The token economy and the cryptocurrency market have experienced tremendous growth since the launch of Bitcoin in 2009. However, not every cryptocurrency available on exchanges is made equal. The utility, use cases, and value supplied to investors in different cryptocurrencies (or tokens) might range greatly. The primary uses of tokens are as a form of payment for services, as voting power in ecologies, or as digital assets. As the number of applications is growing at unheard-of rates, cryptocurrencies and tokens serve as a store of value in addition to serving as a medium of exchange (in the form of digital money) and see a wide range of use cases outside traditional financial transactions. The number of utility tokens has been increasing at an exponential rate with the advent of DeFi and Dapps, giving users access to several services on the blockchain.
So what distinguishes utility tokens? What are the major use cases of utility tokens? And where can we get the prominent Utility token development service? Let’s look at it.
Overview of Utility Token Development
A Utility token development is the process of creating a virtual digital asset that has a tremendous functionality than a crypto coin. These tokens do have some value but they can not be 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 accepts in all crypto ecosystems and provide various upgrades, bonuses, and discounts for users. Also, 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.
Top Utility Tokens in 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 most popular crypto utility tokens that are ruling the crypto world.
- Dash 2 Trade
- Battle Infinity
- Lucky Block
- DeFi Coin
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…
Uses cases of Utility Tokens
Utility tokens have dozens of potential applications. Utility tokens are typically used in the following ways
With the help of utility tokens, users can choose how a dApp should be improved in the future. Technically speaking, a utility token is referred to as a “governance token” if it grants users this benefit. Each decentralized application (dApp) has its own rules for blockchain governance, although normally each of these tokens corresponds to one vote.
You can purchase in-game products like NFTs using utility tokens in several blockchain-based games. Additionally, these utility tokens are frequently used in play-to-earn games like “Axie Infinity” as a rewards system.
A dApp may have a built-in tipping system that uses utility tokens. This feature may affect the ranking of comments or videos on a social media app’s homepage in addition to rewarding content creators.
Paying network costs
Users must use the native utility currency of a smart contract blockchain to pay transaction fees. For instance, in order to confirm transactions, users of dApps on Polygon must use the MATIC token.
In ICO, utility tokens can be purchased using different cryptocurrencies and even fiat currencies which are 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 number of profits and attract more investors globally in a hassle-free manner.
So, considering the above use cases a startup can create a utility token and earn revenue through it. Now the one and one query that strikes your mind is the development process of a utility token.
How to create a Utility Token?
As a budding business enthusiast, you can create a Utility token in two possible ways. They are:
Using an open source
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.
Open source software users frequently experience technical difficulties. If you decide to employ open source software, it is a good idea to have a technical staff in place that is knowledgeable about software development. As an alternative, you can get in touch with the service provider or hunt for third-party help services to fix the problem.
Hiring a Crypto Token Development Company
On the flip side, you can hire a group of well-experienced token developers from a professional utility token development company to create a utility token as per your business needs. Also, It is the safest and most secure method for startups/entrepreneurs who are willing to create a utility token.
By choosing to work with a professional development team, you can take advantage of low-cost, high-quality services. However, in order to take full advantage of it, companies must be well-versed in all aspects of selecting and managing their outsourced staff.
Hiring an experienced development team allows you to concentrate on your primary areas of expertise while at the same time allowing you to advance technologically as they give the project they are working on their complete attention.
At Zab Technologies, we guarantee first-rate quality from the outset. Our professionals bring your ideas to life. We assist you in your business goals to address the problems that need to be fixed before producing the solutions.
Features of our 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:
- Contract generation
- Setting Initial Supply
- No of Issues
- Fraction settings
- Deploy Contracts
- Generate Tokens
- Validate Contract
- Token swaps
- Staking tokens
- High-end security mechanisms
You can get all these above-mentioned features from our team of expert token developers. 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 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 $7000. 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. We provide you with a top-notch utility token in a cost-effective manner.
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 specialised in offering crypto token development services and DeFi 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 utility crypto token now!