Creating a new crypto token seem to be a daunting task. What most people don’t know is, with access to the right resources and tools, it’s actually doable. If you want to create your own token for whatever reason, then the next lines will definitely help you out.
Which Blockchain Platform You’ll Use?
You must spend enough time choosing which blockchain platform for your token. Remember, your chosen platform is where your token will operate. Every platform has its ups and downs. What you want is to settle with one that perfect fits your needs and requirements. Some of the notable tokens nowadays are Ethereum, Binance Smart Chain (BSC), and Bitcoin.
For instance in Ethereum, it’s among the popular platforms in creating tokens, primarily because of the ERC-20 and ERC-721 it follows for tokens and NFTs respectively.
It happens to be a great option, but you must check out for gas fees.
On the other hand, if you are after tokens that can provide lower fees, then Binance Smart Chain may just suit your needs. BSC is cheaper and faster without compromising remarkable functionality.
Consider the Potential Legal Obligations
Before you go deep with your token creation, it is imperative that you know the legal obligations you’ll be bound to. There are regulations about cryptocurrency tokens that vary based on your location. It is essential that you remain compliant at all times. Tokens are usually seen as a form of security in some nations, so failing to abide to the rules might result to consequences.
Make sure that you’ve taken the time to talk to legal professionals who specialize in blockchain. You want to be safe than sorry in the end.
It’s All about Security
Security may not be the most exciting thing that gets you going, but it is not something you can just let go of. Before launching your token, you want to ensure that your smart contract is safe from breach. There are lots of services and tools that can be a big help. You might opt to work with experts or, you may invest in tools that can be used in auditing your token’s code. Either options will be checking the token for any security weakness or bugs that may cause issues in the future.