start their token business are successful. We can count the number of successful digital token businesses. It is because they do not have adequate knowledge about the token business and its signific
This blog is for the aspiring and the present entrepreneurs who want to start their cryptocurrency business using the crypto tokens. Come, without wasting any time, let us jump into the article.
What is a crypto token?
A crypto token is a virtual or digital currency that can be traded or exchanged in the cryptocurrency exchange. The token might be anything - be it a physical or digital asset or business venture with the presence of a solid whitepaper about its purpose of starting it. The token might be backed with the presence of smart contracts. Smart contract and the whitepaper depicts the credibility and the security of the tokens that might instill and attract the traders to the tokens.
Tokens are also used for crowdfunding purposes where a business owner can put any physical or digital property into a token and create a catchy whitepaper for business purposes with a solid smart contract that might attract traders to invest in the token. The investors might be given adequate validity and voting rights that might differ as per the whitepaper.
The tokens in the crypto space can be created based on the specific standards and blockchain. Initially, it was the Ethereum network who started the tokenization process with their ERC20 token standard. Later they came up with other token standards with different functionalities. Let us know about the types of popular crypto tokens.
Types of popular crypto tokens that you can start your business with:
The types of crypto tokens can be classified based on the usage and the token standards. But here, we are going to discuss some of the best types of popular crypto tokens.
Utility Tokens - As the name suggests, it is for specific or particular purpose. It is most commonly used for payment purposes and for other transactional purposes in the crypto space. Commercial usage of utility tokens are rare but some businesses use utility tokens too.
Security Tokens - This is similar to the tokens with the capability of being called as stocks. They are stock tokens that can be used as securities to a particular asset and traded by the investor/trader. It is slightly different from the equity tokens as they have the voting rights. Whereas the security tokens do not provide management and voting rights ( It may vary as per the whitepaper created), and hence they are considered as digital stocks.
Reward Tokens - These are the tokens which are given as rewards either to the miners or developers or users as per their trading effectiveness.
Asset Tokens - This is the kind of token where the asset , either physical or digital, is converted into a token and traded in the exchange platform for particular discounts. This makes asset selling and buying easier and effective.
Currency Tokens - Currency tokens are nothing but coins like bitcoin, ethereum, and others unlike tokens.
Now let us discuss the various blockchain tokens and their significance below. Some of the prominent token blockchains in the current digital finance are ethereum, tron and binance tokens. Let us discuss these three prominent blockchain tokens in brief.
ERC - ERC is the ethereum blockchain token with available token standards - ERC20, ERC721, ERC1155, and others. Each token has a specific token functionality and their significance varies based on the token demand. If you want to start your fungible token business, then ERC20 will be the best choice. Whereas, ERC721 would be great for non-fungibility and other associated token creation business areas. If you want to start your crypto business with the updated ERC token standard, make sure you reach the best ERC20 token development company in the crypto market.
TRC - TRC is the tron token that is created on the tron blockchain. Tron is known for their decentralized approach and hence, TRC tokens are highly focussed on the decentralization approach and hence if you are an entrepreneur who wants to start your defi platforms, tron blockchain would be the best choice. TRC10 and TRC20 are the two prime tron blockchains that could be efficient for your business. Get the market specific tron token from an experienced tron token development company.
Binance tokens - Binance tokens are more familiar among the crypto token holders and users as they have been introduced years before. Now the point of discussion is their introduction of BEP20 tokens. They are tokens from the Binance Smart Chain that runs parallel to the Binance Chain.
wanna know more in detail about the bep20 token development << check it out here
Where to get the best token development services for your crypto business?
You can start your token development business and help various businesses to enhance their business through the token development software. But you will need a solid team with more experience to do so. No worries. I have got a solution.
WeAlwin Technologies is a prime token development company with more than 5 years of experience. They have a solid team of ethereum, and torn experts who can create your token on demand within a week.
First decide on what token you need to start your token business and move forward with them. They can really make your business successful.