Token Development is one of the most lucrative businesses in the virtual space that wants to raise funds for your crypto business. Crypto Token is the virtual currency or digital assets created using blockchain technology. The development of crypto tokens is gaining popularity quickly among crypto traders. Let us discuss Token Development and its types.
What is Token Development?
Token development is the process of developing or creating a crypto token that is built on top of the existing Blockchain. Crypto tokens are easy to create and are used for transactions in the form of buying or selling digital assets and executing smart contracts.
There are two types of crypto tokens
- Fungible Token
- Non-Fungible Tokens
Fungible tokens or assets are divisible and non-unique. Because of their characteristics, fungible tokens can work like physical money. That is why they’re most often used for transactions in the crypto economy. The fungible tokens are ERC20, TRC20, BEP20, and so on.
NFTs are tokens that we can use to represent ownership of unique items which means can neither be replaced nor interchanged because it has unique properties. The Non-fungible tokens are ERC721, BEP721, TRC721, and so on.
Taking this concept, Blockchain technology is constantly improving and adding new capabilities for token creation. With the growing interest in blockchain technology, the number of blockchain development platforms is expanding to meet all of your business needs. The crypto tokens are built on different blockchain platforms like Ethereum, BNB, Tron, and so on. Let us come to the matter. As an entrepreneur, you should know that Major Blockchain Platforms for Token Development.
Major Blockchain platform for Token creation
Ethereum network’s launch in 2015 created a lot of buzz in the developer community and grew a lot of tokens on the network. Initially, there weren’t any guidelines for token development. This resulted in a variety of tokens quite different from each other. Ethereum is a decentralized blockchain platform that establishes a P2P network. In recent times, the Ethereum blockchain is preferred for creating a crypto token platform for startups and entrepreneurs. Because the Ethereum blockchain has many types of crypto token standards such as ERC20, ERC 721, and so on.
The Tron token standard is built on the Tron blockchain which was launched in 2018. Tron token has a consensus mechanism and proof of stake (POS). In that case, Popular Tron tokens are TRC 20 and TRC 721. The TRC20 token is the same as the ERC20 standard token. The TRC20 is a fungible token with which the user can create utility tokens. On the other hand, TRC721 is a non-fungible token that has unique characteristics, and the values cannot be changed by the user.
The Binance blockchain network is a decentralized system for smart contract-based applications. Anyone can create and launch their digital token by using the Binance blockchain network. It is quite a simple task.
Solana is a decentralized blockchain that saw tremendous growth in 2021 and is emerging as one of the most prominent competitors to the Ethereum network. Within the blockchain industry, proof-of-work (PoW) and proof-of-stake are often the two main consensus processes. Although it is rather slow, this keeps the networks secure.
Waves have recently established itself as a well-known blockchain platform. You can build your token quickly using the blockchain network. The Waves blockchain uses the LPoS (Leased Proof of Stake) protocol, and the value of its token, which is currently just over a dollar, allows for more competitive costs when compared to other blockchains. This blockchain represents an interesting solution for creating tokens depending on the ratio of efficiency and cost of ownership.
All this considered, There are many blockchains available for creating tokens in the blockchain industry. If you want to create your crypto token on your desired blockchain, choose the top Crypto Token Development Company which provides a fruitful solution in the crypto industry. By hiring a professional, you can get a well-functioning crypto token on your desired blockchain platform. And also you can get a feature-rich token in a cost-effective manner.