Are you thinking about Starting a Crypto Business?
Then you need to start with the Token creation process. Token Creation is developing digital assets or cryptocurrencies on a blockchain. It involves coding smart contracts to define the token’s attributes, such as supply and distribution, and deploying them on a blockchain platform like Ethereum, BSC, TRON, etc.
So, create your digital token first then proceed with the next steps for your fruitful business.
If you decided to develop your crypto token and need information about the best blockchain platforms to create a crypto token in 2024 then here is our blog about choosing the best blockchain for tokens.
Continue Reading!
What is Crypto Token Creation?
Crypto Tokens can be created on the smart contract. The smart contract consists of a set of programs & functionalities. It involves creating digital assets on existing blockchain platforms such as Ethereum, Solana, Binance smart chain, etc. These tokens can represent various assets, including currencies, utility tokens, or security tokens.
Tokens are used for various applications, such as fundraising through ICOs, accessing platform-specific features, or representing ownership. Creating your token is very useful to boost your business, into a profitable one.
Cryptocurrencies act as a base for entering the blockchain industry. A crypto token is a form of digital asset or currency that is used for multiple purposes.
What are the Different Types of Crypto Token?
Fungible Token
Fungible Tokens are digital tokens that are identical, interchangeable, and not unique/divisible. The fungible tokens revolve around the crypto market and they can be swapped for the same fungible token. It is used for multiple purposes like crypto crowdfunding, trading, staking, lending, etc.
There are two types of fungible tokens 1. Utility Tokens & 2. Security Tokens.
1. Utility Token
Utility Token is an in-demand token worldwide that depends on the blockchain. These tokens were used for buying and selling in the crypto marketplace. The specific purpose of these utility tokens is to serve specific purposes within the crypto space and are issued during crypto crowdfunding also known as Initial Coin Offering (ICO).
Also has many futuristic uses like trading, staking, lending, making purchases, etc. Utility tokens have access to voting and the services offered by the fundraising company. If the new startups need to raise funds then these tokens are used for fundraising to the business.
2. Security Token
A security token is a digital representation of a real-world asset, such as bonds, stocks, real estate, or collectibles. These tokens obtain their value from the underlying asset and are designed to provide ownership rights, similar to traditional securities. Essentially, security tokens are the tokenized version of real-world securities, offering a modern way to invest and trade in tangible assets through blockchain technology.
The security tokens are highly secure though they avoid intermediaries. The security tokens are developed after following the SEC (Securities and Exchange Commission) guidelines and local government regulations.
The SEC followed may vary for different countries. Debt tokens, Equity tokens & asset tokens are some types of Security tokens.
Non-Fungible Token
Non-fungible tokens are gaining much popularity nowadays in the world of paintings, artworks, music files, GIFs, and even tweets from famous personalities.
The digital collectibles can be tokenized and converted into non-fungible tokens and then sold for millions of dollars. Each token is unique, irreplaceable, and cannot be interchanged.
You can decide on your token based on your business needs and requirements. Research deeply and launch yours with us soon.
Consult with our business experts to Create your Crypto Tokens! Chat with us on WhatsApp
Top 10 Blockchains to Create Crypto Token
There are various blockchains available in the crypto world such as Ethereum, Tron, Solana & others. Each one has its own functions and functionalities. We have researched and brought you 10 best blockchains to build a crypto token.
Let’s have a look at it.
Ethereum
Ethereum is a familiar second-developed blockchain that was introduced in 2014 by Vitalik Buterian. It is the best blockchain platform and has separate token standards for creating all these tokens. Token standards such as ERC20, ERC721, ERC1400, ERC1155, etc are used for Ethereum Token Creation.
ETH is the decentralized blockchain used for Dapp Development, crypto token development, and smart contracts, which are required factors for creating decentralized apps and crypto tokens. Fungible tokens, nonfungible tokens, and semi-fungible tokens are created on the Ethereum Token Development Platform.
Ethereum has the biggest feature which is the capability to create unique tokens that exist and operate on the Ethereum platform & power the blockchain through transaction fees.
Crypto transactions are done within a second on the ETH network which is an open-source and distributed blockchain. Many functions like smart contract integration and dApp applications are done effectively with the help of the Ethereum Virtual Machine (EVM).
