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Are you confused about the concept of deflation in traditional finance versus cryptocurrency? While deflation is a negative in traditional finance, it turns out to be a positive thing in the crypto market. How? Well, a deflationary cryptocurrency is one in which the supply of coins is decreasing. Simply put, as the number of coins in circulation reduces, the value of each coin increases. Deflationary cryptocurrencies have a maximum supply cap that cannot be changed.
This is why most crypto enthusiasts choose to build deflationary tokens and seek the assistance of a deflationary token development company. In this blog, we gain insight into how you can proceed with deflationary token development.
Create Your Deflationary Token by Considering the following things:
Now, if you want to make a cryptocurrency token that has a lot of features and is tightly connected to a dApp ecosystem, you’ll need to hire a skilled token development team.
Step 1: Decide on a Blockchain
Unlike crypto coins, crypto tokens rely on an existing blockchain instead of a new blockchain. Although Ethereum is a popular blockchain for creating tokens, other blockchains like Binance Smart Chain, Solana, and more are gaining traction. Decide the blockchain on which you want to build your deflationary tokens.
Step 2: Define the Properties of your Token
After you have decided on the blockchain for deflationary token development, determine the utility of the token. If it is a normal ERC-20 token designed to attract investors, it will have the ERC-20 standard’s intrinsic qualities. You’ll have the option to specify:
1) Total supply of tokens
2) The name, symbol, and number of decimals of the token
3) as well as a few supplementary functions for checking address balances, enabling, and verifying transactions.
If you need to create a more complicated crypto token, you should seek the assistance of a token development company.
Step 3: Develop A Smart Contract
The development of a smart contract involves:
– Writing the program’s code
– Testing the code
– Deploying the smart contract
If you are taking the help of developers to build your smart contract, there are things you should consider:
Do you want a contract that is completely unchangeable, or do you want the flexibility to amend it at any time?
This is pretty serious stuff. Crypto enthusiasts adore fully decentralized dApps (and tokens) that don’t have admin keys that give the contract backdoor access. After all, decentralization is at the core of blockchain technology. Consider designing a token for a closed community, such as a collection of clinics. In that situation, a solution like this is perfectly reasonable.
Do you want your crypto token to have any extra features, such as staking?
Consumers that hold crypto tokens in their wallets may exhibit odd behavior. This could be done by burning all staked tokens, which would take them out of the current liquidity pool and let the interest on them be used to create new currencies.
Do you require any token recovery features?
Today, blockchains are like the wild west. People may accidentally find your smart contract’s address and send their crypto (which the contract may or may not support) to it. Typically, these tokers are lost forever. To avoid such mishaps, you may want to include a workaround in your smart contract.
While working on a crypto coin smart contract, there are numerous other questions to consider. The most important thing to consider is how you want your smart contract to behave and what it will do to bring additional clients to your dApp ecosystem. Another random, risky asset that doesn’t make people want to use your product is probably going to be ignored.
Step 4: Deployment on Blockchain
A smart contract’s deployment is extremely easy. Your developers may only need to submit a transaction with developed contract code without designating a receiver, depending on the tool they’re using. It is just a matter of a few clicks, and it’s nothing to be concerned about.
Today, the quantity of deflationary tokens entering the crypto market is astounding. If you are also planning for deflationary token development, Antier Solutions can help.
We offer end-to-end token development services – from token development and deployment to white paper creation and marketing – to help you successfully launch your token.
Connect with our subject matter experts to share your business needs for deflationary token development.
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