In recent years, the Blockchain is considered to be a fast-growing technology. Many blockchains are available in the market like Ethereum, Tron, and Binance. Among those blockchains, the Ethereum blockchain has helped many startups, and entrepreneurs create tokens for their business purpose. Because Ethereum blockchain is the prominent Blockchain platform for many innovative projects.
Ethereum blockchain is open-source software. It enables developers to create their own cryptocurrencies or tokens. While talking about Ethereum tokens, it is classified into various standards like
ERC20
ERC721
ERC1155
Let us have a quick look at the above Ethereum token standards.
ERC20
ERC-20 was first proposed in 2015, and it was finally integrated into the Ethereum ecosystem two years later in 2017. ERC-20 introduces the token standard for creating fungible tokens on the Ethereum blockchain.
Characteristic Of ERC20 Token
- ERC 20 tokens are another name for ”fungible tokens”.
- Fungibility defines the ability of an asset or token to be exchanged for assets of the same value, say two 1 dollar notes.
- Each ERC-20 Token is strictly equivalent to the same value regardless of its feature and structure.
- ERC tokens’ most popular application areas are Stablecoins, governance tokens, and ICOs.
ERC721
ERC721 is a non-fungible token standard. ERC-721 is invaluable for digital assets, that represent someone’s ownership of those assets
Characteristics Of ERC721 Token
- ERC-721 tokens are the standards for non-fungible tokens (NFTs).
- These tokens cannot be exchanged for anything of equal value since they are one-of-a-kind.
- Each ERC-721 represents the value of the respective NFT, which may differ.
- The most popular application areas of ERC-721 tokens are NFTs in gaming.
ERC1155
ERC1155 is a fungible, semi-fungible, and non-fungible token. Because it has the combination of ERC-20 and ERC-720.
Characteristics of ERC-1155 tokens
- ERC-1155 is a smart contract interface representing fungible, semi-fungible, and non-fungible tokens.
- ERC-1155 can perform the function of ERC-20 and ERC-720 and even both simultaneously.
- Each Token can represent a different value based on the nature of the token; fungible, semi-fungible, or non-fungible.
- ERC-1155 is applicable for creating NFTs, redeemable shopping vouchers, ICOs, and so on
After having a view of the various token standards, if you are interested in creating your own Ethereum token, then reach out to the best Ethereum token development services to create your token in a hassle-free way. If you are looking for the best Ethereum token development service provider, then analyze them based on their company’s portfolio, rating, and reviews. I have done research based on the above factors and found CoinsQueens. CoinsQueens have resolved all my doubts and they provide complete support with their technical team. They have satisfied their client’s requirements to the fullest by completing their projects according to their business needs, with on-time delivery.
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