Widely Employed Ethereum Token Development Standards

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ETHEREUM TOKEN DEVELOPMENT
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ERC stands for Ethereum Request For Comments. It
is a set of rules and guidelines to be followed
while creating tokens on the Ethereum blockchain.
Ethereum tokens gained popularity in 2016 and
2017 as the ICOs began using them in
crowdfunding. The token can be fungible,
non-fungible, and semi-fungible. There are
different standards for the same. Ethereum token
development is the first and foremost step when
it comes to launching a project based on the
Ethereum blockchain. The widely used token
standards are ERC20 for fungible tokens and ERC
721 for non-fungible token creation. Let us
discuss the differences between the ERC20 and
ERC721 token standards.
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ERC20 Token Development ERC20 tokens are
divisible. As mentioned above, ERC20 tokens are
used for fungible tokens. One ERC20 token can be
interchangeable with another ERC20 token. All ERC
20 tokens are of the same value. Since these are
fungible, there is no specific owner for an ERC20
token like the ERC721. Crypto enthusiasts can
commonly own ERC20 tokens.
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ERC721 Token Development ERC721 is a token
standard used for creating non-fungible tokens.
They are unique and cannot be interchangeable.
The value of an ERC721 token depends on its
rarity and uniqueness. Each ERC721 token has a
specific owner. ERC721 tokens are not commonly
owned as they are expensive. ERC721 tokens are
not divisible as they are unique.
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Conclusion Tokens are the fundamentals of any
crypto project. Whether ERC 20 token development
or ERC721 token development, an Ethereum token
development company will help you develop a
highly efficient token that will meet your
expectations. Hire one and begin your token
development and let your business flourish in the
world of cryptos and NFTs.
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