Despite all the debates and attempts to slow its pace, cryptocurrencies have made their way everywhere. Cryptocurrency has many advantages for the world including straightforward transactions, easy asset transfer, confidential transactions, low transaction fees, easy access to funds, etc. ERC20 Token Development Cryptocurrencies could enable access to new capital and liquidity pools through new asset classes alongside traditional investments.
By introducing their own token and with popular fundraising methods like ICO, IEO, or STO these companies are supporting their project, product, or operation with the help of cryptocurrencies.
Most companies are creating their own tokens based on the ERC protocol. There is another protocol, named BEP-20, which is currently performing well. However, The is a widely used and trusted cryptocurrency development protocol. An ERC20 token development company is required to create and market a token based on erc
In this article we are providing all the details related to the ERC20 token development service, what it includes, the cost to develop a token, and why SAG IPL is the best choice for the ERC-20 token development.
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What is ERC20?
Ethereum is the most widely used blockchain network, which is distinguished for its exceptional smart contract functionality. This creates an ecosystem, which provides the flexibility and adaptability that make the token extremely profitable for the business proposition.
If you are researching crypto, you will regularly come across the term ERC20. ERC stands for Ethereum request for comment and 20 is the proposal identifier or a unique ID number to distinguish this standard from others.
The ERC standard came into action in 2015. The ERC20 token is a standard used to create and issue smart contracts on the Ethereum blockchain. Smart contracts can then be used to create smart assets or tokenized assets in which people can invest.
ERC20 token is also a protocol standard used for the Ethereum network. It has a certain set of rules and standards that need to be followed to create ERC20-based tokens and publish tokens on the network.
As ERC20 is an official protocol to propose improvements to the ETH network, most ICOs are based on Ethereum’s ERC20 standard. The tokens based on it is a blockchain-based asset that functions similarly to Bitcoin and Ethereum. It is one of the important tokens and can be sent, received, and interchanged with other ERC20 tokens.
ERC20 is not the only standard, you can create tokens on different standards like ERC721, ERC777 and ERC223.
What is Token?
Token is a script that runs on the Ethereum blockchain. It is widely used for financial transactions in various industries depending on its purpose. The token has some value to itself and most importantly the value of the token is not fixed, it varies on the basis of domain, usage and scope.
There are more than four thousand tokens available in the market and all have their own aims and value. Normally, tokens are created by keeping the purpose in mind which can be personal, business, etc. Tokens are created by writing and deploying smart contracts on popular blockchain platforms such as Ethereum, Binance Chain, EOS, Tron, etc.
What Is ERC20 Token?
We can consider all tokens created based on the ERC20 protocol as ERC20 tokens. Basically, these tokens are created by following the ERC20 token standard which defines a set of rules. As they are created by following the same standard, they can interact with one another.
Read Also: Benefits of TRC20 Token Development for Your Company
The unique thing that differentiates it from Bitcoin is that ERC20 tokens are created and hosted on the Ethereum blockchain, where Bitcoin is created on the respective blockchain.
ERC20 tokens are stored and sent using Ethereum transactions and use gas to cover transaction fees. It was the first popular specification to offer standardization of Ethereum tokens.ERC20 tokens are very popular and hence it became increasingly known to investors.
Some most popular ERC20 tokens are EOS (EOS), TRON (TRX), veChian (VET), ICON (ICX), IOStoken (IOST), OmiseGO (OMG), Zilliqa (ZIL).
Benefits of ERC20
- Widely used so better support and community.
- Irreversible and quick transactions
- Verifies transactions more effectively
- Minimize the risk of contract interruption
- Token implementation and execution becomes easier for developers.
- They will make sure that your token follows standard protocol.
- Offer high liquidity.
- Smart-contracts ensure that transactions are risk-free.
- It enables clients to collaborate quickly and efficiently with both token and blockchain
ERC20 Token Market Capitalization
It is commonly referred to as “market cap”, Market capitalization is a term used to represent the total dollar market value of the outstanding shares of a stock. We calculate it by multiplying the total number of outstanding shares by the current market price.
As per Coinmarketcap’s current report, the current price of ERC20 is $0.01636 USD. Its market cap is $18,470,225.85 USD, total circulating supply is 1,126,570,972 ERC20 tokens with a 24hrs of trading volume of $6,109.44 USD.
ERC20 Token Development
Cryptocurrencies are in trend among everyone, and a large part of credit goes to ERC20. People and businesses are looking for opportunities to utilize its potential and reach.
To understand all the terms and then get them all to work for them, these businesses need a helping hand, and helping hand of professionals, that’s why they need ERC20 Token development.
ERC20 token development is a set of services provided by companies or professionals to improve the blockchain network. The ERC20 token allows developers to develop dApps on the Ethereum blockchain.
Key Features of ERC20 Token Development
- Total supply set at erc20 token creation
- Get 100% ownership of ERC20 tokens developed
- It is good for business applications where fungibility is important
- Custom erc20 token name, symbol, and the initial supply
- No programming skills required for erc20 token development
- Verified and published smart contract source code
- Industry-standard erc20 token accepted by most exchange and wallets
- It is a widely used token standard.
