In past years and in recent times, cryptocurrencies and crypto tokens are the most spoken term in the blockchain space. These two terms are the trending terms in the digital trading market. Because crypto tokens have many beneficial factors when it comes to business. One can raise the required funds by creating the crypto token. So what does that crypto token mean?. A Crypto token is a digital cryptographic token that has a value of an asset, currency, and more. As of now, many people started to use crypto tokens and trading them on exchange platforms.
In 2021, there are various notable trends in the crypto token development and blockchain platform. We can predict that many startups and entrepreneurs will succeed in the crypto market for their blockchain projects. If you have an idea of creating a crypto token, then you need to choose the type. Because there are two main types of tokens in the crypto space. Such as utility tokens and security tokens. An ordinary startup can go with the crypto utility token and it will help to get huge support in the marketplace.
Presently, many startups and business class people are entering the crypto market by creating their own utility tokens. Because the utility tokens are credible, reliable, and suit all business needs. That’s why many people are approaching the best and top-notch utility token development company in the marketplace.
This article navigates to the complete guide on Utility token development for crypto startups and entrepreneurs across the globe.
So first, let us see…
What is Utility Token?
A utility token is the major type in the crypto token and gives users access to the product or service of the blockchain network. So this type of token acts as a payment option for buying/selling and trading within the platform. In simple words, the digital tokens which are developed from scratch and not backed by any physical or digital asset are known as Utility tokens. For example, many prominent exchanges launched their own crypto token for users to reduce the trading fees.
Utility tokens totally differ from digital currencies like Bitcoin because they are not mineable. Also, these tokens depend on the existing blockchain. As per today’s market, utility tokens are the most familiar form of crypto tokens. Because in the past year, many startups have raised their respective funds through ICO platforms by creating utility tokens on ethereum and Tron blockchain.
The ERC token standard and TRC token standard are the most preferable standards for creating utility tokens. Because many people are using Ethereum and Tron network for developing and deploying the tokens. These two platforms have a popular standard like ERC20 for Ethereum and TRC20 for Tron. Thus, many crypto startups prefer ERC20 and TRC20 for Utility token development.
Highlights of Utility Tokens
- Utility token provides the right to use the products in the relevant ecosystem.
- This type of token has a special mechanism to safeguard the token price from dropping on exchanges.
- This token acts as a payment token so it is used only in a particular sector.
- This type of crypto tokens are potentially accepted for all ecosystems
- Utility token has a real use case and that is completely combined into an efficient protocol.
- Utility token offers some bonuses, upgrades, and a variety of discounts for its users.
- Utility tokens have an engaged community, reputation, adoption, and fixed supply amount.
Popular Utility Tokens in Global Crypto Market
Here we list some of the best utility tokens that are ruling the crypto marketplace.
- Chain link
- USD coin
- Yearn finance
- Binance USD
- Hedge trade
- Wrapped bitcoin
- Uni swap
- Huobi token
- Basic attention token and much more
These are the best utility tokens but each token has different functions. If you want to develop a utility token on top of the existing blockchain. Then reach the professional Utility token development company. One such Company in the blockchain field is Icoclone.
Notable Reasons to Create Utility Tokens
There are some noteworthy reasons to develop a utility token. Let me list it one by one…
You can turn the utility token into the native coin of the ecosystem. Thus products or services are paid with the native token. Payments are inspired by providing a discount or by making the token the only payment method. If the product is in great demand, then this payment concept can work well in the crypto market.
One of the primary reasons to create the utility token is access. By creating the utility token, your users can get access to the platform. Without the token, users are not able to use the specified product.
- Loyalty Programs
By developing a utility token, you can earn your specific benefits within the ecosystem. It can be either discounts or exclusive access.
- Earn money
By creating a utility crypto-token, you can easily earn a passive income in a short period. It can be either token staking, a revenue share, or whatever. There are lots of ways to earn profits by creating the crypto token under the existing blockchain platform. Besides these, you can increase your funds through the crypto crowdfunding platforms like ICO and IEO.
- Voting rights
Some token development platforms provide voting rights for token holders. For example, if the user purchased the utility token, then the user may have access to anything that is being voted on within the network.
Now, you might ask…
How to Create a Utility Token For Business?
