Over the past few years, blockchain technology has become more popular and has reached all people across the globe. Many industries have started incorporating blockchain into their business. One of the most popular applications of blockchain is the crypto industry. Every cryptocurrency is created and stored securely in the blockchain. The reason behind blockchain’s popularity is that they are highly secure and immutable.
Many blockchains are prevailing in the crypto ecosystem. Such as Ethereum, Tron, and BNB chain. Among these blockchains, Ethereum is more popular. Ethereum is a second-created blockchain after Bitcoin that offers numerous perks for the token creators as well as the holders.
This article will be the complete reference for newbies who wish to know completely about Ethereum and its token standards, and how to create your ethereum token. Without any delay, let us quickly start with…
What is the Ethereum Blockchain?
The primary motto behind Ethereum’s emergence is to avoid the circumstances faced by Bitcoin. Ethereum was an open-source blockchain developed by Vitalik Buterin. Ethereum comes with integrated smart contract functionality which includes various use cases like Dapp development, token development, etc. Over 75% of the crypto tokens prevailing in the crypto marketplace are mostly Ethereum-based tokens. A major reason for its popularity is the trust built among the people. Tokens created are securely stored and transactions are perfectly recorded in the Ethereum blockchain.
Ethereum has numerous token standards for crypto token creation. Certain protocols and steps have to be followed for Ethereum token development. All the details of a crypto token are incorporated into a smart contract. A smart contract is a computer-based code where the execution and deployment of a crypto token take place. Crypto tokens developed in the Ethereum blockchain can be used for multiple purposes like crowdfunding, trading, staking making transactions, etc.
Also read – crypto token creation
Now, let us discuss the token standards of Ethereum…
Best Ethereum Token Standards
There are multiple token standards available in the Ethereum blockchain. But only some of them are more popular. Let us discuss those in detail…
ERC20 token standard
ERC20 is the most popular token standard of the Ethereum blockchain. Here, crypto tokens are created by using a smart contract. ERC20 is considered one of the robust standards for fungible token creation. It is the most preferred standard by entrepreneurs who wish to create a crypto token for a venture. As these tokens are fungible, they can be swapped with another token that has the same value. Moreover, ERC20 token development offers numerous advantages for token creators.
Benefits of Creating ERC20 Tokens
- Token development and implementation are easy
- It is the easiest protocol to maintain and follow
- ERC20 tokens offer high liquidity
- Risk-free transactions take place
- Can be listed in all exchanges
ERC721 token standard
ERC721 is considered a popular token standard for non-fungible token development in the Ethereum blockchain. It is the first token standard developed for NFT development. This token standard has unique characteristics and functions that make it unique from the other token standards. The non-fungible tokens represent an individual value so that they cannot be interchanged with other tokens. As per the expert’s opinion, ERC721 is considered an ideal token standard for non-fungible token creation.
ERC1400 token standard
ERC1400 is considered a security token standard of the Ethereum blockchain. It is a combination of ERC20 and ERC777 standards. ERC1400 is found as a core standard for security token creation. A keynote to be considered here is, that before creating a token using ERC1400, the rules, and regulations of the SEC should be followed. Creating a security token using ERC1400 includes many technical terms and risk factors. To prevent that, you can hire a team of professionals from a reputed Ethereum token development company in the crypto ecosystem.
ERC1155 token standard
ERC1155 is a semi-fungible token standard that is a combination of both ERC20 and ERC721 standards. Using ERC1155, both fungible and non-fungible tokens can be developed. We shall discuss these characteristics with an example, let us consider a concert ticket, it will have its value until the concert is over. Once the concert is completed, the ticket will lose its value. Similarly, semi-fungible tokens will remain fungible until a defined time. So, it is fast-growing and utilized in the gaming industry.
Steps to Consider for Ethereum Token Development
Before creating an Ethereum-based token, some crucial steps have to be considered for developing the tokens in an ideal manner. They are,
- First, decide the type of Ethereum token to be created and initialize the features to be added to it. Fix the total supply of tokens, decimal value, token name, etc. After finalizing these factors, you can plan your roadmap and whitepaper.
- Choose the token standard according to the type of crypto token you’re going to deploy. For instance, ERC20 for fungible tokens, ERC721 for non-fungible tokens, ERC1400 for security tokens, and ERC1155 for semi-fungible tokens.
- Incorporate all the above-discussed details in your smart contract and check it multiple times.
- If the smart contract execution is completed, verify with Etherscan to avoid duplication of tokens.
- Once the verification is done, run the code multiple times to avoid any errors or bugs.
- After the completion of testing, you can deploy your code in the Ethereum blockchain.
These are the steps that should be followed for Ethereum token development. Creating Ethereum tokens offers numerous advantages for the token creators as well as the holders. Now, we shall discuss the…
Benefits of Ethereum Token Development
There are various benefits to Ethereum token development. Some of them are listed below,
- Simple and fast transactions
- Ethereum tokens can be easily traded on all platforms.
- Ethereum tokens are highly used for crypto crowdfunding and funds can be raised quickly and effectively.
- There will be no risks or vulnerabilities so it is highly secure to create Ethereum tokens
- Ethereum tokens have high liquidity.
- It is the easiest token to develop and deploy.
- Functionalities implemented in Ethereum tokens are highly valuable so it is very useful for the token creators.
There are enormous Ethereum token development company prevailing in the crypto ecosystem. But,
Why Choose Icoclone for Ethereum Token Development?
Icoclone is an outstanding and renowned Ethereum Token Development Company in the crypto ecosystem. We have years of experience in token development for our international clients across the globe. We are specialized in creating all types of Ethereum-based crypto tokens. If you wish to create any type of Ethereum-based crypto tokens, then contact Icoclone for the best results. We have a well-experienced team of blockchain developers and professionals for developing Ethereum-based tokens. So, approach Icoclone for creating the best features integrated Ethereum tokens at a reasonable price!!!