Ethereum Token Development - Detailed guide to develop your Ethereum Token

Ethereum Token Development

Ethereum token development is the process of creating ERC standard tokens that run on top of the Ethereum blockchain, and various type of ERC standards token utilizes an Ethereum blockchain and are built with advanced features and business purposes. Hence, the Ethereum token development process involves creating tokens, implementing all necessary working functionalities, and launching the token to engage investors around the world. 

Ethereum token development is rapidly growing. From the crypto exchange, gaming, and e-commerce to insurance, healthcare, and government, organizations across industries must meet user expectations for real-time, simple ways to reach investors and encourage them to trade effectively. To stay relevant, and successful, startups to large organizations are interested to develop the tokens that their customers, partners, and users demand.

Ethereum Token Overview

Ethereum tokens are widely occupying the dApps landscape with 100+ successful projects scaled globally. The number one reason why Entrepreneurs choose Ethereum is because of the tooling and technologies available in the Ethereum network. Moreover, it has a vast majority of networks with developers and researchers committed to improving the Ethereum ecosystem. 

Even Though EOS and TRON blockchains have been seen as the direct alternatives for Ethereum, these networks still lack their developer-friendly structure and interoperable infrastructure. You may have the desire to build Ethereum tokens for your dApp project. If that’s the case, you can get complete details from this Ethereum token development guide. 

Ethereum Token Use-cases

As we said, Ethereum tokens have been applied in a variety of dApps in different business niches. You can see them in detail below. 

1. Finance

Finance is the most used application of Ethereum tokens. DeFi, the new form of financial services, took up the boom due to its underlying decentralized state of the art infrastructure. Ethereum tokens serve as the collateral for loans in DeFi apps. Users may deposit the Ethereum tokens in exchange for getting other cryptocurrencies. 

2. Web browsing

Ethereum tokens may be used in decentralized apps such as paying for access to premium content, donating tokens to online creators, purchasing goods online, earning rewards for activities, for buying in-game assets, and much more.

3. Advertising

Ethereum tokens are used in advertising for paid ad space. Users can bid the ad auctions through the Ethereum tokens exchange. Additionally, users are paid in terms of Ethereum tokens for watching the ads. 

4. NFT

Ethereum 1155 is the token standard used for the creation of NFT. We all know the practical applications of NFT in real-time for recent time. Meanwhile, due to its high gas fees, NFT enthusiasts are shifting their eyes toward polygon, EOS, and Tron blockchains for minimizing gas fees. 

Types of Ethereum Token Standards

1. ERC-20 Standard

ERC-20 is one of the common token standards defined by the Ethereum blockchain. The standard can be used to create tokens that represent fungible tokens that can be interchangeable with other stablecoins. Till now, it is the friendly Ethereum standards accessible to most of the smart contract developers out there. 

Related - ERC-20 Token Development

2. ERC-721 Standard

ERC-721 is an open standard that outlines how to establish Non-Fungible Tokens on EVM (Ethereum Virtual Machine). The standard has its own set of rules like identifiers, and token symbols to identify the unique tokens that it can represent. These tokens can’t be interchangeable just like bitcoin, or ether. The ERC721 standard is always determined by its smart contract rule and the logic behind it. 

Related - ERC-721 Token Development

3. ERC-777 Standard

ERC-777 is the extended version of the ERC-721 Token standard. This token standard can help token creators to change the rules and implementation of the tokens once it’s live. We can define the custom rules and smart contract logic to set the tokens for functions. These standards came as the alternative for error handling in transactions that previous standards lacked.

4. ERC-1155 Standard

An ERC1155 smart contract is an Ethereum token standard that allows for the creation of multiple types of digital assets on the same blockchain. It is an improvement over the ERC20 standard, allowing for the creation of fungible tokens (like cryptocurrencies) as well as non-fungible tokens (like collectibles and artwork). It also allows for the creation of tokens with multiple types of functionality, such as the ability to pay dividends, create voting rights, or be used as a form of collateral.

Related - ERC-1155 Token Development

How to create a token on Ethereum?

The Ethereum standards can be different from one another in their rules and implementations. But the core part of development remains more or less for all the token standards. The programming language required for creating a smart contract is solidity or rust. We will explain the token development process for each standard. 

Ethereum Token Creation Process

Step 1 - Decide on the token's purpose and the number of tokens to be issued.

Step 2 - Select a platform to issue the token. Popular choices are Ethereum, NEO, and EOS.

Step 3 -  Create smart contracts for the token.

Step 4 -  Test the smart contracts to make sure they work correctly.

Step 5 -  Deploy the smart contracts to the blockchain.

Step 6 -  Create a web page or landing page for your token.

Step 7 -   List the token on exchanges.

Step 8 -   Promote your token to potential buyers.

How Much Does It Cost To Create an Ethereum Token?

The cost estimation for Ethereum token development may range from $1000 to up to $3000. Depending upon your token specifications, customizations, tokenmics supply, and other factors, the cost may vary. It is advisable to get a quote from the Ethereum token development company that previously did that. 

If you need a detailed price breakdown for Ethereum token development, you can contact Hivelance. We are the forerunner in delivering the Ethereum token projects for many startups and big organizations. 

Trusted Ethereum Token Development Company 

With the growing dependence on tokens to conduct daily activities of our lives, a top-notch and feature-rich crypto token can skyrocket business growth and success. For over 10+ years, Hivelance has been developing various ERC standard tokens, leveraging the top Ethereum token development trends, and helping companies forge a solid crypto token approach. Leverage our rich experience and expertise in Ethereum token development to create feature-rich crypto tokens for your industrial niche, regardless of the complexity.

Whether you’re looking for Ethereum token development services or want to build an Ethereum token that works well across a wide range of benefits, our skilled and talented token developers can turn your vision into reality. From solution designing to development, delivery, and launch support, Hivelance assists you every step of the way.

Why Hivelance for Ethereum Token Development?

Hivelance is one of the recognized Ethereum token development companies in the market with top notch services. We are proud to say that Ethereum token development process is standalone due to many quality factors as some of them are as follows.

• Strong excellence in smart contract creation & deployment.
• Vulnerability free code standard guaranteed.
• Expertise in all ERC-Standards.
• In-house quality testers to ensure the token function.
• Affordable cost in the market.
• Faster time delivery for token launch.
• Throughout technical support and maintenance.
• Crypto Exchange Listing services offered.

Hire Ethereum Token Developers

Hivelance is a global focal point of Ethereum token development that allows you to hire highly competent developers for token development projects on hourly, full-time, or part-time contract basis. Acquire our dedicated teams of highly skilled token developers and consultants to craft bespoke token development solutions for your business.

As a leading Ethereum token development company, we create scalable and fully functional token development solutions for small, and mid-large scale organizations across many industry verticals. Our highly skilled token developers adopted a customer-focused approach by upgrading themselves to the top of the blockchain networks like Ethereum, Binance smart chain, Tron, Solana, Polygon, and many others.

Want to create your own token on the Ethereum blockchain network? Feel free to consult with our experts via Whatsapp - +918438595928 | Telegram - HiveLance