In this blog we are going to lookout about the Token and how it is created, benefits and much more the things related to Token. There are numerous tokens in this digital world but the most popular one is ERC20 token which is developed based on Ethereum Blockchain.
Before we are going to explore about the Token creation services, process and so on, lets we can recall about the Token first. As everyone knows, Token is used widely for financial transactions in various industries based on it is created aim. Token has some value for itself and most importantly the value of the token is not fixed one, it varies based on the domain, token is going to get used. The tokens are generated for various purposes like for personal, business,etc and there are various Tokens available in the market.
The most important thing to remember is the Token is created by relaying on the existing Blockchain.
Token - Benefits
The benefits of the Token is very huge generally and become even more advantaged one while comparing to the Crypto coins that is because of it is traits. The tokens and coins are always compared and confused by the crypto newbies. Here is the detail explanation about Coin Vs Token.
Anyway, lets we can come back to topic about Benefits of token. Some important advantage of Token is listed below as follows,
l Cost Effective
l Stateless and Scalable
l Security
l Extensibility
l Multiple platforms and domains
l Standard Based
l Flexible
l Well suited for Mobile application
l Limitless Token Creation
l Smooth support after Deployment
l Trustworthiness and consistency
l Quick rise in fund
These are some of the Prime Benefits of Tokens which indicates the reason of it is peak usage and reason behind the high preference all over the world mainly among the business peoples.
Token - Classification
Tokens are broadly classified into two types. They are,
Utility Token
Security Token
Utility Token
Utility Token is used for buying and selling the products or service to it is related platform. It just mean that the Utility tokens can be used for the purchasing purpose but it can be spent based on particular domain for which it is created. This point does not created any negative impact on the token development, that is because before a token is created, the respective domain is analyzed well so it does not bother at any cost.
Security Token
The name itself gives the idea about this type token. This token is used to show and held as a proof for that we have authorized over a particular company or service. After buying or selling this token is used to upheld to prove the respective authority people. Mostly this Security token is built based on the real wold assets.
Still there are some other tokens in use like Currency Token, Reward Token, Asset Token, etc.
Fungible And Non-Fungible Token
The prime thing to note is about the fungible and non-fungible token. These two are not the types of the token but it plays a vital role in the usage of token, anyway. Get a knowledge about these token here, Fungible Tokens Vs Non Fungible Token.
Blockchain Platform
The other thing about the token classification is there are various Blockchain platforms. Some of the famous ones are mentioned below with it is standards,
1) Ethereum - its standards are ERC20, ERC721, ERC1400, ERC223, ERC777, ERC1155
2) EOS
3) Tron - Trc10, Trc20
4) Tezos
5) Minter
6) Waves
7) Stellar
In the same blockchain standards some can be fungible while it can also have some non-fungible tokens.
Token - Basic Things Needed to Generate Token
Before we move on to gain cognition about needed things to create a Token, the floor thing is all the Token are built in a different languages, based on the network. When it is coming to the Ethereum Token Development, the Solidity language is used.
Here is the list of basic things needed to generate, is mentioned below as follows,
Name - The name of the Token is the very first thing needed to be mentioned.
Symbol - For all the Tokens, logo is needed to be created and it will be wise if it is created by the Designers.
Decimal - Decimals are nothing but the fraction part of the tokens.
Total Supply - This aid to return the number of Tokens allocated by the owner.
Balance Of - It returns the token balance of the account to the authorized person address.
Transfer - As it name, in this the token owner transfers certain amount to other user.
Approve - In this the owner allows to approve delegate account ----- to withdraw token from the user account to other accounts. It allows the marketplace to finalize the transaction without any prior approval. At the end of this execution, the function fries an approval event.
Allowance - This function returns the current approved number of tokens by an owner to a specific delegate as set in the function.
Transfer Form - This is done peer of the approve function. It allows a delegate approved for withdrawal to transfer owner funds to a third-party account.
These are basic things as well as the development process of the Token.
Token - Smart Contract
Smart Contract plays a vital part in Token development process that is because of the smart contract features. After creating the token, it is must to create a Smart Contract for the Token that is because most of the transaction occurs based on the terms and condition of it among the traders. As everyone knows about the Smart Contract, it is aid to built trust between the strange partners and token is transferred automatically to the other person if condition is satisfied.
These both services is offered by the same organization in it own unique way, which is none other than Developcoins. Developcoins is the Reputed Cryptocurrency Development Company which is well experienced in the Blockchain Development platform to provide a complete Token Creation to Launching Services with the Smart Contract Creation at affordable fare.
