In this post, we are going to tell you what tokens are and how to create an ERC20 and BEP20. You may not have heard of them until now, but they are more popular than you think, especially if we talk about the blockchain universe (chain of blocks) and Smart Contract (intelligent contract).
Although the origin of the tokens within cryptocurrencies is in Bitcoin, it has been with Ethereum that they have successfully sprouted in society. If you want to know what they consist of, how to create a bsc token generator them and which are the most popular networks at the moment, we invite you to continue reading this post. Also, we have something new to tell you.
Tokenize the right asset with the right technology!
What is a token?
A token is a digital asset created from a Smart Contract with a pre-established data structure to guarantee the fulfillment of the contract in a decentralized way. Its uses can be very varied: from granting a right to paying for a job.
These types of assets are used for different purposes. Depending on what they are going to be used for, they are classified into different types, such as: Utility Tokens, Security Tokens, Equity Tokens. What are they? What are they for?
The most used today are Utility Tokens , since cryptocurrencies are utilities, that is, utility tokens that serve as a means of payment in this case. For their part, Security Tokens are a form of cryptographic tokens linked to traditional financial or security securities. Finally, the Equity Tokens refer to the type of token backed by a type of traditional asset, such as a company or a property (each token represents a part of the property that is tokenized).
Do you want to create your ERC20 and BEP20 token?
On the one hand, the ERC20 token refers to a smart contract that has a pre-established data structure designed to facilitate the implementation of new functionalities on the Etherum blockchain .
On the other hand, the create bep20 token refers to a token standard that allows digital tokens or coins to be implemented on Binance Smart Chain .
It is important to know that an ERC20 token can behave like a cryptocurrency, but they do not have to be the same. ERC20 tokens run on the Ethereum blockchain and BEP20 tokens run on the Binance Smart Chain. That is, on the blockchains of other cryptocurrencies (each one has its own chain of blocks).
To create a token on top of the aforementioned blockchains, you must first have programming skills and understand the Solidity language. If this is not your case, it is best that you put yourself in the hands of a specialist.
In addition, you must take into account the structure of this type of Smart Contract, since the acronyms ERC20 or BEP20 are a way of giving a name to a smart contract with that structure.
In any case, we are here to help you. At Occam Digital Agency we have developed TokenFactory so that this is not a problem.
What is TokenFactory? new platform
At Occam, we have developed a free platform that allows you to create ERC20 format tokens on top of Ethereum, Binance Smart Chain, xDAI and the Robsten testnet.
The only cost you must assume is that of the transaction that must be generated to create the contract. That is, the cost of gas or what is the same the cost of the miners.
What are the differences between Ehereum, Binance Smart Chain, xDAI and Ropsten?
Next, we are going to tell you what each of these networks consists of and what their main advantages and disadvantages are. Take note!
ethereum
The most popular network today is Ethereum and the main advantage is that there is an ecosystem of applications, centralized and decentralized exchanges greater than in the rest. On the contrary, the disadvantage is that since there are more transactions, the cost of the network is higher.
Binance SmartChain
Binance Smart Chain is a network endorsed by Binance, whose main advantage is that it is cheaper than Ethereum. However, it is highly centralized, since the network is owned by a private company. Although its bep20 token generator ecosystem is growing by leaps and bounds, it is important to remember that Ethereum is ahead of it.
xDAI
xDAI is the fastest and its cost is practically zero today. The great disadvantage of this system is that it is still a very small network, despite the fact that it is being used a lot in projects that require a large number of transactions to be carried out at a very low cost, taking advantage of its blockchain infrastructure.
ropsten
Ropsten is a blockchain of evidence. Therefore, it is free but it will not help us to launch any project, only for testing. In this link you can get fake ETH to test your token or DAPP.
These tokens follow the ERC20 standard, but you can configure their name, maximum amount, symbol and decimal places of the token.