Some important terms and Six Fundamental Functions
To create your own ERC20 token, there are few requirements you need to fulfill.
- Token Name: You will have to choose a unique name for your token.
- Token Symbol: The token contract symbol is the symbol by which the token contract should be known. It is roughly equivalent to a stock ticker, and although there are no restrictions on its size, it is typically 3 or 4 characters in length.
- Total Token Supply: You must have to note the number of tokens in circulation, which were allocated by the owner
- Token Decimal Places: Normally, the token has 8 decimal places, it represents the fractional part of the token, e.g. 100000000
- Balance Of: It returns the token balance of the account to the address of the authorized person.
Additionally, there are six fundamental functions that need to be understood and taken care of during the ERC20 Token development. We listed all six below with brief details.
- total supply: It allows and indicates the total supply of tokens in the Ethereum ecosystem and specifies how many can be created and mined.
- balanceOf: It is a smart contract function that allows storing and returning the balance of addresses that can be provided.
- approve(): It is for approval of withdrawal addresses attempting to withdraw ERC20 tokens.
- transfer(): It is for allowing the transfer of ERC20 tokens from one address to another.
- transferForm():It allows and performs an automatic transfer of a specific amount of tokens.
- allowance(): This can allow the given address to be approved for withdrawal of tokens from their token owner’s address.
How much does it cost to create ERC20 Token?
The cost of creating an ERC20 token depends on various factors which include token specification, token design, token platform, token testing and distribution.
The range starts from minimum to maximum and it depends on the considerations concerned and how many tokens are required for your project. Cost also depends on the standards and the scope of the projects. Most project owners who just want to build their own tokens that can be listed on various crypto exchange grounds like Binance, Coinbase, etc.
Thus it is essential to hire a well experienced and reputed firm to create ERC20 tokens. Before choosing an ERC20 blockchain development firm, you need to go through the reviews and comments provided by their clients and go through the background of the firms and find out how much familiarity they have in the market.
You can only be sure that you have hired a good firm after performing the above steps. Normally, companies offer ERC20 token development service at 1800 USD. But the cost varies from company to company and from time to time. Thus consult with 3-4 companies to get the idea.
Where to make your own ERC20 token?
You can create an ERC20 token and start your business based on any business model, such as fundraising business model, exchange business model, trading business model. There are various startups that have adopted the crypto token business and became a big hit. Tokens increase the number of investors and increase the flow of any type of crypto coin.
If you are looking to launch tokens or want a new idea on online business, SAG IPL is here to help. It is one of the top ERC20 token development firms in India that is capable of giving full ERC standards token development solutions to its clients.
ERC20 Token Development Services:
We, at SAG IPL, have relied on developing the ERC20 standard token from the very beginning. Our developer team has excellent knowledge of Solidity and is well versed in migrating smart contracts to Ethereum. With our team and practical experience, we provide you all the best services related to token development services. A few of them are listed below.
We can help you by developing a powerful and impenetrable ERC20 token according to your specific needs. We will work on our own code based on ETH open source code available on the internet. When our development work would finist you will be able to sell the newly created tokens, transfer to other merchants, or trade on popular exchanges without any problem.
After creating a robust coin for you, we can also help you build and run a successful ICO to raise funds for your product or project. Not just development, we can also market your tokens to give it the exposure it needs and generate funds for the project.
Cryptocurrency Wallet Development
As per your business needs, our developers will also help you get a dedicated crypto wallet development for your ERC20 tokens. Your token holders and investors can easily access the crypto wallet securely. They will be able to manage and use their tokens, and through the dashboard they can check all the important details.
The crypto wallet offers an excellent range of convenience, including the ability to transfer tokens to other users using a unique wallet address. Users can transfer tokens to other users or online stores, via the Wallet app on their phones.
Why choose SAG IPL for ERC20 Token Development?
SAG IPL is a well-known ERC20 token development company. We provide complete ERC20 standard token development solutions that help companies launch their own tokens, and then raise funds on it. We provide an all-inclusive infrastructure such as token creation, distribution, token platform custody, and an extensive list of digital marketing services
Reasons to Hire SAG IPL
There are many reasons to hre SAG IPL, a few of them are:
- A full-service IT company.
- Years of practical experience.
- 200+ completed Token development projects.
- Equipped with the latest technologies.
- Responsive, Cost effective and try to complete projects on time.
- 24*7 Support Service
Our ERC20 Token Development Process
Our ERC20 standards-based token development process consists of the following steps.
- Initially, we go through in-depth project consultations with clients.
- Then we make a proper appraisal and plan as per your business needs.
- The next phase involves the development of the exact platform for the token. We create and distribute tokens according to your business plans and guidelines.
- We help our clients with whitepaper development and ICO releases etc.
SAG IPL has a team of experts, who know their work and they are professional in it. By hiring us you are not only getting the services but you will also get support, suggestion, and better technique (if needed) for your project. We provide services at a very affordable cost, thus don’t waste your valuable time here and there and contact us today.