Developing a utility token with all the essential features is not a difficult task. But before creating the token, you need to determine the blockchain. Like whether your token is based on Ethereum token standards or Tron token standard. If you have an idea of creating a utility token under the Ethereum open-source blockchain, then you should determine the ERC token standard that matches your business needs. Currently, there are many ERC token standards in today’s crypto market. Such as ERC20, ERC223, ERC1400, ERC621, ERC721, ERC 827, and more. But choosing the ERC20 or ERC721 token standard will be the best option. Because most utility tokens are ERC20 and ERC721 token standards.
In case, if you are willing to develop a utility token on the Tron blockchain. Then you can either select TRC10 or TRC20 token standard. So the choice is yours, but it is the essential step that you need to consider for creating a utility token
If you are an expert in blockchain technology and have deep knowledge of coding. Then select your desired programming language and start coding the smart contracts. Once you have done with smart contracts, start testing the Smart Contracts, Validate your crypto tokens, and verify whether they are working or not. At last, you need to deploy the code in the particular token development platform that you have chosen for creating the utility token.
However, this can be a tedious task and a risky-one for your business. Besides, the time consumption and errors would be more. So you can go with an easy option i.e, get in touch with an ideal utility token development company – Icoclone to develop a feature-rich utility token of your choice.
Even though you are creating a token with the help of a utility token development company, you need to consider the following factors.
- Choose the blockchain platform (either Ethereum or Tron)
- Select the token standard
- Determine the Token Name and symbol
- Decide the Number of tokens for sale
- Ability to get the utility token wallet balance
- The functionality of transferring your tokens between the wallets
After creating a utility token, what can a startup or Entrepreneur do with that token?. They can raise their required funds easily with the help of a crowd token sales platform. There are two ways to raise the funds, you can either launch an ICO platform with the help of a premier ICO dashboard script. Else you can participate in IEO and then list your tokens on the same exchange. So that your utility token can be used in various ways. Such as for trading, spending, giving away, and more.
Salient Features of Utility Token Development
Here is the list of features that we enable while creating a Utility token
- ERC/TRC contract generation (based on the blockchain you choose)
- Token wallet app for android and ios
- Setting Initial Supply
- Setting No of Issues
- Setting Fractions
- Deploy Contracts
- Generate Tokens
- Validate Contract
- Token swaps
- High-level security mechanisms and more
You can also add extra features based on your business needs in our utility token development service.
Business Benefits of Using our Utility Token Development Service
When you create a utility token on either Ethereum blockchain or Tron blockchain, you can get some benefits. Here we list some of the business benefits of our utility token development service.
- Middleman free transaction
- Globalized instant and secure transaction
- Our token wallet app supports both Android and IOS mobile platforms.
- Features customization
- P2P Decentralized network
- You can raise funds effectively without any hassle
- Limitless data
- Cost-effective transactions
- Easily trackable options and more
How Much Does it Cost to Develop a Utility Token (Ethereum or Tron)?
If you are planning to create a Utility token on Ethereum or Tron, then the cost of utility token development plays a crucial role. Some of the important factors will determine the utility token development cost. Such as
- The token development platform that you have chosen
- Features of your utility token
- The design of the token
- Number of utility tokens to be developed
- The complexity of the token
- Size and location of the utility token development team
- Ongoing support and maintenance
These factors will determine the cost of developing a utility token. However, we can not predict the exact cost of utility token development. But the cost to create a utility token will range from $8k – $10k along with the token wallet mobile app for android and IOS. In case, if you need a bug-free and customizable ICO dashboard script along with your utility token and wallet app(Android and IOS). Then the cost of utility token development will range from $12k – $14k.
(note – the utility token development cost may vary based on your business requirements and immediate needs)
Why Choose Icoclone For Developing a Utility Token?
Icoclone is a top-notch utility token development service provider in the blockchain space. We have years of experience in offering all sorts of token development services with impeccable outcomes. We helped many startups and entrepreneurs to develop function-rich crypto tokens under Ethereum and Tron blockchain platforms based on needs. Being a leading Utility Token Development Service Provider, we also offer premier bug-free ICO script software with a stunning ICO dashboard. In our utility token development service, along with your utility token, we also provide a superfine token wallet app for Android and IOS. Be it a startup-level or enterprise-level, we offer end-to-end crypto token solutions at the best price in the market.
What are you waiting for???
Talk to our Experts and create your Utility token now!