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Creating a crypto token is not a daunting task unless you get support from a reputable crypto token development company. Crypto tokens are digital assets that possess value and are utilized for crypto exchanges, staking, fundraising, etc.
From DeFi applications and NFT ecosystems to crowdfunding and governance, crypto tokens serve countless purposes in the digital economy. As crypto tokens are taking a huge part in reshaping the digital ecosystem, crypto token development has been widely adopted in various sectors.
If you are also looking to create a crypto token, then we have crafted this blog with accuracy to provide the necessary details. But before that, let’s have a look at…
Why Should You Create A Crypto Token?
Developing a crypto token opens up countless possibilities for businesses to lay a foundation stone for success in the blockchain space. Crypto tokens are a key asset in the crypto space that help startups to reap enough profits from various sources. With the right tokenomics and blockchain integration, anyone can drive innovation, liquidity, and long-term success in the crypto market. Without any secondary thoughts, let’s get into the core query of the crypto token development process.
Create A Crypto Token – 10-Step Model
Creating a crypto token is not daunting unless you get the right crypto token development company and a skilled team. The crypto token creation firm follows a 10-step process to avoid technical bugs, glitches, and errors.
Step 1: Token Analysis
Before starting the token development process, it is important to analyze the type of token, its purpose, and its need in the current trend. This helps you boost the crypto token development process without any hassles. Get guidance from the development team to get details about the crypto tokens.
Step 2: Market Research
Once you get the details of the existing tokens, token standards, etc, it is the perfect time to start the market research. As the crypto market is dynamic and volatile, the need for crypto tokens may vary. You can analyze the competitors, their success rate, and feature integration to implement in the development process.
Also, pre-plan the token development process with the experts to avoid delayed creations. Creating a perfect roadmap will lead to the success path easily.
Step 3: Defining Token Purpose
In this development phase, choose the token type and its primary purpose of crypto token creation. This gives clear knowledge for the crypto token developers to deliver qualified tokens without any hassles. Numerous crypto token types exist there, and they are widely utilized for various purposes.
- Utility Tokens – These fungible (exchangeable or same value possessing) tokens are widely utilized for the crowdfunding process and provide access to goods or services.
- Security Tokens – These security tokens represent a firm ownership of a specified asset, stocks or bonds.
- Governance Tokens – Primarily, these tokens are utilized in the DeFi platforms for voting or rights purposes.
- Non-fungible tokens – These tokens are unique, where rare collections, arts, or commodities can be converted into non-fungible tokens.
- Stablecoins – These crypto tokens are pegged with fiat currency to maintain a stable value for the cryptocurrency.
As each crypto token has its specific purpose, choose the best crypto token that suits your business mission and vision.
Step 4: Blockchain Choice
The foremost and important step in the crypto token development process includes the choice of the blockchain network. The primary blockchain choice for token creation is Ethereum and its token standards. But, presently following the footsteps of Ethereum blockchains, various networks like BNB, Polygon, Tron, Solana, etc have designed their token standards.
Each token standard of the blockchain network possesses a purpose to serve. So, among various blockchain networks, pick the best blockchain to create the crypto tokens for your business. You can customize the smart contracts of the blockchain network for enhanced security, reliability, and transparency. Get guidance from blockchain developers for more detailed benefits of each blockchain network.
Step 5: Smart Contract Coding
Here comes the core technical process in creating the crypto tokens. Smart contracts are digital agreements that are created with pre-defined conditions to execute the actions. The token’s smart contracts ensure the functionality, token supply, and token transfer within the blockchain network. These smart contracts are created with various programming languages like
- Solidity for the Ethereum blockchain
- Rust for Solana Blockchain
- Vyper (alternative to Solidity)
Based on the choice of the blockchain network, the smart contracts are created with effective coding. With efficient smart contracts, the crypto tokens are distributed without any technical issues.
Step 6: Feature Integration
After integrating the smart contract code, the necessary features for the crypto tokens can be integrated. Crypto tokens function seamlessly depending on the necessary feature implementation. Some of the features that have to be implemented for a hassle-free crypto token creation are,
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- totalsupply – explains the total distribution of crypto tokens.
- balanceof – Information about the balance of crypto tokens of the specific account.
- Transfer – transferring crypto tokens from one account to another.
- Approve – approval for third parties to utilize crypto tokens on behalf of the owner.
