Popular Ethereum Token Standards for Entrepreneurs
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Ethereum is the leading blockchain network for the creation of decentralized applications, and crypto token development through the use of smart contracts. It is a scalable, programmable, secure blockchain network for entrepreneurs to develop their crypto token.
Generally, there are multiple token standards available in the Ethereum blockchain such as ERC20, ERC721, ERC1400, ERC1155, and ERC777. But all of these are not popular at all.
But only a few such as ERC20, ERC721, and ERC1400 are the most preferred token standards of the Ethereum blockchain.
ERC20 - a very popular fungible token standard for token development. It is a technological token standard that sets some rules for token implementation. A large number of ERC20 tokens are used primarily for ICO development. So, that helps entrepreneurs to raise funds successfully. There are numerous benefits offered by ERC20 token development. They are,
- Easy token implementation
- Easiest protocol to follow
- Risk-free transaction
ERC721 - The ERC-721 standard is most widely used for tokenizing unique objects and properties in collectibles and crypto games. Generally, it includes some basic features to transfer and track NFT ownership. The most common use cases for ERC-721 tokens are NFT in gaming.
ERC1400 - Security tokens are created using the ERC1400 token standard. It is one of the main security token standards in the crypto space. The security token developed using ERC-1400 makes transactions more transparent and the status of any transaction can be verified in real-time.
The above-mentioned Ethereum token standards are currently more famous in the crypto marketplace. If you are an entrepreneur willing to initiate a crypto business, choose the best of any of these Ethereum token standards (ERC20, ERC721, ERC1400) for fundraising or to earn profits.
There are many Ethereum Token Development companies in the crypto space. But few are only providing their best services. So ensure to look out for the Leading Ethereum token development company to get premium crypto token development services.