Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: codehash on November 24, 2021, 09:56:45 PM
-
Creating a cryptocurrency from scratch isn’t easy. It requires extensive knowledge of various programming languages and knowledge of blockchain use cases, among other things. Instead of going through that effort, those newer to the crypto space wanting to build their own project tend toward tokens.
Tokens are a crypto asset that exists within an ecosystem, like a project built on Ethereum. A token may be compatible with all Ethereum-based assets sharing the same token standard but wouldn’t be compatible with cross-chain cryptocurrencies.
Essentially, tokens enable one to build their blockchain-based business or idea without the massive effort required to build a cryptocurrency from scratch. However, creating it comes with its own set of problems such as legality, fees, and smart contract security.
https://cointelegraph.com/news/how-to-enhance-defi-security
-
I am looking forward to a token that can be fully compatible with top blockchain networks including Ethereum, BSC, Bitcoin, ADA, Polygon and the list goes on. right now, this is not yet possible so many are putting up bridges so as to counter the incredibly HIGH gas fees in the Ethereum platform. Hopefully, we could see this a big reality someday where your token is valued the same and can be converted into different networks anytime, anywhere.