Cryptocurrency token development is a very modern and effective way that businesses are using to raise their funds via crowdfunding or to increase their brand value in the market. Through various types of crowdfunding, like Initial Coin Offerings (ICO) or Security Token Offerings (SCO), the main objective is to get significant revenue.
While some business owners need to be aware of such tactics, others take advantage of token development for their companies. Not only the big companies and MNCs but even small-scale companies and startups are going for this because of its benefits.
If you are one such person looking for ways to create a crypto token to raise funds for your company or improve your brand image, we will share with you all the information you need to know about how to create a token.
But before going any further, let’s first understand a bit about a crypto token and how it works.
What Is A Crypto Token?
A cryptocurrency token is a virtual digital asset that millions of people use for financial transactions in almost every industry. This digital token inherits a specific value for itself, and the fact that the value keeps changing in the crypto market makes it volatile. The factors like domain and its popularity among users vary the price in the market.
Any person, business, or organization can use these crypto tokens.
What Are The Benefits Of Using Tokens?
Crypto tokens have numerous benefits to offer to the people developing one based on the popularity of these tokens in the market. But what are those? Let’s find out.
Creating a crypto token provides the benefits of:
1. Are Cost-Effective
Crypt tokens are cost-effective when we compare them with other crypto coins and work similarly with other crypto coins.
2. Are Scalable and Stateless
These tokens are scalable and stateless as per the authorized owner’s choice or need.
3. Are More Secure
The token comes with better security and is safe to trade with no worries, as it comes with private keys.
4. Can Be Used On Multiple Platforms
Using tokens on more than one platform and in various domains is easy.
5. Are Flexible
It is easy to upgrade or update tokens per the latest version types of technology updations in the market.
6. Mobile-Friendly
Tokens developed on DApps can be easily used on mobile phone applications.
7. Unlimited Token Creation
With customized source codes integrated by industry experts, it is possible to make unlimited tokens on multiple blockchain networks.
8. Is Standard Based
Every token has some standard based on its respective native blockchain.
9. Consistent and Transparent
It is more than just difficult to crack even the tiniest block and still impossible to do.
10. Effective Fund Rise
As crypto tokens are highly in demand and trusted for their value, the value it provides to businesses would be quick, and fundraising would become more accessible and faster.
Types of Tokens
Many types of tokens are available in the market according to preferences, needs, and choices.
1. Security Tokens
Security tokens function just like their name supposes to do. The role of security tokens is to show or store proof of the authenticity and authority of a particular service or company. This token helps to prove the authorized people after buying or selling on the platform.
2. Utility Token
A utility token is used to buy or sell any product or service on the platform that the token is related to. In other words, people can use these to make purchases on the condition that the purchase is made on a particular domain it is related to. But, this fact does not affect these tokens’ fame and development.
To ensure its entire purpose, the respective domain is first analyzed to eliminate any issues related to its use.
3. Non-Fungible and Fungible Token
The other category of the token with great popularity in the market is Fungible and Non-Fungible Token. These unique tokens are different from the other two and hold great significance from the user’s point of view.
Things You Need To Create a Token
If you are well-versed in all the benefits and uses of a token, here is the time to start the development process. But before that, here are the things that you will need to create a token:
1. Name
Make sure you decide on a good name for your token, as the first thing buyers will come across is the token name.
2. Symbol
Your token must have an excellent, attractive, and easy-to-read name that will come to the buyer’s mind whenever they think of buying a token.
3. Decimal
It is the fraction part of the token, which you must decide in the beginning.
4. Total Supply
Decide the number of tokens that you want to create.
5. Balance of
The token balance is returned to the authorized person’s address.
6. Transfer
A certain amount is transferred to the user by the owner.
7. Approve
Allow the owner to approve a delegate account, which involves the withdrawal of a token from one user’s account to another. It gives the marketplace the authorization to finalize the transaction without prior approval.
8. Allowance
Using this function, the owner can approve the no. of tokens to a certain delegate account as per the set function.
9. Transfer Form
It is done before the approval function. The transfer form allows the delegate account to withdraw or transfer the owner’s funds to a third-party account.
Planning To Create Your Crypto Token- Visit Appinop Technologies
If whatsoever you wanted to know about crypto tokens in this article, you are now convinced that you want to create a token for your purpose. But how? By hiring a cryptocurrency token development company.
Appinop Technologies can be your partner to fulfill your purpose by creating a secure and ideal crypto token for you. With adequate skills and experience, they have hands on the best token development practices and are well-versed in creating all types of tokens with no technical issues.
With Appinop’s private consultation service, you can get in touch with industry experts to share your requirements and the objective behind creating a token. Later, with a team of developers, they design the ideal plan that satisfies your project’s prime objectives ideally. And in the end, the product you receive is just what you were looking for.