If you are looking for a practical and safe way to represent the value of a property, you have landed on the right place.
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 and Smart Contract universe.
Although the origin of 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 them and which are the most popular networks of the moment, we invite you to continue reading this post. In addition, we have something new to tell you.
tokenise 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 fulfilment of the contract in a decentralised way. Its uses can be very varied: from granting a right to paying for a job.
This type of asset is used for different purposes, depending on what it is to be used for, they are classified into different types, such as Utility Tokens, Security Tokens, Equity Tokens, etc. What are they? What are they for?
Utility Tokens are currently the most commonly used, as cryptocurrencies are utilities, i.e. utility tokens that serve as a means of payment in this case. Security Tokens are a type of cryptographic token linked to traditional financial or security securities. Finally, Equity Tokens refer to the type of token backed by a traditional type of asset, such as a company or real estate (each token represents a part of the property that is tokenised).
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 BEP20 token refers to a token standard that allows the implementation of digital tokens or coins on the Binance Smart Chain.
It is important to know that an ERC20 token can behave like a cryptocurrency, but they are not necessarily the same. ERC20 tokens work on the Ethereum blockchain and BEP20 tokens work on the Binance Smart Chain, i.e. on the blockchains of other cryptocurrencies (each one has its own blockchain).
To create a token on the aforementioned blockchains, you must first have programming skills and understand the Solidity language. If this is not your case, the best thing to do is to get in the hands of a specialist.
You should also take into account the structure of this type of smart contract, as the acronym ERC20 or BEP20 is a way of naming a smart contract with this structure.
In any case, we are here to help you, at Occam Agencia Digital we have developed TokenFactory so that this is not a problem.
what is TokenFactory, a new platform?
At Occam, we have developed a free platform that allows you to create ERC20 format tokens on Ethereum, Binance Smart Chain, xDAI and the Robsten proofnet.
The only cost you have to bear is the cost of the transaction that has to be generated to create the contract, i.e. the cost of the gas or, in other words, the cost of the miners.
what are the differences between Ehereum, Binance Smart Chain, xDAI and Ropsten?
Below, we will tell you what each of these networks consists of and what their main advantages and disadvantages are. Take note!
Ethereum is currently the most popular network and the main advantage is that there is a larger ecosystem of applications, centralised and decentralised exchanges than the others. On the other hand, the disadvantage is that as there are more transactions, the cost of the network is higher.
Binance Smart Chain
Binance Smart Chain is a network backed by Binance, whose main advantage is that it is cheaper than Ethereum. However, it is highly centralised, as the network is owned by a private company. Although its ecosystem is growing by leaps and bounds, it is important to remember that Ethereum is ahead of it.
xDAI is the fastest and its cost is practically zero at present. The great disadvantage of this system is that it is still a very small network, although it is being used a lot in projects that require a large number of transactions at a very low cost, taking advantage of its blockchain infrastructure.
Ropsten is a test blockchain, so it is free but it will not be used to launch any project, only for testing. In this link you can get fake ETH to test your token or DAPP. https://faucet.ropsten.be/.
These tokens follow the ERC20 standard, but you can configure their name, maximum amount, symbol and token decimals.
If you want something more specific, you can always contact us.