If you are looking for a practical and secure way to represent the value of a property, you have landed in the perfect place.
In this post, we’re 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 with whom 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. 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.
This type of asset is used for different purposes. Depending on what they are to be used for, they are classified into different types, such as: Utility Tokens, Security Tokens, Equity Tokens. What are they? What are they used for?
Utility Tokens are currently the most widely used, since cryptocurrencies are utilities, i.e., utility tokens that serve as a means of payment in this case. Security Tokens, on the other hand, 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 being 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 Ethereum blockchain.
On the other hand, the BEP20 token refers to a token standard that allows implementing digital tokens or coins 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 thing. 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 has its own blockchain).
To create a token on the 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 consider the structure of this type of Smart Contract since the acronym ERC20 or BEP20 is a way of naming a smart contract with that structure.
What is Venice Launchpad? New Platform
At Venice Swap, 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 must bear is the cost of the transaction that needs to be generated to create the contract. That is, the cost of the gas, or in other words, the cost of the miners.
What are the differences between Ethereum, Binance Smart Chain, xDAI and Ropsten?
Below, we are going to tell you what each of these networks consists of and what their main advantages and disadvantages are. Take note!
The most popular network currently is Ethereum, and the main advantage is that there is a larger ecosystem of applications, centralized and decentralized exchanges than in the rest. On the contrary, 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 endorsed by Binance, whose main advantage is that it is cheaper than Ethereum. However, it is highly centralized, 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, even though it is being widely used in projects that require making many transactions at a very low cost, taking advantage of its blockchain infrastructure.
Ropsten is a test blockchain. Therefore, it is free, but it will not serve us to launch any project, only for testing. In this link you can get fake ETH for testing 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.
Trade on Venice Swap or visit our launchpad app