Cryptocurrencies have become a buzzword in the financial market right now. Credit to its unique features, investors, big tech firms and people around the world are adopting cryptocurrencies.
Startups, entrepreneurs and businesses have started to look into the capitalizing opportunities in the crypto industry. They are launching crypto wallets, trading platforms, exchanges and payment platforms. Powered by blockchain technology, crypto is coming out as the new multi-billion business sector.
You can leverage the perks of the rapidly growing crypto industry by launching a crypto coin or token in the market. We offer end-to-end crypto token development services to help you kickstart your venture in the crypto sphere.
Let us now have a look at our utility token development process, features and much more.
What Is a Utility token?
When it comes to crypto tokens, there are two types of tokens. They are:
- Security tokens
- Utility tokens
Security tokens are digital assets that represent ownership, rights or transfer value of an asset or a bundle of assets. In simple words, a security token is a digitalized version of traditional investments like stocks, bonds or any other securitized assets.
On the other hand, utility tokens are digital tokens that have been assigned a specific purpose within an ecosystem. Utility tokens are mostly used to fund the development of a cryptocurrency project.
A company issues utility tokens to its early investors in ICO to raise funds to support the development of its cryptocurrency. You can use these tokens to avail several services within the company’s ecosystem. By staking utility tokens, you can even participate in the platform’s governing proposals and voting.
However, you cannot use utility tokens issued by one company on another’s system. Every utility token has a specific purpose within a specified ecosystem.
Why Should You Create A Utility Token For Your Business?
Here are some of the reasons why you should consider utility token development for your business.
You can issue utility tokens to create a smooth payment system within your business. The utility token will act as the native currency of your ecosystem. You can make the utility token the only acceptable mode of payment.
Moreover, you can use this payment system to offer discounts to your customers. On a larger scale, integrating this payment system into your business will enhance user experience taking your business to success.
It will help you establish a smooth, secure and decentralized payment system for your ecosystem.
You can use the utility tokens to grant access to your platform’s governing rights, voting rights or other premium services.
Only those users who own your tokens will be able to avail of the premium services of your platform.
By creating a utility token for your business, you can raise funds to support your business projects. Thus, you will have funds to expand your business, support ambitious projects and create more revenue opportunities.
Here are some of the business benefits of leveraging our utility token development services for your business.
- Establish a secure and smooth payment system
- Elimination of middlemen in your business transactions
- Offer your users instant, cost-effective and secure transactions on your platform
- Raise funds through ICO to support your projects
- 100% decentralized
- Launch in-built secure token wallet app compatible with iOS and Android devices
How To Create A Utility Token?
Developing a utility token is the job of professionals and experienced developers. If you are going on your own and have less knowledge of blockchain and coding, it will become a difficult task.
Even though you have sufficient knowledge, you cannot do all the work yourself. You will have to hire a development team to help you.
At Block Tech Brew, we make the utility token development process easier for you. Our team of skilled and experienced developers are proficient in developing secure and multi-purpose tokens as per your business needs.
Have a look at the process of utility token development:
- Decide the blockchain you want to build your token on. Ethereum and Tron are the most widely used network for developing the token.
- After choosing the blockchain network, you will have to select the token standard.
- In the case of Ethereum, you can choose ERC token standards like ERC20, ERC223, ERC1400, ERC621, ERC721, ERC 827 and more. But ERC20 and ERC721 are the most preferred ones.
- If you are choosing Tron, then you can select TRC10 or TRC20 token standard.
- The next step is to select the desired coding language and start coding the smart contracts.
- After the coding of the smart contracts, you will have to test the smart contracts, validate crypto tokens and verify their functioning and performance.
- Lastly, you need to deploy the code on the token development platform you have chosen for creating the utility token.
Salient Features Of Utility Token Development
Here are some of the salient features of our utility token development:
- ERC/TRC contract generation
- Token wallet app for Android and iOS
- Setting Initial Supply
- Setting No of Issues
- Setting Fractions
- Deploy Contracts
- Generate Tokens
- Validate Contract
- Token swaps
- High-level security protocols
Looking to make an entrant into the crypto sphere by launching a reliable utility token?
Partner with the domain experts to avail the industry-leading utility token development services for your business. As a leading cryptocurrency wallet development company, we also help you build a secure wallet to store your tokens.
Talk to our experts today.
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