Over the past few years, blockchain technology has become the global standard for myriad industries, including finance, healthcare, banking, insurance, and more. Blockchain technology is frequently used to create tokens, cryptocurrency coins, and complex business projects.

Blockchain development comes into the picture when we talk about creating tokens or cryptocurrency. Among all, Bitcoin is one of the most popular cryptocurrencies ruling people’s minds. All this has also raised the demand for Ethereum, a blockchain-based platform well-known for its Cryptocurrency, ETH.

As a result, businesses are moving toward ERC20 tokens and wonder about the cost to create ERC20 tokens. If you are planning for the same, you must read this blog. It sheds light on ERC20 token development, cost, and more. Let’s discuss.

 

What Are ERC20 Tokens?

Founded by Vitalik Buterin in 2015, Ethereum is a popular decentralized cryptocurrency. ERC stands for ‘Ethereum Request for Comment’ and is a standard for creating and issuing smart contracts on the Ethereum blockchain. 20 stands for Unique Identification for Ethereum Standard Protocol.

 

 

Businesses who keep searching ‘How to create erc20 token wallet?’ should have a better insight into ERC20 tokens. Ethereum tokens are fabricated on the robust Ethereum blockchain network covering crowdfunding from companies like ICOs and IEOs. The created tokens are further deployed with the help of decentralized applications.

To create a single and scalable ERC20 token, the Ethereum token development company professionals must integrate specialized rules and regulations. Today, there are numerous Ethereum token standards available, but the most popular ones are –

• ERC-20
• ERC-721
• ERC-777
• ERC-1155
• ERC-1400
• ERC-827
• ERC-1203
• ERC-777
• ERC-721
• ERC-223

Where Are ERC20 Tokens Used?

ERC20 tokens were traditionally developed for creating smart contracts on the Ethereum network incorporating crypto tokens. ERC20 tokens utilize some guidelines for producing tokens on the Ethereum network. As per the cryptocurrency development experts, there are around 442,647 ERC20 compliant tokens as of August 2021. It represents almost 50% of the whole Ethereum blockchain. The figure reflects the demand to create ERC20 tokens in today’s time.

Today, erc20 tokens can be used for multiple purposes and industries, such as – 

 

1. Non-fungible Tokens (NFT)

NFTs, or non-fungible tokens, started gaining popularity in 2021. They are tokenized digital items created using Ethereum. You can further buy or sell those non-fungible tokens and view them as transactions on the blockchain.

 

 

NFT marketplace tokens establish ownership as the owner’s wallet address is stored in the encrypted data. The transaction is further verified by the network and transfers ownership.

NFT marketplace development services professionals play a crucial role in the success of NFT marketplaces. Creating a perfect NFT marketplace requires immense technical expertise and an idea of the cost to develop NFT marketplace.

That’s why most businesses prefer to avail experts’ assistance rather than developing an app independently.

2. DAOs Development

 

 

DAO or decentralized autonomous organizations are collaborative decision-making methods across distributed networks. A DAO uses smart contracts & applications to gather the votes and automatically distributes any returns.

All the parties can view the transactions, and there would be no involvement of any third party. To cost to create erc20 tokens for DAO is quite different from the other types of ERC20 tokens.

3. Gaming

Like any other industry, gaming and VR is strongly influenced by Ethereum. The virtual world decentral and uses the blockchain to safeguard the goods that are present there. Another blockchain-based game is Axie Infinity, which has its own money called Smooth Love Potion, utilized for in-game awards and transactions. The ERC20 tokens cost for the gaming industry fluctuates as per the type of game.

These are the three major types of industries or domains where ERC20 tokens are majorly used. So, businesses planning for NFT marketplace development, DAO development, or any other can think of creating ERC20 tokens.

How to Create ERC20 Tokens?

With the ever-rising popularity of ERC20 tokens in the crypto market, every crypto enthusiast has a desire to have their ERC20 token. As a result, most of them are searching – ‘How to create an ERC20 token?’

So, there are two ways to get a feature-rich ERC20 token. First, you can hire a professional developer from a leading cryptocurrency development company who can create a token in Ethereum blockchain coding like solidity. Secondly, if you are planning to create an erc20 token on your own, simply follow the steps given below.

#STEP 1 – Decide ERC20 Token Requirements

Before stepping into the actual erc20 token development process, the foremost step is determining the primary aim of your ERC20 token. Also, businesses must know how they will use ERC20 tokens for crowdfunding and Crypto business so they can make the best use of it. Overall, identifying the token requirements is a must.

#STEP 2 – Think of Outstanding Features

Once you jot down all the cryptocurrency token development requirements on a piece of paper, start listing down the outstanding features. As hundreds of applications are available in the market, you need to think out-of-the-box to make your ERC20 token stand out.

If you lack the experience, it is better to hire Ethereum token development company professionals. The experts will help you incorporate the best-suited features.

 

#STEP 3 – Write A Smart Contract

Smart contracts are a very crucial part of the blockchain development process. Businesses planning to create ERC20 tokens should give importance to smart contracts. The tokens perform six major functions that are –

• total supply
• balance
• allowance
• transfer
• approve
• transfer from

All of the functions mentioned here play a crucial role in ERC20 token development, so do not forget to include them while you create an ERC20 token.

