Published in · 8 min read · Jan 27, 2022
In this modern era, crypto fundraising is gaining massive attention among startups and entrepreneurs. Because the fundraising strategy in the crypto sector helped many people to raise funds effectively and quickly in a successful way.
Business people raise funds by selling their tokens through any of the crowdfunding methods like ICO, STO or IEO by setting a certain price and limit for their tokens. Moreover, they prefer utility tokens for their token creation. Because the utility token can be used for various purposes. As a startup, If you want to run an ICO campaign or participate in IEO, then you need to create crypto token on any existing blockchain platform. Or if you want to run an STO campaign you can create security tokens.
As of now, Ethereum is the best and most familiar blockchain platform for Crypto Token creation. Ethereum is a kind of permissionless blockchain network and can be used for running smart contracts. On the flip side, it is a popular token development platform in the marketplace. Thus, it can be completely used for crypto token creation, smart contracts development, Dapp development, and more. Ethereum has different ERC token standards when it comes to crypto token development.
Such as ERC-20, ERC-998, ERC-223, ERC-777, ERC-621, ERC-827, ERC-1155, and more.
Among all these standards, ERC20 is the best and most familiar token standard used for creating tokens to raise funds in a crypto crowdfunding platform. If you are a startup or an entrepreneur willing to Create ERC20 token, then this article would be very helpful for kickstarting your ERC20 token business.
Let us start this electrifying article with…
ERC20 is a technical Ethereum token standard that helps to create fungible crypto tokens on the top of the Ethereum blockchain network. The tokens which are created by using the ERC20 standard are called ERC20 tokens. In other words, we can say that the ERC20 standard tokens are blockchain-powered tokens with similar functionality to other Ethereum-based tokens. Like crypto coins, if you create ERC20 tokens they can be widely used for trading, fundraising, brand promotions, transactions, making payments, and more.
It defines a set of rules and conditions that apply to all Ethereum-based crypto tokens. The ERC20 token standard has helped many projects across different domains by becoming a part of various Initial Coin Offering (ICO) projects. Experts in the crypto community are declaring that the ERC20 token standard is more efficient with many productive practices when compared to other token standards.
You might ask — what is the difference between crypto tokens and crypto coins?
The difference between tokens and coins is, For example, ERC20 tokens are completely developed under the existing blockchain — Ethereum. Whereas, crypto coins “Ether” are created on the independent blockchain network. This is the major difference between a token and a coin. That’s why crypto startups and investors prefer to Create Crypto Tokens for their businesses.
As previously said, the ERC20 standard is used for creating smart contracts. So by using ERC20 standard smart contracts, one can avoid the interference of third parties or middlemen. This becomes the major reason for the huge demand for token creation on the Ethereum blockchain. Now let us see the…
Ethereum is the popular blockchain in the crypto market, it is due to some potential benefits and functionalities. Thus, many crypto tokens that are created on the Ethereum blockchain were introduced into the market by crypto startups. But only a few ERC20 tokens attracted many traders and investors. Here I shared the list of top ERC20 tokens to create ERC20 Tokens that are ruling the entire global crypto marketplace right now.
- Chainlink (LINK)
- Tether (USDT)
- Shiba Inu (SHIB)
- Wrapped Bitcoin (WBTC)
- OmiseGO (OMG)
- 0x (ZRX)
- Maker (MKR)
- Augur (REP)
- Golem (GNT)
- Loopring (LRC)
- Basic Attention Token (BAT)
These above-mentioned tokens are the prominent ERC20 standard tokens in the crypto sector. Also, most crypto traders and investors will prefer these ERC20 tokens for trading on the exchange platforms.
Now, you may ask a question like…
If you are a startup willing to raise funds for your business, you can Create ERC20 token, which will be one of the right solutions for your business. Because ERC20 tokens have lots of beneficial factors and are widely used by most crypto traders in the marketplace. Here I shared some valuable reasons that you must note down to create ERC20 token securely.
High Security
The ERC20 tokens are designed in such a way that they have enhanced security capabilities. Because of the increased frequency of hacking incidents that are currently occurring, it is critical that the virtual currency you are using is secure. ERC20 Tokens are created in a highly secure manner by integrating KYC/API, end-to-end encryption, and two-factor authentication features.
High-Liquidity
When a new token enters the market, every cryptocurrency investor considers the token’s level of liquidity. Liquidity is defined as the ability to exchange any asset for cash. Many crypto startups create ERC20 tokens because it is simple to use and more advantageous to raise funds in fundraising campaigns. This is one of the factors that entice investors to invest in this coin.
