Generally, any individual can create crypto tokens on an existing blockchain. Mostly, new startups and entrepreneurs execute crypto token development to raise funds for their businesses. Other than that, they also utilize crypto tokens for multiple purposes too. The eminent blockchains that crypto nerds prefer for crypto token development include Ethereum, Tron, and the BNB chain. In particular, ERC20, TRC20, and BEP20 are the other popular token standards.
In this blog, we shall discuss everything regarding each crypto tokens standard like ERC20, TRC20, and BEP20, and the core differences prevailing between ERC20 vs TRC20 vs BEP20. Now, we shall initiate this blog with…
What is meant by the ERC20 Token Standard?
ERC20 is an esteemed and popular token standard in the crypto ecosystem. Currently, most of the tokens circulating in the marketplaces are ERC20 tokens. Here, ERC represents Ethereum Request for Comments and 20 will be its proposal identifier. ERC20 is a fungible token standard that you can sell, swap, and trade crypto tokens. This token standard has earned a reputation and popularity since its introduction. Hence, ERC20 is extensively desired by upcoming startups for their token creation.
The Benefits of the ERC20 Token Development
- High-speed and efficient transactions can be easily handled with the ERC20 tokens
- Tokens created with the ERC20 token standard possess the minimal risk of smart contract breakage. Hence, transactions will take place without any hassles.
- ERC20 tokens are compatible with all prominent crypto exchanges in the crypto marketplace. Thus, greater liquidity has been generated for these tokens.
- The cost to create an ERC20 token is a very low and reliable process to execute.
- Making transactions with ERC20 tokens is easy to handle.
- In crypto crowdfunding, funds can be easily raised if the tokens chosen are ERC20.
These are the core benefits of creating ERC20 tokens. Next, we shall discuss everything about TRC20 tokens.
What is meant by the TRC20 Token Standard?
TRC20 is an eminent crypto token standard where the tokens are created and deployed over the Tron blockchain. TRC20 token standard defines the rules that must be followed for fungible token creation in the Tron blockchain. As TRC20 tokens follow the delegated Proof of Stake consensus algorithm, the transactional cost of these TRC20 tokens is very low. Various outstanding features come along with TRC20 token development and the cost to create TRC20 tokens is very low. Thus, TRC20 tokens are adopted by entrepreneurs for their token creation.
The Benefits of the TRC20 Token Development
- TRC20 tokens can be easily exchanged with other fungible tokens.
- Countless transactions can be made using TRC20 tokens.
- The cost to create a TRC20 token is affordable.
- Tron has extensive scalability that can handle more than 2000 transactions per second without any delay.
- The transaction fee for TRC20 tokens is very low compared to other tokens.
- TRC20 transactions can be processed in a peer-to-peer manner without any hassles
- This type of token offers massive accuracy for the token holders.
What is meant by the BEP20 Token Standard?
In the recent few years, BEP20 has grabbed the attention of most newbies entering the crypto market. The major reason is, that Binance has become a reputed community that holds a maximum number of users and thus, the BEP20 standard’s popularity also skyrocketed. Here, BEP is the acronym for “Binance chain evolution proposal”. Highly efficient crypto tokens can be easily created with the BEP20 token standard. BEP20 is the extended version of an ERC20 token standard where the tokens are also compatible with the Ethereum blockchain.
The Benefits of the BEP20 Token Development
- BEP20 is a high-performing token standard in the crypto space.
- With BEP20 tokens, it is easy to enter the crypto market and even funds can be raised easily.
- The transactional fee of BEP20 tokens and the creation cost of BEP20 tokens is also very low. Hence they are adopted by many entrepreneurs.
- BEP20 tokens can be easily traded on the Binance exchange and all other reputed crypto exchanges.
- These tokens are booming and earning much reputation in the crypto space.
After knowing these three token standards, you might be eager to know the best token standard and the differences between ERC20 vs TRC20 vs BEP20 token standards.
These are the prominent differences that prevail between ERC20 vs TRC20 vs BEP20. You can initiate crypto token development with any of these token standards. Before that, you should know the process behind a crypto token launch.
How will you Create a Crypto Token?
After knowing these token standards, you might be interested in creating your crypto token with any of the above-mentioned types. Now, we shall discuss the steps to be considered for creating a crypto token.
Plan your Token’s Properties
Decide the required parameters for creating your crypto token like token name, symbol, the total supply of tokens, number of decimal values, features to be included(minting, burning), etc.
Smart Contract Development
A smart contract is a digital contract that holds a certain set of codes for token development. Create an individual smart contract and feed all your token’s details into it.
Choose an Ideal Token Standard
With the ERC20, TRC20, and BEP20 token standards, you can pick the ideal standard that suits your business needs. Decide the token standard that fits your budget and matches your expectations.
Test your Token
After development, test your tokens’ code multiple times to fix any bugs or errors that come in between. After removing hassles, the crypto token will be perfectly ready for launch.
Token Deployment
After the development and testing of tokens, you can deploy your tokens finally. Then, you can use those tokens for various purposes like crypto crowdfunding, trading, etc.
By following these steps, you can execute a perfect crypto token creation. And, we shall discuss the cost of creating crypto tokens which many entrepreneurs will be curious to know about.
How much will a Crypto Token Development Cost?
The cost to create a crypto token might begin from $8000. Because we cannot predict the accurate cost of crypto token creation. So various factors like the development company you choose, the number of tokens, the size of the development team, the technology you prefer, etc will influence the cost of crypto tokens widely.
Additionally, we offer mind-blowing services like crypto tokens along with crypto wallet creation that costs from $8000. We also offer a golden offer for booming startups who wish to succeed in the crypto space using an ICO Crowdsale Script. Our ICO script comes along with an ICO dashboard, a new crypto token, and a crypto wallet. Our ICO script helps startups with quick ICO platform deployment that leads to effective fundraising.
Concluding words
As per the above information, you might have some idea of the differences between ERC20 vs TRC20 vs BEP20 token standards and their features. We at Icoclone are veterans in developing crypto tokens on all three standards. Our crypto token development comes with multiple features that make you stand out among your competitors. We have a team of potential developers who gather your requirements and work accordingly for your utmost satisfaction.
Not only with crypto token development, but we also offer premium ICO script, STO script, crypto wallet development, smart contract development, etc. Although you have reliable experience in developing crypto-based products, you can contact Icoclone. Our team will be always ready to serve you with the best results. Why delay?? Approach Icoclcone, create an exemplary crypto token, and reap great profits in your crypto business!!!