There is an opportunity for you to act like the government. Want to know how?
The world is shifting to the next gear. Gone are the days when currencies were owned and minted by the government. This is a new era—an era of new possibilities, of innovations, of constructing a new world.
Now you might be wondering, how can we do what the government is doing? Isn’t it illegal to make your own money? Won’t the offender end up in prison?
Well, no, the practices mentioned above are not against the law, and the currency being talked about is not among the preexisting ones; any government does not sanction these currencies. These were created by the people and for the people to do what government-authorized currencies couldn’t.
Crypto Currency was created to overcome the hurdle the government’s centralized currencies failed to overcome. These currencies are entirely decentralized, and no single authority has power over them; instead, the power rests with the people.
Cryptocurrencies work on the Blockchain network, and to complete a transaction, authorization from the people connected to the network is a must.
Blockchain is a decentralized network that works on a peer-to-peer system where transactions are stored using cryptography and are greenlit by getting the authentication of every peer in that network. Then these authenticated transactions are stored in the form of blocks.
Each transaction adds a new block to the network, creating a chain that, once recorded, cannot be altered or hacked.
As this blockchain technology is seeing its development phase, many enthusiasts want to be a part of this future. Hence, they are eager to understand this system so that they can create their own currency and become millionaires.
What exactly is a Crypto Token, and how does it differ from a Cryptocurrency (Coin)?
People understand the basics of blockchain easily, as it’s kind of the talk of the town. Everyone has their own personalized definition, but the gist remains the same.
Here, what we are trying to understand is the difference between a Crypto Token and a Cryptocurrency (Coin).
First things first, addressing the elephant in the room. Yes, what you are thinking is correct. Both tokens and coins work on the blockchain network and can be used to perform transactions or as a form of exchange.
Now to the differences:
Coins are the native assets of the blockchain, and every blockchain has only one native coin as its asset. In comparison, tokens are something that is built on top of an existing blockchain using applications or any other form of platform. There can be an arbitrary number of tokens that could be created using a single blockchain.
To create a coin, you have to write different sets of codes and create an entirely new blockchain with its own rules on how the transaction will be validated or how the network will become safer and safer.
With tokens, you don’t have to worry about any of the things mentioned above. Even if you don’t know how to code, you can still create your token. On platforms like Waves or Ethereum, you may find the standard templates that are used to produce these tokens. The creation process for tokens is standardized across different blockchains.
Even if you are new to the token circuit, you can easily create your own crypto token by utilizing services provided by platforms such as Prolitus.
Why will making Crypto Tokens be beneficial for you? Let’s look at what fruits it will bear.
The world of money is taking some drastic leaps toward its future, and everyone wants to be at its side when that inevitable change puts itself forward.
Right now, it might seem all haywire or hocus pocus, as this newly created world is relatively unknown to many. But once you decide to dive into it and go with the flow, you will be able to see the future into which all these business giants are putting their money.
We can see the future of money, and without a doubt, it can be said that it is in cryptocurrency. The security that it provides and the way it is evolving itself along with the global market show all of its potential.
A high level of risk is involved in the majority of crypto assets due to their inherent volatility. At the same time, some believe in challenging that statement by pointing out that it calls for specific knowledge and skills for one to earn money with cryptocurrencies by trading them.
It is believed and proven that tokenization is an excellent way of fundraising. It enhances liquidity, promotes faster transactions, is secured with blockchain networks, and is completely decentralized to top it off. These are a few of the many advantages that creating a toke brings with it.
Tokenization, as mentioned, is not just a way of liquidating or creating assets for exchanges. It can also be used for investment purposes, where users can stake tokens for a certain period, earning interest and exchanging them when they deem it profitable.
The key features of a token
Easy to create.
The best part that makes building your own token a dream for many is that it is easy to create. You don’t have to be a rocket scientist to create one. All you need is access to any platform that can help you build one on your own.
There are plenty of blockchains to choose from, depending on their set of rules and security.
All you need to do is choose which network’s rules and standards of operations are feasible and suit your business model, and that is it.
