A Token for each Business?
During the ICO craze of 2017, companies around the world raised over $6 billion. Some of them actually managed to launch successful projects. For that reason, companies in all sorts of niches are looking at the crypto space as a new way of creating and trading value.
So, how can businesses get into crypto and launch their own token?
Businesses can launch their very own crypto token in 2 simple steps.
Picking the Right Kind of Token
There are several token standards to choose from. Tokens should be:
Pauseable — Tokens may have the “pause” function, which allows the token distributor to disable transactions.
Burnable — Tokens may be “consumable”. They may be removed from circulation.
Mintable — A mintable token is a token with a non-fixed total supply, enabling the token issuer to “mint” more tokens whenever they want.
Hire a Development Team
Even if a business has been able to come up with some kind of utility/use case for their tokens to escape the “security token” label, legal and development teams should be established.
A proper strategic and implementation plan needs to be established in order to have a viable token-model and use-case.
With a solid idea of what to do with your tokens, you can start engaging existing customers and appeal to new ones as well.
It is possible that in the next few decades, almost all businesses will introduce their own digital token, and digital currencies will be the standard way of storing value. However, the underlying challenges like lack of skilled developers and infrastructure may also prevent this from happening. Only time will tell.