From the recent research and data, there is no doubt in saying that blockchain technology emanated as a new technology with a purpose in almost every field of work or profession. You will see the applications of blockchain in every corner of the world and around every household for satisfying multiple purposes. Cryptocurrency is one such thing that is entirely based on this technology. Millions of crypto coins and tokens like ERC-20 are created on the blockchain only.
ERC-20 token is a very popular token in the crypto world as it is made on the top-rated blockchain called Ethereum. If you also want to know how much it costs to create an ERC-20 token or how to create it, this guide is for you.
There are many other crypto ecosystems like Binance smart chain, Waves, and Tron. Still, Ethereum was the first-ever blockchain, and that’s why its popularity is superior to any one of these. Let’s find out why Ethereum is best for creating a token and how you can do it.
Ethereum- The First Every Blockchain For Creating Tokens
Ethereum is a very popular open-source blockchain that empowers the cryptocurrency ether (ETH) and hundreds of decentralized applications. Founded by Vitalik Buterin in 2015, thousands of people have used this blockchain to build decentralized applications and crypto tokens using smart contracts and generated bigger business revenues.
With Ethereum, you can create various types of crypto tokens using multiple token standards. And the most popular preference for Ethereum ERC-20 is the most popular one. Moreover, it is the most scalable and high-end security for its users.
ERC-20 Tokens and Their Types
ERC-20 tokens are those blockchain digital assets with a certain value in the digital world that would consist of a particular value in the native currency, i.e., Ethereum. Any blockchain developer can develop this token by integrating it with all the regulations and laws.
Only by a proper understanding of the concepts you can develop a crypto token with higher scalability.
1. Security Tokens
Security tokens are that type of ERC 20 that are securitized and can only be valued through an external asset. One can only trade these tokens under financial regulations.
2. Utility Tokens
This digital cryptocurrency type of ERC 20 possesses a certain value on the blockchain network. They provide access to any service or product operated and run by the token issuer.
3. Equity Tokens
Equity Tokens play the same role as traditional stock in the market regarding appearance and performance. The only dissimilarity between the two is that in an equity token, all the ownership credits and transfers are done over the virtual platform.
4. Non-Fungible Token
The non-fungible token can be referred to as an online agreement that portrays the ownership of a non-replaceable item that cannot be tradeable with any other NFT.
What Is The Cost of Creating ERC-20 Token
Cost is a very integral factor when it comes to any business model or creating a token that you have to keep in mind before making the final decision. Here we will discuss the factors on which the overall cost of creating an ERC-20 token depends:
The functionality of a Token
The prime factor on which you can fluctuate the cost is the features or functionalities you incorporate in your ERC-20 token. Any extra features that you add, there is a price for it.
Quantity of a Token
The number of tokens you want to create will decide your project’s overall budget for creating ERC-20 tokens. The bigger the number of tokens, the more the development cost.
The token development cost also depends on the complexity of the token and how many features you’re trying to incorporate.
Token’s Overall Design
A simply designed token is less costly than one that holds bigger complexities, as the design of the token also interferes with the token development cost.
Number of Team Members in the Project
There is absolutely no doubt in saying that when the number of members in a project starts increasing, the budget starts rising up. When we talk about an agency you hire to create an ERC-20 token, the firm’s size or the number of developers involved in creating the token decides the entire cost.
Why Appinop Is An Ideal Option To Create ERC-20 Token?
When we talk about the best crypto token development company that will help you create fully functioning and optimized ERC-20 tokens, the search ends at Appinop.
Appinop Technologies is a top-listed token specialist with more than 6 years of experience delivering the best crypto solutions to small, medium, or large-scale businesses. They have been assisting companies in creating all types of tokens like NFTs, Utility, or Equity Tokens along with ERC-20 Tokens using the latest technologies and softwares.
With Appinop’s tailor-made crypto solutions, any business can enter into the world of digital currencies and exchange without having any experience. The industry experts and professional developers at Appinop assist you in dealing with any issue single-handled.