The evolution of advanced technologies is growing day by day with great dominance. In this modern era, many organizations and corporates started to use crypto technology via blockchain technology for various purposes. Next couple of years, crypto technology and its market will expand into many real-time use cases in payment processing, data sharing, equity trading, tracking, and more. Blockchain technology has various use cases and offers many business opportunities for budding startups & speculators who are willing to enter the crypto industry. Among the various crypto business models, cryptocurrency crowdfunding is deemed as one of the best businesses to start and reap a good amount of profits.
Crypto crowdfunding is the fundraising technique where an individual can raise capital by conducting token sales through ICO, IEO, or STO. To conduct token sales in the ICO or IEO, you need to create a crypto utility token with a specific purpose. The purpose of creating a utility token must be based on the product or service. Utility tokens are highly credible and reliable so it suits all people who are having an ideal crypto project. The success story and prominence of the utility tokens made big reputed companies approach the best utility token development services for creating a secure utility token.
If you aren’t aware of utility tokens and how to create them, then this article is completely dedicated to you. This article covers everything that you need to know about utility token development.
Let us dive into some basics first…
Overview of Utility Tokens
A utility token is a virtual digital asset that has a tremendous functionality than a crypto coin. These tokens do have some value but they can not be treated as crypto coins. Because there are some major differences between a crypto coin and a token. This kind of token can give a bulky amount of profits to both token creators and investors in multiple ways. Utility tokens will let the users access the service or product on the blockchain network. These tokens are far different in functions and regulations when compared to security tokens. Because crypto utility tokens are not pegged with any real-world or digital assets.
Utility tokens are widely accepted in all crypto ecosystems and provide various upgrades, bonuses, and discounts for users. Experts in the crypto community are claiming that utility crypto tokens can be an alternative payment in the future. Utility tokens can be an alternative payment in the future. Crypto utility tokens differ from crypto coins like bitcoin or ethereum because they are mineable. These tokens can be created only by the existing blockchain platform like Ethereum, Tron, binance smart chain, etc. Currently, utility tokens are the most preferred crypto token type for business. This is because, in the last couple of years, many crypto startups and entrepreneurs raised millions of funds through ICO crowdfunding.
How Utility Tokens are used in ICOs?
If a startup or an entrepreneur has an excellent utility crypto-token project idea, they would naturally go with the ICO crowdfunding method. So how these tokens are used in the ICO platform is the common query right now for many people. Utility tokens will have a certain value which is determined by the owner of the token based on the total token supply. The price of utility tokens is mostly static, but as we know the crypto market is highly volatile. So it may fluctuate depending on the demand of the token. ICOs can be operated in any blockchain like Ethereum or Binance smart chain. But most ICO platforms are working in Ethereum as it helps to create a crypto token successfully with its effective smart contract.
In ICO, utility tokens can be purchased using different cryptocurrencies and even fiat currencies which is completely based on the startup idea. Tokens will be sold to various crypto investors who are interested in their crypto projects. In this way, buyers can get utility tokens and those tokens can be used to access the services of the project in the future. These tokens will be sold at lower prices on ICO platforms so that a startup can earn a great amount of profits and attract more investors globally in a hassle-free manner.
This is how the utility crypto tokens are used in the Initial Coin Offering. Now, let us see…
Top Utility Tokens in Global Crypto Marketplace
As per the present crypto market, there are many crypto utility tokens with different use cases. But we can not say that all the tokens are prominent in the market. Only a few utility tokens grabbed the attention of potential crypto investors and traders. Here we list some of the best and popular crypto utility tokens that are ruling the crypto world.
- Yearn finance token
- Binance USD
- 1inch token
- Shiba Inu
- Wrapped bitcoin
- Uni swap
- Gala token
- Basic Attention Token
- BitTorrent token and more
These are the finest utility crypto tokens that are prevailing in the global crypto marketplace. You can also create a utility token like the above-mentioned tokens and make your token a popular one in the crypto ecosystem. But how to create a utility token with advanced features is a mystery among startups. So, now let us look at…
Factors to be Considered for Developing a Utility Token
We are living in the modernistic world and have the latest technologies in our hands. Therefore, creating and deploying a utility token with all the basic features is not a tough job. Before creating a crypto utility token, you must decide on the blockchain platform. Like whether your token is based on Ethereum, Tron, or binance smart chains. These three blockchains are the most familiar and popular blockchain right now. In case you are launching a utility token under Ethereum, you need to determine the ERC token standard. Currently, there are several ERC token standards in the crypto sector. Among them, ERC20 will be the right standard for utility token development.
On other hand, if you are choosing Tron blockchain or BInance smart chain, then you can use the TRC20 or BEP20 token standard for developing a utility token. So the choice is yours. You can create a Utility token in two possible ways. Primarily, if you are a blockchain expert and have in-depth knowledge of coding, then select a programming language and start coding the smart contracts. Once you have done with smart contracts, you need to deploy the code in the blockchain that you have chosen for utility token development. (Note – This method can be a risky-one for your token business)
On the flip side, you can hire a group of well-experienced blockchain developers from a professional utility token development company to create a utility token as per your business needs. It is the safest and secure method for the startups/entrepreneurs who are willing to create a utility token.
If you are developing a utility token with the assistance of a prominent utility token development firm, then you need to consider some of the essential factors. They are given below.
- Choose the blockchain network (Ethereum, Binance smart chain, or Tron)
- Select the token standard from the blockchain that you have chosen
- Decide the Token Name & symbol
- Decide the Number of tokens for sale and total supply
- The functionality of transferring utility crypto tokens between different wallets
By considering these important factors, you can launch a fully functional utility crypto token for your business with the help of a utility token development company.
Elite Features of Utility Token Development
Features that you enable for your crypto token will lead you to be a successful entrepreneur in the crypto sector. Here we share some of the core features that you can get in the best utility token development service.
- Contract generation
- Setting Initial Supply
- Setting No of Issues
- Setting Fractions
- Deploy Contracts
- Generate Tokens
- Validate Contract
- Token swaps
- High-end security mechanisms
You can get all these above-mentioned features in the top-notch utility token development service. Besides these features, you can also add/remove features based on your business necessities. The cost involved in developing a utility token is still a major query for most crypto startups and entrepreneurs. So let us see…
Cost to Develop a Crypto Utility Token
As a startup planning to create a utility token, the development cost involved will play an important role. Some crucial factors determine the utility token development cost. Such as
- The blockchain network that you have decided
- Features of utility token
- The design of the token
- Number of utility tokens to be developed
- Location of the utility token development team
- Ongoing support & maintenance
The above-mentioned factors will shape the utility token development cost. The cost of creating a fully functional utility token will start from $5k. However, based on the business requirements and urgent needs, the cost of launching a utility token might differ. To launch a blockchain-powered utility crypto-token at a budget-friendly price, then you need to get in touch with the top-rated crypto token development company in the blockchain industry. One such company is Zab Technologies.
Why Choose Zab Technologies for Utility Token Development?
Zab Technologies is a renowned and prominent utility token development company in the blockchain sector. Being a leading development firm in the blockchain field, we have rock-solid experience in offering all types of blockchain solutions. We are specialized in offering ICO development and crypto token development services with enabling cutting-edge features. So far we have developed and delivered 100+ blockchain projects for international clients within the desired time. We at Zab Technologies have a handful of in-depth experienced blockchain developers who can handle complex blockchain projects without any hassle. The quality and trust we offered so far made many crypto startups and entrepreneurs approach us.
Talk to our experts and develop your own utility crypto-token now!