Why Your Business Needs a Token

2/5/2022

You may be thinking about creating your own token to boost your business or chase any other goals - Look no further.

In this article, we will see explain how you can create your own cryptocurrency to boost your business, even if your knowledge about blockchain technology is limited.

Also, if you are wondering whether it is possible to create your own cryptocurrency, then this article is for you.

Why You Need to Create Tokens for Your Business

Many marketplaces are adopting tokenization as a way of building a stronger competitive advantage. This is what new businesses are using to take on older established counterparts with centralized models. Although a centralized business can still be highly innovative and fast-growing, a new competitor in the market is likely to give them a run for their money when they adopt tokenization.

A decentralized marketplace is coming up as an interesting proposition for the tokenization process. New marketplaces based on blockchain are disrupting the traditional centralized ones. A well-established centralized marketplace could be having some tremendous opportunities for users, however, a new generation of tokenized marketplaces is coming up.

Predictive markets, decentralized storages, travel and hotel booking marketplaces, data marketplaces, decentralized exchanges that allow users to trade assets, etc. are some of the industries that can benefit from tokenization.

Create a Crypto Token

You can create either a crypto coin or a token. However, if you have no knowledge of blockchain technology, you should focus on a crypto token, and not a coin - there is a big difference between the two.

But here is a quick one…

There can only be one coin per blockchain, hence you can only create a coin if you build a new blockchain. A crypto coin is essentially the main currency on a blockchain.

For example, Ether (ETH) is the underlying currency for Ethereum- the most popular blockchain.

Every blockchain needs a crypto coin acting as money to fund transactions and any other interactions with a blockchain. But advanced blockchains such as Ethereum and Binance Chain also have standard crypto tokens, which are issued by anybody according to the standards set by the blockchain.

When you lend, exchange, send or perform any other actions with a token, you pay for it using the blockchain coin. A crypto token is essentially a smart contract within a blockchain, hence you need to implement a smart contract according to certain token standards.

These depend on the blockchain you’ve chosen to make your token. Tokens are easier to create, hence the reason they are plenty.

ForkChain - The Easiest Way to Create Your Own Token

There are easier ways to create your own crypto token without getting into the murky waters of deploying a smart contract or engaging in any other technical jargon.

With ForkChain, you can create your own token in just a few clicks: choose a logo, select a blockchain, define tokenomics, and you’re ready to go.

You also have full access to the robust community within Forkchain. What’s more, you have full access to the robust community within the Forkchain ecosystem where you can promote your token.