Faster and Successful Transactions
Using ERC20 tokens, you can complete the transaction for repaying your utility bills more quickly. Because of its ability to conduct efficient transactions, ERC20 Token has become one of the most sought-after ERC20 tokens. So investors may be interested in this type of token and they ready to invest in it.
Easy Creation
You can create ERC20 Token in a simple process. If you want to create an effective token, it is recommended that you work with a skilled developer and professionals to build Ethereum tokens on your behalf. With that, you can easily build ERC20 tokens as per their business requirements at a low cost.
Overall, ERC20 standard tokens already got the attention of several crypto traders and investors in the marketplace. So in case, if you create and deploy your own ERC20 token on the Ethereum network, then you can raise your funds efficiently through the crypto crowdfunding platform.
Now, let’s dive into our main topic…
As the popularity of ERC20 tokens is rapidly growing in the crypto market, every crypto enthusiast will dream of developing their own feature-packed ERC20 tokens.
So many are surfing on the internet — How to Create ERC20 token?
You might get a clear answer to this question by further reading it. The answer is simple, you can Create ERC20 token using two possible methods.
Create ERC20 Token on your Own
Firstly, if you are a well-experienced developer, good at programming, and specialized in ethereum blockchain codings(like solidity). Then, you can craft your token by yourself. But you need to consider some important steps to create ERC20 tokens. Here I revealed some of the factors that you must consider while developing ERC20 token.
Decide your Token requirements
The first step in developing an ERC20 token is to determine the primary aim of how your ERC20 token should be. You must know how this ERC20 token is going to be useful for your crowdfunding and crypto business. Then you need to list the outstanding features that your ERC20 token should have and plan according to that.
Writing a smart contract
Smart Contracts are one of the important parts of the blockchain. So if you are creating an ERC20 token, then you should give more importance while writing smart contracts. When it comes to the ERC20 smart contract, there are six essential functions. Such as
- TotalSupply
- BalanceOf
- Allowance
- Transfer
- Approve
- TransferFrom
These six functions play an important role while making an ERC20 token.
Test contract code
In this stage, you must test the contract code for etherscan verification. Once you have completed writing the smart contract code, you must run the code to check and verify whether the given functions are perfectly okay or not.
Validate the tokens
After analyzing the code, you can run the beta test for validating the ERC20 Token transactions. You can validate your ERC20 tokens by seeing their performance. If your ERC20 token encounters any issues, then you can easily make the modifications accordingly.
Deployment
In the final phase, you need to deploy the constructed code on top of the Ethereum network so that you can launch a fully functional ERC20 token. By doing so you can create ERC20 token and use that for your fundraising process.
These five steps would help you to create ERC20 token. In case if you have made any mistake in coding, then you might face any issues or bugs, and this negatively impacts the entire ERC20 token creation process. So creating an ERC20 token by yourself is risky and not recommended.
Connecting with Crypto Token Development Company
So, the second possible way to create a secure ERC20 token for crypto fundraising is hiring a professional token developer from a reputed Crypto token development company.
You can Create ERC20 tokens with advanced features by getting connected with them. Because the genuine token development firm will have a team of skilled blockchain developers. So that you can request your business requirements quickly and create your own ERC20 token in a risk-free manner at an affordable cost. Apart from this, you can get all the latest and cutting-edge features in their ERC20 token development service.
Such as
- ERC20 Contact generation
- Setting Initial Supply
- Setting No of Issues
- Setting Fractions
- Deploy Contracts
- Mintable
- Burnable
- Pausable
- Generate Tokens
- Validate Contract
Thus, by approaching the leading ERC20 token development company in the market, you can get all the extraordinary features in your ERC20 tokens. That’s why many startups and entrepreneurs are hiring experienced blockchain developers from the finest ERC20 token development company for creating feature-rich ERC20 tokens. And you can also Craete ERC20 tokens in a cost-efficient manner by hiring a development firm.
Overall, we have discussed the major reasons to create ERC20 tokens for fundraising and also how to develop a crypto token on the Ethereum blockchain. As per the report, many crypto startups are preferring ERC20 tokens for trading purposes. So the crypto market is ready for you and, it is the right time to create ERC20 tokens in the marketplace & make profits. Fundraising with tokens is now a smart and popular option for your business idea. The number of tokens sold and listed on the exchange will enable you to run your business in real-time. As we discussed, ERC20 is the best standard for selling your token because it is the most popular among all token standards.
All you need to do is hire a team of blockchain developers from a genuine and trustworthy ERC20 token development company in the industry. Their team of experts is well-versed in the technical aspects of developing a smart contract for your token and also evaluates their experience in this field to determine whether they are capable of developing the quality tokens that you require. I hope you have got an overview to Craete ERC20 tokens for crypto fundraising.