There are platforms like Prolitus that help users, especially new users, who want to enter the market and create their personalized token but are unaware of the methods and details. These platforms make developing a token as easy as baking a cake.
Tokens, although simple and straightforward, have different purposes. They are created to cater to varying forms of functionality.
There are tokens specifically created for payment purposes. These tokens are made solely for transactional purposes. These allow users to transfer tokens from one another and nothing else.
The other form for which tokens are created is for security usage. They are tokenized security investment contracts. They act as a financial instrument that the users use to freeze some of their holdings to accrue interest.
The third form of token is the utility token, which is created to serve a specific purpose. They are usually designed to give customers access to the blockchain-based platform.
Another famous form of token that has created a name for itself is the Non-fungible token. Here, you can convert your assets into tokens by giving them a unique identity and trading them on new exchanges.
The thing that is attracting more and more users to this blockchain-based system is anonymity. Anyone could see the user data, but as it is coded using cryptography decoding, it becomes impossible to decode, alter or hack.
When you run a business and rely on the price of a token, volatility implies that the market will have a significant impact on how well your business model performs.
The market is highly volatile, and the fluctuations are massive. With this kind of volatility, the success of your business model has little to do with how many people will buy and use your product if your crypto token is easy to buy and sell for other assets.
How can you build your own crypto token from scratch?
As mentioned earlier, creating a token is not rocket science. With the help of available platforms, a relatively new person with little knowledge about the technology can make and run their own crypto token.
What kind of token do you want to create?
The first thing you need to decide is what kind of token you want to develop, and you can choose from the aforementioned categories and choose the token that best suits your purpose.
Choosing a blockchain network to create your own crypto token
Next, you will need to decide on what network you want to create your token. As stated earlier, every blockchain network has its own set of rules and standardized procedures.
You need to evaluate those standards and choose the one which you find the most feasible and that stands true to your creation. Along with considering the rules and operating procedure, you should also assess the cost of creating a token on your selected network.
Each network has a preset amount they charge as a fee for creating tokens. Along with the network’s ability to work, the average cost of making something should also be carefully checked.
Setting up smart contracts
Once the network is selected after a thorough examination, the next step includes building a smart contract.
Now you might be wondering what a contract is doing in creating a digital token. Well, a smart contract is a piece of software or a transaction protocol that is designed to automatically carry out, manage, or record legally important events and activities in accordance with the terms of a contract or agreement.
How your system interacts with its users, the degree of decentralization provided by your network, and how your system will behave to attract more customers. All these things depend on the time of the contract that you predetermine while developing the token.
Testing out the prototype and running a quality assurance test
Before putting the project out into the world, you should test it to find and fix any bugs that could affect how the network works.
Replacing a bugged contract will be quite a lousy job. Hence, it is advised to run multiple tests on a test blockchain like Rinkeby or Ropsten before going full-fledged.
After every step is completed, deploying your contract to the blockchain is the only thing that remains. And this is the easiest part of this process.
You could always hire a professional developer who indulges in these fields to help you climb this peak. This will not only make your work easier, but these developers will also provide you with valuable advice that will help you in the long run.
Prolitus can help create your very own Crypto Token.
Prolitus has put together a team of experts who know a lot about money and are trained to use that knowledge to their advantage when trading on crypto exchanges.
They don’t usually prefer the adjective ‘expert’ for themselves, as they like to call themselves Crypto Enthusiasts. This market is in its growing stage; they, too, are learning along with it and paving the way for a new digital future.
With the powers vested in us by our enriching team, we help you create your own token. Whether it’s ERC20 or building on the Binance Smart Chain, our expertise is in many.
We provide our services in a way that satisfies the requirements and expectations of our customers. We provide complete support and guidance to our clients to help them achieve their business goals. With the help of Prolitus’s coin token development services, clients can tokenize their assets and take advantage of additional features like voting rights, buyback rights, and interests in other funds.
Our services are created to satisfy each of your demands!
Have you ever considered tokenizing your assets? If so, we would love to chat with you.