Creating tokens for several businesses or startups on the blockchain is big nowadays. From Solana, Ethereum, BEP20, Tron, Polygon, DeFi, NFT, or Metaverse tokens promise and deliver several benefits for startups on the blockchain. With a massively growing blockchain, it’s good for startups to partake in this evolution.
And that’s why token development services are in overdrive on the blockchain. Different types of tokens on different exchanges will definitely cost differently. Below, in this blog, we analyse what it costs to create a token. We also look at the best guide for startups in token development.
What is token development? What are its benefits?
Cryptocurrency tokens are digitally transferable assets stored on the blockchain. They are also sets of coded rules executed via smart contracts. Tokens act as digital units of value stored on the blockchain and traded (sold, bought, or exchanged) across various exchanges. There are many benefits for startups in developing tokens. They include, among others:
- Higher liquidity transfer on the blockchain. For startups, liquidity is essential as it enhances access to business capital and further investments. The tokens can be easily transformed into real cash on the blockchain.
- Access to global markets and huge investment potential. Tokens can be traded on a global scale to facilitate the startup’s ambitious financial goals and objectives.
- Better security and safety of digital assets
- It is cost-effective and highly rewarding for startups.
- Smart contracts ensure better transaction transparency and accountability. Tokens are based on blockchain technology, using smart contracts for execution, and their use enhances digital transactions and the economy.
Average cost to create a token in India
There are several factors that will impact the cost of token development, ranging from token design, the development company, token customizations, etc. The average cost to develop a token can range from 5,000 to 30,000 dollars, depending on the exchange platform.
The step-by-step process of token development for startups
Define and know what type of token you need.
There are several types of tokens to choose from on the blockchain, depending on their uses. From Binance to Ethereum, there are several types of tokens and development standards, like ERC 20 and BEP 20, which follow strict protocols.
What are the major components in your token?
Initially, define yourtoken’ss name, sign, logo, or other unique aspects. The things to integrate can be done according to your business’ needs, size, and scalability options. Decide what your cryptotoken will do. Moreover, the overall token supply and checking all balances on addresses to enable and verify transactions are vital.
What is the blockchain platform for the token?
There are several platforms to launch the token, and specifying one is essential. Today, several tokens can be traded across several platforms with the interoperability feature.
Create smart contracts
Smart contracts are sets of protocols. Tokens are controlled by smart contracts, which are software on the blockchain network. So to make your own token, you need to code a smart contract. Ethereum was the first blockchain to bring smart contracts. And that’s why many cryptotokens are developed and deployed on Ethereum. Consider several aspects to integrate so that people can easily find your smart contract address and send their crypto. Design your smart contracts brilliantly to present seamless and flawless trade experiences.
Run conclusive quality tests and analyses.
While creating smart contracts for crypto tokens, remember to work around technical hassles. That is why running multiple quality assurance tests on a test blockchain is essential. It removes all grains of doubt from the crypto token.
Deploy on the blockchain
Deploying a completed and validated smart contract is easy. Depending on the tools developers apply, they can simply send a transaction with compiled contract code without a receiver. This can be done in a few steps.
Final Remarks
Creating crypto tokens for startups is a major business move that opens several opportunities on the blockchain. Today, most businesses have created tokens on the blockchain. Coin Developer India is a leading cryptocurrency exchange software development company that specialises in several exclusive token development services. There are several advantages to using trustworthy token developers. You can create unique and customised token development solutions to fully address all your business needs right here.
Contact At: 91 7240607737