Create Your Own ERC-20 Token Efficiently

Create Your Own ERC-20 Token Efficiently

The bitcoin might be the most popular and efficient standard in the whole crypto world. When it comes to creating your own token or smart contracts, undoubtedly the winner is Ethereum.

The Ethereum is generally governed by a standard protocol called ERC-20 which helps in creating smart contracts and new tokens for launching your own ICO.

Creating an Ethereum Token:-  

  • The first thing a developer should do while creating an Ethereum token is simplifying the specifications of the token. 
  • It is important to determine the functionalities and capabilities of the Ethereum.
  • Mining can search bitcoins, but Ethereum tokens need buying and transferring. 

Ethereum Smart Contracts:- 

  • The most prominent things that make Ethereum the most preferred blockchain for creating tokens is the way they handle the smart contracts.
  • Smart Contacts eliminate the use of any intermediate and reduce the cost, This increases the magnitude of trust and security on the blockchain. 

Programming Required for the Token:- 

There are basically four various languages which are used for creating the Ethereum Tokens are:- 

  • Lisp-like Language (LLL), considered good for programming, doesn’t widespread in the application and helps in maintaining the complexity.
  • Mutan which is similar to GO programming language is mostly preferred and used by many members of the crypto community. 
  • Solidity, One of the JavaScript-like language focuses primarily on smart contract development. This is slowly gaining attraction is mostly preferred by many developers.
  • The serpent, A python-like language is a well-trusted choice by the Ethereum developers to build the ERC token.

Various Ethereum Token Standards:- 

A token which is created on Ethereum has to comply certainly standards. These sets of standards are known as Ethereum Request for Comment or ERC. There are various other standards that fall under the ERC category, Let’s see what are these.

  • ERC 20 is no doubt the most common standard in today’s crypto world. There are some mandatory parameters like, The name of the token, supply which is available for circulation, and the ability to check the wallet balance; These parameters make it the most trusted standard. 
  • ERC 621 is a standard that appeals to be the financial managers of the blockchain. This standard facilitates the issue and supply of the additional tokens and also takes care to reduce the tokens. ERC 621 takes care of all the market issues of the tokens.
  • ERC-223 is quite similar in many ways while compared with ERC-20. The biggest exception is the functionality of the return of funds. This feature helps in taking care of many issues. Issues like incautious money transfer and incompatibility with other wallets.
  • There are many other standards like ERC 721 which is non-replaceable and ERC 827 is another standard that provides access to transfer tokens on behalf of external services.

Which Token Standard to Choose:- 

However, with the growing need for tokens, it is difficult to choose only one out of many choices. Change is slow and we can’t ignore the features of all the standards. They certainly deserve all the respect for the profound impact they had on the crypto world.

 

Also Read:- A Complete Guide For Creating an Efficient White Label Cryptocurrency Exchange