Cryptocurrency is actually a digital currency that is encrypted with a combination of values in the blockchain. whereas the crypto tokens are merely a subset of cryptocurrency that can be generated on the existing blockchain that can be shared by the particular organization and community.
As we all aware, the blockchain is a ledger system where tokens can be generated. In the crypto space, the most common and highly preferred blockchain in the crypto space is Ethereum, Tron, and Binance smart chain.
Each blockchain has different functionality in the case of supporting token standards, Ethereum blockchain is an open-source and secured blockchain supporting the best token standards such as ERC20, ERC721, ERC1155, and more. similarly, the Tron blockchain supports effective token standards such as TRC10, TRC20, and TRC721.
Key properties of blockchain
- Decentralization
- Transparency
- Immutability and mutability functionalities (varies as per the token standard)
- Gas fee structure
- Computational energy
- Create a Token by registering the token name, symbol, and address - Select the required blockchain and token standards
- Code the smart contract in the blockchain
- Create a wallet
- Validate the contract and token
- Add token to the wallet
- Deploy the token
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