How to Create Your Own Token?
In this blog, we are going to lookout about the Token and how it is created, benefits and much more the things related to Token. There are numerous tokens in this digital world but the most popular one is an ERC20 token which is developed based on Ethereum Blockchain.
The plus point of this blog is that it is directly explained by the Ethereum Token Development Company who is an Outstanding ERC20 Token Creation Services provider in the Blockchain Development industry across the globe.
Let's start to explore about the Token now,
Table of the Content
- Token - Definition
- Token - Benefits
- Token - Classification
- Token - Basic Things Needed to Generate Token
- Token - Smart Contract
Token - Definition
Before we are going to explore about the Token creation services, process and so on, lets we can recall about the Token first. As everyone knows, Token is used widely for financial transactions in various industries based on it is created aim. Token has some value for itself and most importantly the value of the token is not fixed one, it varies based on the domain, the token is going to get used. The tokens are generated for various purposes like for personal, business, etc and there are various Tokens available in the market.
The most important thing to remember is the Token is created by relying on the existing Blockchain.
Token - Benefits
The benefits of the Token is very huge generally and become even more advantaged one while comparing to the Crypto coins that are because of it is traits. The tokens and coins are always compared and confused by the crypto newbies. Here is a detail explanation about Coin Vs Token.
Anyway, lets we can come back to the topic about the Benefits of the token. Some important advantage of Token is listed below as follows,
- Cost-Effective - The Token is a very cost-effective one while comparing to the Crypto coin creation.
- Stateless and Scalable - The tokens can be stateless as well as scalable one as per authorized person need or request.
- Security - The tokens are always secured to use and it is highly secured with the usage of private keys.
- Extensibility - The tokens can be upgraded as required.
- Multiple platforms and domains - Tokens can be used in multiple platforms as well as in various domains.
- Standard Based - All token has some standard based on their native blockchain.
- Flexible - The token usage and upgrading version types can be flexible as much as possible.
- Well suited for Mobile application - The DApp made token as well suited usage as a mobile app.
- Limitless Token Creation - Industry experts write a customized source code which excavates unlimited tokens on various blockchain platforms.
- Smooth support after Deployment - Entire control behind the technicalities once the token is created to get active and deployed.
- Trustworthiness and consistency - Even a single block could not be broken easily or it tries for a prolonged year to hack, which is Ethereum one of the most precocious blockchain technologies over the globe.
- Quick rise in fund - Though highly trusted over the globe, ERC 20 standard is comparatively new-sprung which creates curiousness among the people to invest in it while comparing with other cryptocurrencies and mining coins, it makes funds to get raised quickly without ease.
These are some of the Prime Benefits of Tokens which indicates the reason for it is peak usage and the reason behind the high preference all over the world mainly among the business peoples.
Token - Classification
Tokens are broadly classified into two types. They are,
- Utility Token
- Security Token
Utility Token is used for buying and selling the products or services to it is the related platform. It just means that the Utility tokens can be used for the purchasing purpose but it can be spent based on a particular domain for which it is created. This point does not create any negative impact on the token development, that is because before a token is created, the respective domain is analyzed well so it does not bother at any cost.
The name itself gives an idea about this type of token. This token is used to show and held as a proof for that we have authorized over a particular company or service. After buying or selling this token is used to upheld to prove the respective authority people. Mostly this Security token is built based on real-world assets.
Still, there are some other tokens in use like Currency Token, Reward Token, Asset Token, etc.
Fungible and Non-Fungible Token
The prime thing to note is about the fungible and non-fungible token. These two are not the types of the token but it plays a vital role in the usage of token, anyway. Get knowledge about these token here, Fungible Tokens Vs Non-Fungible Token.
Blockchain Platform for Token Development
The other thing about the token classification is there are various Blockchain platforms. Some of the famous ones are mentioned below with it is standards,
- Ethereum - its standards are ERC20, ERC721, ERC1400, ERC223, ERC777, ERC1155
- Tron - Trc10, Trc20
In the same blockchain standards, some can be fungible while it can also have some non-fungible tokens. Explore here, to get a clear and deep idea about these platforms 7 Top Blockchain Platforms for Token Development
Token - Basic Things Needed to Generate Token
Before we move on to gain cognition about needed things to create a Token, the floor thing is all the Token are built in a different language, based on the network. When it is coming to the Ethereum Token Development, the Solidity language is used.
Here is the list of basic things needed to generate, is mentioned below as follows,
- Name - The name of the Token is the very first thing needed to be mentioned.
- Symbol - For all the Tokens, the logo is needed to be created and it will be wise if it is created by the Designers.
- Decimal - Decimals are nothing but the fraction part of the tokens.
- Total Supply - This aid to return the number of Tokens allocated by the owner.
- Balance Of - It returns the token balance of the account to the authorized person address.
- Transfer - As its name, in this, the token owner transfers a certain amount to other users.
- Approve - In this, the owner allows to approve delegate account ----- to withdraw token from the user account to other accounts. It allows the marketplace to finalize the transaction without any prior approval. At the end of this execution, the function fries an approval event.
- Allowance - This function returns the current approved number of tokens by an owner to a specific delegate as set in the function.
- Transfer Form - This is done peer of the approve function. It allows a delegate approved for withdrawal to transfer owner funds to a third-party account.
These are basic things as well as the development process of the Token.
Token - Smart Contract
Smart Contract plays a vital part in the Token development process that is because of the smart contract features. After creating the token, it is must to create a Smart Contract for the Token that is because most of the transaction occurs based on the terms and condition of it among the traders. As everyone knows about the Smart Contract, it is an aid to built trust between the strange partners and token is transferred automatically to the other person if the condition is satisfied.
So it made the Smart Contract Development Services is becoming a must in Token Creation services.
These both services are offered by the same organization in it own unique way, which is none other than Developcoins. Developcoins is the Reputed Cryptocurrency Development Company which is well experienced in the Blockchain Development platform to provide a complete Token Creation to Launching Services with the Smart Contract Creation at an affordable fare.
Planning to create a Token for your business?