How does ERC20 token development influence the efficiency of your ICO?
John Walder last edited by
Crowdfunding has been the main source for businesses to raise funds. This method involves raising funds for a specific cause or a project from a large number of people. It was considered to be a successful method for nearly 20 years. But, in recent times, many crimes have been reported on crowdfunding frauds - especially IPO.
So, what could be the possible alternative method for crowdfunding? This is where crypto crowdfunding hops in. Crypto crowdfunding is a process that involves blockchain and other crypto stuff. As a matter of fact, crypto crowdfunding has proven to be more secure and efficient when compared to traditional crowdfunding. ICO, a method of crypto crowdfunding is the most popular and preferable among modern investors. There are many success stories in the past using ICO. For instance, filecoin raised a total sum of $252 million through ICO. This sets an example for the trust that people have towards ICO. Also, it shows the efficiency of ICO in raising funds. ICO process involves token creation - a vital factor to set the stage for raising funds. These tokens are digital assets that are sold to investors. They hold the equity share of the investors. So what is the best idea to improve the efficiency of your ICO? You will have to look into two factors to answer this question.
- Blockchain platform
- Token Standard
The blockchain platform you choose to create tokens will talk on your behalf. It is important to find the most popular blockchain platform as it helps in attracting more number of investors. To be precise, the popularity of the blockchain platform will be the first step to improve your efficiency.
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 the token standard is not 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 ERC20 token development, 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