Tokens are digital assets that reside on top of the Ethereum blockchain. These can be bought, owned, and sold. Ethereum platform is a giant network with a large number of nodes. So, it already has the necessary infrastructure to operate a blockchain. You can easily use this platform to offer tokens to the public without developing an entirely new blockchain. Using Ethereum for token development will make the process faster, economical, and more secure.
So, what can tokens do for your business? Tokens can be used for virtually any kind of transaction within your blockchain. For example, if you own a video streaming blockchain, you can offer subscriptions or watch hours to your customers in the form of tokens.
But offering subscriptions or memberships is not the only use case for this innovative technology. Tokens sometimes act as cryptocurrencies and can be used when selling vouchers, offering stocks, bonds, or any other digital asset you can imagine. Ethereum tokens can also be used to represent real-world, tangible objects such as real estate or even gold.
The programming language, Solidity is used to develop Ethereum tokens. Solidity developers create token contracts, which are the smart contracts for tokens. These contracts allow any kind of token transaction to occur seamlessly.
At the end of the development process, you need to launch your tokens into the market through an ICO. When doing an ICO, developers launch a limited number of tokens with a specific price. These tokens are developed to match certain standards such as ERC20, ERC721, ERC777, and so on.
After launching an ICO, the tokens can be bought by any interested individual by using the native currency of the Ethereum network, Ether. Some ICOs also offer options to buy tokens using other cryptocurrencies such as Bitcoin.
The initial price of a token can either go up or down depending on the demand. So, before the initial coin offering, you will need to create demand among the public for your tokens. To do this, you need to have good ICO marketing tactics under your sleeve. But, marketing by itself is not enough. When launching an ICO, it is necessary to make sure that your blockchain is secure. When your blockchain is secure and the product/ service you offer is clear, it will create trust among the public. And, this trust is required to attract more customers.
Our team has experience in creating reliable, secure, and scalable solutions for blockchain projects in a range of industries. We are a dedicated team with the expertise required for any service related to Ethereum token development.
From the development of smart contracts to launching an ICO, developing Ethereum tokens can be pretty complex. And, that is why we provide all the services you need in one place. Need Ethereum token development services? Then you might also want to look into the following services offered by us.