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Explore the Popular Token Standards to Create a Feature-Rich Crypto Token

PUBLISHED Feb 9, 2024, 9:54:14 AM        SHARE

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ImageDominic Christ

In the ever-evolving landscape of blockchain technology and cryptocurrency, the creation and utilization of tokens have become integral components of various ecosystems. From Ethereum to Binance Smart Chain, Tron to Solana, and Polygon, each blockchain network has its own set of token standards that govern the creation, issuance, and functionality of tokens. In this guide, we'll delve into some of the most popular token standards across different blockchain platforms.

Ethereum Token Standards:

ERC-20:

ERC-20 is perhaps the most well-known token standard on the Ethereum blockchain. It defines a set of rules that all Ethereum-based tokens must follow to ensure compatibility with the Ethereum ecosystem. ERC-20 tokens are fungible, meaning they can be exchanged on a one-to-one basis.

ERC-721:

Unlike ERC-20, ERC-721 tokens are non-fungible tokens (NFTs). Each ERC-721 token is unique and cannot be replaced by another token. This standard has found extensive use cases in digital collectibles, gaming assets, and real-world asset representation on the blockchain.

ERC-1155:

ERC-1155 is a multi-token standard that supports both fungible and non-fungible tokens within the same contract. This standard is highly efficient in terms of gas costs and has gained popularity in blockchain-based gaming and decentralized finance (DeFi) applications.

ERC-777:

ERC-777 is an extension of the ERC-20 standard with additional features such as sending tokens in a single transaction and the ability to reject incoming token transfers. This standard aims to enhance token functionality and simplify token interactions.

ERC-23:

ERC-23 is an improvement over ERC-20 that aims to address some of its shortcomings, particularly the issue of lost tokens due to incorrect transactions. ERC-23 allows tokens to be transferred without triggering a smart contract execution, thus reducing the risk of lost tokens.

ERC-827:

ERC-827 extends the functionality of ERC-20 tokens by adding support for token approvals with additional data. This allows users to delegate token transfer approvals to third parties, enabling more complex token interactions.

ERC-1400:

ERC-1400 is a security token standard designed to facilitate compliance with regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. It provides features for issuing, transferring, and redeeming security tokens while ensuring regulatory compliance.

ERC-998:

ERC-998 introduces the concept of composable tokens, which are tokens that can own other tokens or contracts. This standard enables the creation of complex token structures where tokens can represent ownership in multiple assets or entities.

Binance Smart Chain Token Standards:

BEP-20:

BEP-20 is the token standard for the Binance Smart Chain, similar to ERC-20 on Ethereum. It defines the basic rules for creating fungible tokens on the Binance Smart Chain.

BEP-721:

BEP-721 is the non-fungible token standard on the Binance Smart Chain, equivalent to ERC-721 on Ethereum. It allows for the creation and management of unique digital assets.

BEP-1155:

BEP-1155 is a multi-token standard on the Binance Smart Chain, similar to ERC-1155 on Ethereum. It supports both fungible and non-fungible tokens within the same contract.

BEP-2:

BEP-2 is the native token standard for the Binance Chain, focusing on simplicity and compatibility with the Binance ecosystem.

Tron Token Standards:

TRC-10:

TRC-10 is the native token standard on the Tron blockchain, similar to ERC-20 on Ethereum. It is optimized for high throughput and low transaction fees.

TRC-20:

TRC-20 is a more advanced token standard on the Tron blockchain, supporting additional features compared to TRC-10.

TRC-721:

TRC-721 is the non-fungible token standard on the Tron blockchain, equivalent to ERC-721 on Ethereum.

TRC-1155:

TRC-1155 is a multi-token standard on the Tron blockchain, similar to ERC-1155 on Ethereum.

Solana Token Standards:

SPL:

SPL (Solana Program Library) is a collection of on-chain program libraries and standards, including token standards, on the Solana blockchain.

Polygon Token Standards:

MATIC:

MATIC is the native token of the Polygon network, used for transactions, staking, and participating in the network's governance.

ERC-20, ERC-721, ERC-1155:

In addition to its native token, Polygon supports various Ethereum token standards, including ERC-20, ERC-721, and ERC-1155, facilitating interoperability with the Ethereum ecosystem.

In conclusion, the diversity of token standards across different blockchain platforms reflects the evolving needs and use cases within the crypto space. Whether it's creating fungible tokens for DeFi applications, unique digital assets for gaming, or security tokens for regulated markets, there's a token standard tailored to meet every requirement. As blockchain technology continues to mature, these standards will play a crucial role in shaping the future of digital asset creation and management.

Plurance, a leading Token Development Company, specializes in assisting projects in navigating the complexities of crypto token development and choosing the most suitable token standards for their specific use cases. With expertise across multiple blockchain platforms, Plurance empowers businesses to harness the full potential of tokenization and blockchain technology. And we help you to create and launch your crypto token in 1 day!

I/we have a position in an asset mentioned



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