 

Blockchain App Development Cost

#STEP 4 – Contract Code Testing

When you successfully develop a contract code, test it for Etherscan verification. Not every code is developed 100% error-free in the first attempt. Agree? So, once you write the entire contract code, run it for testing and cross-check whether the given functions are perfect or not.

As per the multi-cryptocurrency wallet development experts, it is better to find and rectify the bugs before the users encounter them. So, don’t miss this crucial step.

#STEP 5 – Validating Tokens

After testing and analyzing the erc20 token code, go for beta testing to validate the token transactions. You can also validate the tokens based on their performance. If the erc20 tokens encounter bugs or errors, you can make the changes accordingly. This is how you can create an error-free token that brings more business success and profit.

#STEP 6 – Deploy the Ethereum Code

Finally, deploy the constructed code on the top of the Ethereum network to launch a functional ERC20 token for the crypto crowd sale. It is the last step of the ERC20 Ethereum code creation, so be careful. You can also hire a cryptocurrency development services provider if you find the process difficult.

 

 

These six simple steps will help you in the ERC20 token development process on a crypto crowdfunding platform. Always remember that if you make any mistake during the development process or leave any errors, it might negatively impact your process to create the ERC20 token.

So, be cautious during the development and testing phase. If you lack the expertise, it is advisable to consult a reputed mobile app development company with a team of dedicated blockchain and cryptocurrency professionals.

Why Should Businesses Create ERC20 Tokens?

Ethereum has become the talk of the town today, but still, many business owners aren’t sure of it. Hence, they wonder, ‘Why should I invest in ERC20 token development?’ So, the cryptocurrency development services experts have discussed some major reasons why investing in Ethereum tokens is beneficial for today’s businesses.

 

1. Cost-Effective

Most businesses have this misconception that the cost to create an ERC20 token wallet is a costly process, but it is not. Instead, the cost of erc20 tokens is less compared to other types of development. So, even if you have a reasonable budget for cryptocurrency wallet development, you can go for it.

2. Easy Usage

The best part about ERC20 tokens is they can easily be used, and anyone can perform secure transactions while using erc20 tokens and tackle them without much hassle. It is a great opportunity for entrepreneurs to step into the ERC20 token development process, as the process does not require more experience.

3. Deployed with Mobile Applications

While availing ERC20 token creation service, businesses can deploy a mobile wallet application based on Ethereum. It enables the users to safely store, send, receive, and transfer ERC20 tokens. So, whether you opt for p2p crypto exchange development or any other type of development process, make sure it has easy deployment with mobile apps.

 

4. Simple Creation

Blockchain developers find it a little challenging to craft complex NFT marketplaces, but the process of erc20 token isn’t that difficult. You can simply hire Ethereum token development company experts, who will create an ERC20 token for you in just a snap of a finger. Also, its cost will be reasonable as compared to other development processes.

5. Smart Contract Security

Today, every user is concerned for their data privacy and security. On the other hand, businesses are also concerned about unwanted cyberattacks and data breaches. Right? So, ERC20 tokens use a smart and powerful contract security mechanism in-built within the tokens.

It will not only ensures the token’s security but also help to gain the users’ trust. The same is applicable during cryptocurrency wallet development and cryptocurrency exchange development.

6. Fast Fundraising

We all know that ERC20 tokens have established a significant presence in the cryptocurrency development world. As a result, multiple investors, entrepreneurs, and businessman are showcasing their interest in Ethereum and planning to create ERC20 tokens.

So, businesses at the beginning phase can get quick fundraising for their Ethereum-based projects.

7. Automatic Transaction

As you know that ERC20 tokens come with smart contracts pre-built into the tokens. Therefore, once the transaction is complete, the user’s Ethereum token wallet is automatically credited with the assets. Simple. Isn’t it. So, while creating erc20 tokens, you don’t have to worry about missed or upcoming transactions.

These seven amazing benefits signify why businesses must create ERC20 tokens. Now that you are well-versed with the reasons, think about it and step into the Ethereum development process immediately. Feature-rich tokens bring in numerous business benefits, as discussed below.

 

Cost to Create ERC20 Tokens – An Estimation!

 

 

How much does it cost to create erc20 token? This is one of the highly searched queries among businesses planning to create ERC20 tokens for their businesses. But, before we discuss the actual ERC20 token development cost, know the valuable points that decide the cost, i.e. –

• Token Characteristics
• Design of Token
• Quantity of Token that you planned
• Token creation complexity
• Token Testing
• Allotment

On average, the cost to create ERC20 token lies between $5000 to $10,000, depending on the type of token developed and business requirements. If you have a low budget, it is better to choose fewer tokens, as the more tokens you will include, the higher will be the cost.

Final Thoughts!

Creating ERC20 tokens at an affordable cost isn’t easy, but after referring to this blog prepared by the Ethereum Token Development Company professionals, businesses will find it easier. We hope that after knowing the ERC20 token development process, cost, and more, you can easily develop a perfect application for your business.

For better results, it is advisable to hire ERC20 token developers or hire a blockchain developer who can do the work for you.

Dev Technosys, a well-known cryptocurrency development services provider, has a team of dedicated mobile app developers who can create perfect business applications adhering to your business needs. Share your blockchain or cryptocurrency development requirements with us