Occasionally, all the Entrepreneurs and investors focus on the Ethereum Tokens for their businesses to raise funds. It is of different types and also serves various business purposes.
Ethereum has established itself as a top platform for creating initial coin offerings (ICO) tokens due to its stability, adaptability, and community support.
It has a large user base & community support and it also acts as a leading platform for ICO token creation, enabling developers to create custom tokens.
Unique Features: Smart Contract Flexibility
ERC20 - Building Bridges in the Ethereum Ecosystem
ERC abbreviated as Ethereum request for comments is followed by a unique identifier, contributing to the versatility of the Ethereum token development platform.
Purpose: Standard for fungible tokens (tokens that are identical in type and value).
Advantages: Widely supported across exchanges and wallets, making it easy to trade and integrate.
Use Cases: ICO tokens, stablecoins, utility tokens.
ERC721 - Tokenizing Rarity with ERC Standards
Purpose: Standard for non-fungible tokens (NFTs), which are unique and not interchangeable.
Advantages: Enables the creation of unique assets, suitable for digital art, collectibles, and gaming items.
Use Cases: Digital art marketplaces, gaming assets.
Example: CryptoKitties, Decentraland.
ERC-777 - Best Token Standards for Efficiency
Purpose: Enhanced standard for fungible tokens, offering better functionality and security than ERC20.
Advantages: Supports advanced features like hooks (callbacks), improving token operations and interactions.
Use Cases: More efficient and secure fungible tokens.
Example: Modern DeFi applications.
ERC1155 - Versatile Standard for Tokenizing Everything
Purpose: Multi-token standard, allowing both fungible and non-fungible tokens within a single contract.
Advantages: Reduces transaction costs and complexity by enabling batch transfers.
Use Cases: Games and applications requiring both asset types.
Example: Enjin Coin, gaming ecosystems.
BNB Chain (Binance Smart Chain)
BNB Chain was introduced by Binance Community in 2019. This is the top blockchain on which startups can earn profits through crypto crowdfunding. It facilitates the use of digitalized tokens with smart contracts. BNB stands for “build N build” and it is similar to the Ethereum blockchain’s features and functionalities.
Binance Smart Chain is a substitute for the Ethereum blockchains. BEP20 and BEP721 are the two types of BNB Chain blockchain. Binance Smart Chain is popular for its high performance & low transaction fees.
The development of decentralized apps with low latency and large capacity is made possible by Binance SmartChain (BNB), which also makes token creation more affordable.
Unique Features: High Throughput with Low Fees
BEP20 - Fueling Innovation on Binance Smart Chain
Purpose: Standard for fungible tokens on BSC, similar to Ethereum's ERC20.
Advantages: Compatibility, Efficiency, Flexibility
Use Cases: DeFi Projects: Staking, lending, liquidity provision.
Utility Tokens: Access to platform services.
Stablecoins: Pegged to fiat currencies for transactions.
Example: PancakeSwap (CAKE), Binance USD (BUSD)
BEP721 - Ticket to Unique Digital Collectibles
Purpose: Standard for non-fungible tokens (NFTs) on BSC, similar to Ethereum's ERC721.
Advantages: Uniqueness, Interoperability, Security
Use Cases: Digital Art Exchange, Collectibles or Antique Trading, In-Game Asset Trading, Lottery Tickets, Real Estate Fractional Ownership, Physical Asset Tokenization
Digital Art: Mint and sell unique digital artworks.
Gaming: Tokenize in-game assets like characters and items.
Collectibles: Represent unique physical and digital items.
Example: BakerySwap NFTs, MyDeFiPet
Connect Our Experts for Token Creation using Etherium or BSC! Chat with us on WhatsApp
Solana (SOL)
Solana blockchain is recently named “Ethereum killer”. Any Decentralised app can easily be created and accessed on the Solana blockchain and the benefits include high censorship resistance, remarkable scalability, enhanced transaction speed, and interoperability.
Compared to other blockchains, the Solana (SOL) blockchain uses proof-of-stake and proof-of-history consensus mechanisms, making transactions more efficient and reliable.
This is the leading platform involved in creating ICOs; users can make thousands of transactions per second. ICOs may issue tokens to their investors at a reasonable price due to Solana's reduced transaction costs.
