If you’re thinking of launching your ICO or adapting a crypto token for your business, you’ve got a plenty of options now. You don’t need to depend on only one or two token standards as there is no dearth of variants to give different functionality. So far, ERC20 has been the most popular token among crowdfunding campaigns, but there are many options now for you to choose as every protocol has its own pros and cons. Let’s see what each of these gives as a benefit or drawback:-
ERC20
As stated above, this is probably the most popular token standard which has been used extensively by businesses for crowdfunding and other purposes. Through Ethereum ecosystem and its own specifications, this particular token has become so popular that it is almost synonymous crypto tokens. However, ERC20 has its own limitations which curb transactional capacity of businesses in terms of speed and quantum of tokens as well.
ERC 223
The main objective of this particular token standard is to reduce loss of tokens which happened in ERC20 and other protocols. And the good thing is, that you don’t need to change the transfer function for using in wallet and smart contracts. It is also helpful in preventing the erroneous or invalid transactions which was big issue for developers.
ERC 621
The reason for making this protocol was the inclusion of two additional functions in the ecosystem. In the earlier standards, developers faced many issues regarding when it comes to increasing or decreasing supply. This particular token standard makes this process easy with the capability of modifying the very structure of token without any ramifications of speed and efficiency.
ERC 721
Before this token protocol, no other provided the attribute of fungibility, this particular token standard has provided it will full feasibility as well. Many a times, there are tokens which have identical qualities and they are difficult to distinguish. Using this standard, it becomes very easy to identify those tokens and exchange them without any issues. It makes the whole mechanism of transaction very easy and adaptable.
ERC 827
A need for empowering third party holders to spend the tokens was felt unanimously, which resulted into 827. This particular token gives you the functionality where you can authorize a third party to use your tokens. It means whoever you authorize to use this token will be able to exchange it through your wallet. Moreover, it is compatible with ERC20 due to being an extension of that.
NEP5
NEO Enhancement Proposals or NEP5 tokens are probably most efficient because of its stronger ecosystem. These tokens work flawlessly and consumption of GAS is also very low which makes them more cost-effective. This particular token has also become very adaptable for developers who have been working on Ethereum tokens. Their adaption across the globe suggests that this token is going to make a big impact.
Read More: Get the power of NEP5 to revamp your digital assets
According to the nature of your business, any of these tokens can suit you and fulfill the requirements. Token development services can now be hired easily and you can find various developers over the internet. However choosing the right developer will decide the course of your business, Coin Developer India has been providing uber services to its clients and it is the best company for any kind of crypto-based solution.