- Transferfrom – With an approved allowance, transferring tokens from one to another.
- Allowance – calculation of the remaining crypto tokens
- Mint – enables more token creation to increase circulation
- Burn – allows burning specified crypto tokens to increase demand
- Pause – halts the crypto tokens temporarily
- Unpause – crypto token transactions are resumed after a pause
These are the important features that have to be integrated into the token development process. Additional features like blacklist, whitelist, unstake, claimrewards, etc can be implemented for further crypto token enhancement. Integrating add-on features enhances the token security, functionality, and privacy.
Step 7: Development Phase
After the token features are integrated, the crypto tokens are given a symbol, name, liquidity optimization, etc, in the development phase. Backend coding and features are completely integrated in this phase. As the crypto tokens are assembled, the importance is given to optimizing the gas fees of the blockchain network. In this developmental phase, the crypto tokens are prepared for real-world applications.
Step 8: Quality Assurance
Once after the token development phase, the crypto tokens undergo testing or a quality assurance process. The testing phase is conducted to ensure to find out technical vulnerabilities, bugs, or errors. Some of the necessary crypto token testing process involves,
- Smart contract testing – As smart contracts are immutable, assuring them by double-checking the code will reduce further losses.
- Functional Testing – As features are the base for crypto token functioning, conducting a strong quality assurance process helps startups reduce unnecessary costs in fixing the issues.
- Stress Testing – This process is conducted to verify the potential of the crypto tokens to handle huge traffic or heavy loads. Through this, crypto tokens work efficiently even in stressful situations.
Step 9: Deployment
With a proper checking process, the newly created crypto tokens can be deployed on the Mainnet of the blockchain network. The crypto tokens can then be listed in various crypto exchange platforms like CEX, DEX, staking platforms, etc, to increase the global outreach. Promotions and marketing of the tokens can be conducted through token rewards.
Step 10: Pro-Longed Support
As you approach a crypto token development company, regular updates and prolonged support are provided by the skilled developers. In further support, the tokens are occasionally tested to find vulnerabilities, technical bugs, and issues.
This is how a crypto token is developed with the help of a token development company. Based on the blockchain type, the token development process may slightly vary. As cryptocurrencies have turned into a potential investment option, creating crypto tokens has become a game-changer for newbie startups.
But, startups are faced with frequent doubts about the profit potential of creating a crypto token.
Is Creating Crypto Tokens Profitable?
Yes, creating a crypto token is profitable based on various factors. Let’s break down the business-based profits of creating a crypto token in detail.
- Crowdfunding – Startups can conduct crowdfunding campaigns, such as ICOs, STOs, IDOs, IEOs, etc., to raise funds for their new crypto projects.
- Rewards – Crypto tokens are widely utilized for rewarding purposes to increase the user engagement for any kind of crypto platforms.
- Cost-Effective – The cost to create a crypto token won’t exceed the business budget of startups which making this a profitable business venture. With a minimal investment, potential profits are generated.
- Ecosystem Growth – The community can be grown with the creation of crypto tokens by incentivizing new users with rewards.
From this, it is evident that creating a crypto token as a business will help you to reach success. Apart from digital currency, these crypto tokens are used in various industries.
Applications Of Crypto Tokens In Various Industries
Crypto tokens are not limited only to the crypto market, rather, they are primarily utilized in different sectors for numerous purposes. Some of them are,
- DeFi Platforms – In all kinds of DeFi platforms, crypto tokens are used for voting, staking, lending, etc.
- Gaming – Crypto tokens are widely utilized in the digital gaming industry for purchasing gaming items.
- Real Estate – Real-world properties and assets are tokenized into desired crypto tokens.
How Pixel Web Solutions Help You In Game-Changing Crypto Token Development?
Pixel Web Solutions is a well-known crypto token development company among numerous competitors that offers the best crypto token development services. With 12+ years of experience, expertise, skills, etc, we have helped startups to accomplish their success in the competitive crypto market. We are offering various kinds of token development on popular blockchain networks that including Ethereum, Solana, Polygon, Tron, etc.
We possess a skilled set of token developers who have enough experience in creating crypto tokens without any technical errors. We ensure that the crypto token creation are done with high-tech security, transparency, and cost-effectively. Along with the token development services we offer you seamless token deployment, compliance, and prolonged support.
Ready to launch your crypto token? Contact our experts today!