How do the blockchain platform and token standards influence the ICO process?

  • Initial Coin Offering is a gift for startups and entrepreneurs to develop their funds. Despite being in existence for some years, it was only in the year 2017 when ICO had its first laughter. Almost $252 million funds were raised through ICO. It gave hope to the aspiring investors who were dejected by the scams in the traditional crowdfunding method. Since then, ICO has proved to be the most reliable method to raise funds for businesses. ICOs are not meant to succeed on their own. There are certain factors that might help you in increasing the value of your ICO.

    • 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. It holds the share value of the investor notifying the shares they possess.

    Blockchain Platform
    As mentioned before, the tokens reside on the blockchain platform. So, is it not important to create these tokens in a more suitable blockchain platform? Before doing so, it is wise to do some research on the 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 a blockchain that is not known by many. 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.

    Token Standard
    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 blockchain platform is the most preferable?

    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.
    Popularity: All these blockchain platforms are popular among investors, which forces us to rule out this condition.
    Transaction cost: 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: Transaction speed will be the tiebreaker between 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?
    The 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.

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