How do the blockchain platform and token standards influence the ICO process?
John Walder last edited by
Initial Coin Offering has become the major source of crowdfunding for businesses. It has many stories that could vouch for its success in a very short period. As of now, ICO has secured a prominent position in the most preferred crowdfunding methods. But, not all ICOs end up on the winning side. There are certain factors that have the capability to make an ICO successful. But only two can help in making it more efficient.
- Blockchain platform
- Token Standard
Before getting there, let’s have a look at crypto token which is essential for an ICO. Crypto tokens are digital assets that reside in the native blockchain platform. These tokens are sold to the investors to raise funds and will replicate their shares.
As mentioned before, these tokens reside on the blockchain platform. So, is it not important to create these tokens in a more suitable blockchain platform? There are a few factors to be noted while choosing the blockchain platform.
Not that all your investors will buy your tokens which resides in an unpopular blockchain. So the popularity of the blockchain is a compelling factor to be noted.
The cost per transaction varies among different blockchain platforms. So does the transaction speed. Your investors will definitely be concerned about these two factors. So it is advisable to do some research before creating your tokens.
It is hard to choose a suitable blockchain platform although there are only 3 blockchain platforms that are mostly preferred - Ethereum, TRON, and Binance Smart Chain.
Similar to blockchain platforms, token standards also have their own popularity. Crypto enthusiasts who are potential investors will take a peek into these kinds of stuff. Apart from popularity, each blockchain platform has more than one fungible token standard. For instance, the Ethereum blockchain has ERC20, ERC223, ERC777, ERC865, and more. You will have to be precise and choose the best and suitable among them.
Which among Ethereum, TRON, and Binance Smart Chian is the most preferable?
As mentioned earlier, choosing one among these blockchain networks can be quite hard.
All these blockchain platforms are popular among investors, which forces them to rule out this condition.
When it comes to transaction costs Ethereum will be the first to get eliminated. TRON and Binance Smart Chain have cheaper transaction costs.
Transaction speed will be the tiebreaker for TRON and BSC. Binance Smart Chain has a transaction speed that averages around 100 per second. TRON, on the other hand, could handle up to 2000 transactions per second. This helps in making TRON the most preferable blockchain to create crypto tokens.
How to create TRON tokens?
TRON blockchain has two token standards. TRC10 & TRC20. TRC10 is not the most preferred token standard, at least in recent times. TRC20 is an upgraded version of TRC10, and the most important factor is, it is similar to ERC20. Either way, you will have to implement a smart contract for TRON token development. Smart contracts are written in solidity language. A small err in the solidity might cost you the entire process. So, you will require the guidance of an expert to create one. Or you can find a TRON token development company to fulfill your requirements. There are many companies out there that provide TRON token development services. But, it is advisable to do some research before contacting the company.
I, on the other hand, have done some groundwork and would like to suggest to you my findings. Zab Technologies - a renowned blockchain development company, has been providing token development services in a trustable manner. Along with TRON token development, they also provide crypto wallets, which help you in sending and receiving the tokens. You can contact them to avail a free demo on their wallets too.