Blockchain-based digital assets are becoming more and more popular in this digital era. Digital assets evolved as cryptocurrency via crypto tokens and crypto coins. To be precise, tokenization is the primary step in the evolution of any cryptocurrency. Entrepreneurs and startups commonly use crypto tokens for crypto crowdfunding ICO. These tokens contain some utilities, represent tangible assets, IOUs, and many more. The only difference between crypto coins and tokens is that crypto coins require a separate blockchain, whereas crypto token does not need a separate blockchain.
Crypto tokens can be created through various blockchains, but Ethereum is widely used in the market. The reason is that Ethereum is the first blockchain that brought a structure for creating tokens. Ethereum brought a few standards for creating tokens, an open-source code, and tokens can be made using this. Many tokens are created using the Ethereum blockchain, and ERC20 tokens are the most commonly used ones. Let us know more about the ERC20 tokens and how to create them.
What are ERC20 tokens?
ERC20 token standard is the most popular one in the Ethereum blockchain. Because among many token standards in Ethereum for creating tokens, the first token standard that came into existence is the ERC20 token standard. ERC20 standards have a set of rules by which tokens should be created. These rules and regulations apply to all the tokens created in the Ethereum blockchain. Smart contracts are written based on these standards, and with that smart contract, tokens are created. The tokens that are created in the ERC20 standard are named ERC20 tokens. It has a similar value as a cryptocurrency. Some of the highly popular crypto coins that are created under ERC20 standards are Tether (USDT), Chainlink (LINK), Binance coin (BNB), USD coin (USDC), and many more. The reliability and popularity of the Ethereum blockchain have made many entrepreneurs create tokens in the ERC20 standards. Let us discuss more in detail the reasons for creating ERC20 tokens.
Reasons To Create ERC20 Token
There are numerous reasons for creating an Ethereum blockchain, particularly in ERC20 standards, and let us look into them one by one.
- Building a community for business purposes, ERC20 tokens can be created as utility tokens and distributed to the users. This increases the strength of a community or can create a new community.
- Tokens that are created in ERC20 standards are splittable, fungible, and can be easily transferred. This influences many crypto traders to choose ERC20 tokens.
- The crypto tokens created in the Ethereum blockchain can be quickly promoted because the Ethereum blockchain has its fanbase in the crypto world.
- In the current market, most of the tokens are created in the ERC20 standards, making them easily accessible for trades.
- ERC20 tokens created for ICO have more credibility since the Ethereum blockchain backs them.
- Exchanges readily accept it because of its reliability.
- ERC20 standard is the first-ever specification that came into the market for token creation.
- ERC20 tokens are made with smart contracts, and it is decentralized on Ethereum virtual machine.
How To Create Your ERC20 Tokens
You can create an ERC20 token in two ways, either you can create your ERC20 token or create ERC20 tokens from an ERC20 token development service provider.
Create ERC20 tokens on your own
- You need to plan the requirements and purpose of creating your ERC20 tokens.
- Depending on your requirements, the smart contract differs and based on your token requirements, you need to write your smart contract. For writing smart contracts, you need to be well-versed in solidity language.
- You have to determine the token properties.
- Once the smart contract is created, you can’t modify it, so you need to be very careful while writing your smart contract.
- After finishing the smart contract, you need to test for Etherscan verification.
- Then you have to validate the tokens to make sure whether it is working properly.
- At last, you need to deploy your tokens in the Ethereum blockchain, and for that, you need to pay for Ethereum.
Create from an ERC20 token development service provider
- You have to plan your purpose for creating ERC20 tokens for selecting the smart contracts.
- Determine the token properties like the token name, symbol, total supply, and decimal point.
- Approach an ERC20 tokens development service provider and convey all the requirements based on your ERC20 tokens.
- They will write the apt smart contract for your ERC20 tokens based on your needs. They will have well-versed developers in Solidity and other technical knowledge, which makes the process much easier.
- They will be doing all the tests for Etherscan, and once everything is completed, they will validate the tokens.
- Finally, they will deploy your ERC20 token in the Ethereum, and you will receive your tokens easily.
Compared to these two methods, entrepreneurs prefer going for an ERC20 tokens development service provider because it is much easier. If you wish to create it on your own, then Solidity is a code language in which you should write your smart contract, and for that, you need to be an expert in Solidity. If you do not have in-depth knowledge of Solidity programming language, No Problem, you can approach the reliable ERC20 Token Service Provider. They offer end-to-end Token Development service in a bug-free way.
Cost to create your ERC20 Tokens
The cost of creating ERC20 tokens depends on various factors like the features you wish to implement and your token properties. If you create your ERC20 tokens from a service provider, it will cost you around $2k - $4k. It comes along with the ERC20 token wallet to store your tokens, web, and mobile application. If you create your token on your own, you need to hire an experienced developer, but it will cost you more. Apart from hiring a developer, you need to do the other processes, like testing for Etherscan, validating tokens, and summing up. It takes around $200k if you create on your own.
CoinsQueens For Your ERC20 Token Development Service
In CoinsQueens, we have an expert team of blockchain developers, designers, and developers, who are experienced in Solidity. We have been providing ERC20 token services for various clients around the world. Our ERC20 tokens are of a first-class quality which makes our services stand out from other token service providers. The services we provide will cost you a reasonable amount of money which falls under the budget-friendly category. If you are an entrepreneur planning to create tokens on ERC20 standards in the Ethereum blockchain, you can reach out to us and convey your business requirements, and you can get your ERC20 tokens in a hassle-free manner.