If you are an aspiring entrepreneur, you must be aware of ERC20 tokens or Ethereum tokens. Blockchain technology has spawned a spate of digital assets out of which, Ethereum has been proved exceptionally useful for rising businesses. Using Ethereum tokens, businesses can now enroll themselves for ICO (Initial Coin Offering) which has become synonymous with entrepreneurship now. This particular technology enables you to collect funds from investors across the globe without any procedural hurdles.
Making the vision of the venture feasible
Before the advent of cryptocurrency, starting your own business was an uphill task. It took ventures months of delay in getting grants through the government or finding an angel investor. Entrepreneurs had to visit banks numerous times for the sanction of loans. ICOs have turned the tide for startups by giving them a platform where they do not have to depend on a centralized body for certifying their business idea.
Referring to the question, ERC tokens are needed for business ventures because they are the most widely used token standard for ICOs. ERC20 is the most commonly used standard for tokens that are released in an ICO. However, some other standards have started to make their place such as Stellar, Neo, etc. Given the functionality of ERC standards, it has established credibility among the campaigns.
Security & functionality at the same time
The ecosystem of Ethereum allows the creation of multiple tokens and also enables the developers to burn them easily if they are unused. Apart from ERC20, there are other standards as well, but they are all proposed standards and would take some to time gain consensus from the community or get developed. ERC223, ERC621, ERC721, and ERC827 are some of the standards which would bring more security and functionality to tokens.
Read More: How To Create Your Own Ethereum Token with Solidity?
Till then, ICOs are more than satisfactory by using ERC20 tokens as they are easy to make, distribute, and destroy. These tokens have proved very useful for business ventures. On average, out of 100 ICOs, 90 are still launched with ERC tokens. This particular token standard has provided businesses with a leeway through which they can attain the desired results. This has also given Ethereum token development company a chance to thrive and establish themselves among ICO campaigns.
Get an expert for your project
These companies make your job easy with several functionalities other than just providing tokens. Those functionalities include token creation, token transfer, token web wallet, cold storage, and verification of Etherscan. It is recommended that you hire a prominent token developer or company to get the most out of the services. ICOs have also shown a proneness to go for the most reliable sources for launching their dream project.
Working with an authentic token provider is also very important as these tokens possess their own intrinsic value. To secure them against theft or forgery, it is important that you hire a professional who is well-versed in the technology.
Coin Developer India is a blockchain and cryptocurrency development company that provides ERC20 token development services with full compliance with Ethereum protocols. We have been providing great service to ICO campaigns and made sure their assets are protected at any cost.