Unique Features: High Transaction Speed
Polygon (MATIC)
Polygon blockchain was previously known as Matic network, and it now has enhanced features. Polygon is one of the best networks to create polygon tokens for startups. It is adding more scalability to the Ethereum blockchain.
The polygon resolves all the errors in the Ethereum network, it denotes that the polygon blockchain network is outstanding when compared to others. Using this network one can easily integrate the decentralized application without any blockchain issues, this is one of the specialized features of this.
Unique Features: Layer 2 Scalability
Tron
TRON cryptocurrencies are also called Tronix (TRX) used to create TRON tokens. It is the main crypto in the market and is also used for digital content sharing cost-effectively.
TRON is utilized to create and deploy entertainment tokens and focuses on expanding to create and deploy Dapps more easily. Tron has token standards like TRC20 and TRC721 for Tron Token Development.
It provides multi-language extension functionality and removes counterfeit blockchains for its users. Entrepreneurs prefer creating TRON tokens because they can manage 2000 transactions per second.
Unique Features: High Throughput for Entertainment Content
TRC10 - Simplifying Transactions
Purpose: Basic token standard supported natively by the TRON blockchain.
Advantages: Low transaction costs, ease of use, and high performance.
Use Cases: Basic utility tokens, loyalty programs, airdrops.
Example: BitTorrent Token (BTT).
TRC20 - Tokenizing the Future
Purpose: Advanced token standard for smart contracts on TRON.
Advantages: Smart contract integration, interoperability, widespread adoption.
Use Cases: DeFi, stablecoins, advanced utility tokens.
Example: USDJ.
TRC721 - Unlocking Digital Experiences
Purpose: Standard for non-fungible tokens (NFTs) on TRON.
Advantages: Uniqueness, ownership provenance tracking, versatile applications.
Use Cases: Digital art and collectibles, gaming, virtual real estate.
Example: APENFT.
Waves
Waves is another of the best blockchain networks preferred by startups. This is also used to create decentralized apps and it utilizes proof-of-stake consensus protocol mechanisms. Users can trade tokens without any hassle. Creating tokens on Waves Blockchain is an easy process and cost-effective.
Launch yours with us.
Unique Features: User-Friendly Token Creation
Tezos
Tezos is a decentralized blockchain network and the most demanding token development network. The purpose of the network is to create and utilize digital assets and financial applications by creating a smart contract. It has similar features to the ERC20 and ERC223 contracts.
Unique Features: Self-Amending Blockchain
Stellar
Stellar is one of the blockchain networks where the transaction fee is low and the time taken to confirm the transaction is only 3-4 seconds. It is one of the best open-source, distributed, and community-owned blockchain networks. The native crytocurrencies are called Lumens (XLM) and this network also supports tokenized assets on its blockchain network. Stellar has a house of other tokens like ethereum.
Unique Features: Cross-Border Payment Efficiency
Consensys Quorum
It functioned according to private transactions and smart contract operations. Consensys Quorum controls large amounts of Ethereum modifications. By researching this network choose this for business needs.
Unique Features: Enterprise-Grade Privacy
Hyperledger Fabric
Hyperledger Fabric was established by the Hyperledger community and aims to use cross-industry blockchain technology. This blockchain network provides robust and advanced security for tokens and other Defi applications. Solidity and EVM can be successfully supported by hyperledger fabric.
Unique Features: Modular Architecture for Enterprises
How to Choose the Best Blockchain Platform for Crypto Token Development?
Choosing the right blockchain platform for creating a crypto token based on the requirements of the project, such as transaction speed, costs, scalability, and the type of token you need (fungible or non-fungible). Each blockchain network has its unique features and functionalities. So, choose the network according to your business needs.
Ethereum remains a dominant choice due to its robust ecosystem and established standards, but other platforms like Binance Smart Chain, Solana, and Polygon offer compelling advantages for specific use cases.
Consider these options while Choosing the Best Blockchain Platforms:
- Kind of network
- Language used
- Popularity
- Pricing
- Consensus algorithms and mechanisms
Conclusion
Hope, you choose the blockchain network to create your crypto tokens by reading the above-given information. Now it's your turn to develop your crypto token on your choice of blockchain network.
Collaborate with us, we are the leading Token Development Company. We have a team of developers to fulfill your needs and requirements. Join us to shine in your crypto business.
Take your first step in the crypto world by creating your token today.
