Blockchain token development standards are essential for the growth and popularity of cryptocurrencies. These standards provide a platform for developers to produce interoperable and secure tokens. Each standard has its own set of characteristics and advantages, including as fungible or non-fungible tokens, cross-chain interoperability, and smart contract capabilities. However, with plenty of blockchain platforms available, choosing the best one for token development could be tricky. Here we listed Top 10 Blockchain Standards for token development, this helps to choose the blockchain standard for token development project.
Most of the blockchain smart contracts are currently use Ethereum blockchain. There are several ERC standards are available, each one has unique features and functions.
ERC-20 standard tokens are fungible, which means that they may all be used interchangeably and have the same value. Tokens on the Ethereum blockchain must follow to a set of guidelines known as the ERC-20 standard in order to be considered compliant.
ERC-721 Standard tokens are defines as non-fungible tokens. Unlike fungible tokens, each ERC-721 token is distinct and non-interchangeable. The ERC-721 standard specifies an array of functions for the creation, ownership, and transfer of NFTs.
ERC-777 is an ethereum blockchain standard for fungible tokens, that builds upon the functionality of the ERC-20 standards.The ERC-777 token standard contains a "send" function that helps to efficient token transfer.
The ERC-1155 token standard permits the creation of fungible and non-fungible tokens inside the same contract. It decreases the amount of transactions necessary to sustain different types of tokens. It also enables the construction of semi-fungible tokens with some fungible and some non-fungible features.
ERC-4337 is a token standard for ethereum blockchain that brings smart contract functionality to wallets in a single account. It allows for bundle and automate transactions on ethereum. It also allows for social recovery of crypto wallets, biometric authentication of transactions, and the ability to store a wallet’s private keys on a smartphone security module.
ERC-1400 is a proposed standard for security tokens that incorporating differentiated ownership, error signalling, document references, gate keeper, access control and issuance / redemption semantics. ERC1400 combines new and existing standards with the goal of creating a unified framework for all security tokens.
ERC-223 is a token standard that uses smart contracts to securely transfer tokens to a digital wallet. The ERC223 standard was designed to make it easier to work with contracts that are created to deal with tokens.
ERC-827 is an Ethereum token standard that extends the functionality of ERC-20 standard by adding support for additional transaction data. It allows for more complex transaction involving token transfers and additional data.
ERC-865 is an Ethereum blockchain token standard with the goal of improving user experience and minimizing transaction costs related to token transfers. It enables token transfers to be paid for by someone other than the sender, something the ERC-20 standard does not allow.
ERC-884 is a proposed token standard for the Ethereum blockchain that extends the functionality of ERC-20 and ERC-721 standards by adding support for fractional ownership of real-world assets like property or commodities to be represented on the blockchain.
The ERC-165 is an Ethereum standard is know as ERC165 standard interface identifier that is used to detect and publish which interfaces and smart contracts are implemented.
ERC621 is a proposed ethereum standard that allows projects to manage the token supply with two new functions. These are 'increaseSupply', and 'decreaseSupply'. Using these two new functions, ERC621 makes it possible to increase or decrease the total token supply.
The ERC-4626 standard devloped to standardize and simplify the technical specifications of yield-bearing vaults. It defines a standard API for tokenized yield-bearing vaults that represent shares of a single ERC-20 token. ERC-4626 contains an optional extension for ERC-20-based tokenized vaults that provides basic functionality for depositing, withdrawing, and checking balances.
TRON Token standards are a set of standards that describe how digital assets behave on the TRON blockchain, providing smooth interoperability and standardized features, and allowing for the efficient creation and use of decentralized applications (DApps) inside the TRON ecosystem.
TRC10 is the TRON blockchain's native token. TRC10 is a technical token standard used for basic token creation that does not require the TRON Virtual Machine. Any TRON network account user can generate a TRC-10 token for a minimum of 1,024 TRX.
TRC20 is a token standard for creating and handling TRON blockchain tokens. The TRC20 standard specifies the regulations that all tokens in the network have to follow. These contain the rules for issuing new tokens, executing and permitting token transfers, sending and receiving tokens, and other procedures.
TRC-721 is a standard interface for issuing non-fungible tokens (NFT) on the TRON network. Tokens created on the TRC-721 standard can represent any digital type of tangible assets in the real world.
Binance Smart Chain (BSC)
Binance Token standards are a set of standards and regulations designed by Binance, a renowned cryptocurrency exchange, to assure the interoperability and consistency of tokens issued on their platform, allowing for easy integration and widespread acceptance inside the Binance ecosystem and beyond. These standards establish a solid framework for token production, transferability, and smart contract functionality, supporting creativity and efficiency in the expanding digital asset market.
BEP-20 is a BNB Chain token standard designed to expand on the most used Ethereum token standard, ERC-20. BEP-20 is a blueprint for how a token may be used and who can spend it, as well as general usage regulations.
BEP-721 is a BNB Smart Chain token standard that permits non-fungible tokens to be created. It is an extension of ERC-721, one of the most widely used NFT standards, and is interoperable with the Ethereum Virtual Machine. Each NFT is unique and is not interchanged with any other token.
Token standards are stored in the Solana Programme Library (SPL), which is a library of on-chain software programs that operate on the Solana chain's runtime. On the Solana blockchain, you can tokenize your assets and produce fungible or non-fungible tokens.
Polygon, also known as the Matic network, is a framework for developing and connecting Ethereum-compatible blockchain networks. It also improves the scalability and adaptability of Ethereum that supports a multi-chain Ethereum ecosystem. Polygon network offers a platform where the transactions are a lot quicker and cheaper than the other networks.
The WAX Token model is designed to incentivize a range of behaviors that will aid in the growth of the WAX ecosystem, such as staking, incentives, and voting. On the WAX blockchain network you can tokenize your digital assets. It enables anyone to create, buy, or sell virtual assets.
Avalanche is a decentralized smart contract platform that is open and configurable. It aims to overcome the decentralization, security, and scalability issues that lead to high gas fees on blockchain networks. Avalanche is incredibly interoperable, which is one of the key benefits of blockchain technology. According to its creators, Avalanche allows blockchains to employ its consensus procedure with virtual machines.
There are two token standards in Tezos: FA1.2 for fungible tokens and FA2 for non-fungible tokens. They enable easy integration with dApps and exchanges.
The FA1.2 standard refers to the Tezos fungible token standard. FA1.2 includes a ledger that connects identities to balances. This ledger handles token transfers and approvals for spending tokens from other accounts.
The FA2 standard refers to the unified token standard on Tezos. FA2 is a very powerful standard that allows for many forms of tokens. It supports a wide range of token types fungible, non-fungible, non-transferable, multi-asset contracts.
The Cardano Token Standard is a set of guidelines and procedures that regulate the creation and operation of tokens on the Cardano blockchain, assuring interoperability, security, and compatibility across diverse token initiatives. It also provides advantages like traceability, interoperability, multi-asset capabilities, and more.
Hedera is the most widely used, long-lasting public network for the decentralized economy, allowing people and enterprises to create strong decentralized applications. It is specifically meant to be more sustainable and efficient, as well as to eliminate some of the rules that previous blockchain-based systems enforce.
Top 10 Blockchain Networks and Token Development Standards provided in this blog offer a valuable reference for selecting the appropriate blockchain standard for a token development project, assuring its success and optimal performance. These blockchain networks enable developers to build safe and interoperable currencies with unique benefits like as cross-chain interoperability and smart contract capability. However, with so many possibilities available, choosing the best blockchain platform for token production might be difficult.
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