How to choose the best token standard for your ICO?
ICO has been the most preferable way to raise funds in the recent past. It has benefited many entrepreneurs to take their business to next level. For instance, around $3.3 billion funds were raised through ICO during the year 2019. But, you can make your ICO even more efficient by noticing two factors.
- Blockchain platform
- Token standard
Before working on the blockchain platform let’s have a peek at crypto tokens. Crypto tokens are the fundamental elements to raise funds through ICO. The crypto tokens are digital assets that hold the shares of the investors in the company. It is fungible and tradable. These tokens reside in their particular blockchain platform and have the ability to acquire the characteristics of it. As a matter of fact, you should be very specific in choosing the blockchain platform. Also, the blockchain must be popular that each and everyone in the crypto universe should be familiar with.
Blockchain platforms have their own fungible token standard to create crypto tokens. A few blockchains have more than one token standard. Ethereum for example has many fungible token standards like ERC20, ERC223, ERC777, and so on. It is recommended to identify the token standard most suitable for your ICO. Token standard plays a major role in making the ICO efficient. It is important to make sure that the standard you choose should be popular among the crypto enthusiasts who can be your potential investor.
How to choose the best blockchain and token standard?
Choosing the best blockchain platform and token standard cannot be a hard nut. A well-experienced professional will recommend going with the ERC20 token standard in the Ethereum blockchain. Both ERC20 and Ethereum blockchain has the popularity you require. Also with as mentioned before creating ERC20 tokens can have a token that can acquire the characteristics of the Ethereum blockchain.
Where to create ERC20 tokens?
ERC20 token development requires the implementation of smart contracts. The smart contracts are written in a special language called solidity. So it requires the help of an expert to implement a smart contract. You can find an ERC20 token development company to create ERC20 tokens. Though there are many such companies out there to offer you token development services, not all are genuine. So it is mandatory for you to do some research before choosing a company. But I’ve done some groundwork and found out Zab Technologies-a renowned blockchain development company has been doing great work on ERC20 token development. Along with that ERC20 token development Company , they also provide some perks like a crypto wallet to send, receive and store your tokens. You can also avail of a free demo before initiating.
**You can contact them to find the cost of ERC20 token development and more.