Crypto Token – Easy solution for multiple obstacles to any business
Tokens are used only for crowdfunding which has become a general understanding of many people. Initial coin offerings (ICOs) let Blockchain startups raise millions of dollars. Many of these crowdfunding campaigns are a huge success. Despite the growing popularity of ICOs, there is still a lack of theoretical knowledge and a thorough understanding of many business models and their consequences for token-based ecosystems. In a token-based economy also, there is a lack of scientific research that tends to low utilization of token capacity in business models and their impact.
While running a successful business there is very little scope for improvements. We likely give a thought to upgrading the existing system. We are so much used to the system that we neglect small hurdles which our clients might face while using our business portals. We are going to talk more about the problems which are related to finance. The Token Development is especially going to benefit businesses, who are globally present and mode of payment is also involved in their business model.
To understand the possibilities of Crypto Tokens, first, you will need to understand what tokenization is, and what the properties of tokens are.
A crypto token is a unique type of virtual currency token. These tokens are fungible and tradeable assets or utilities with their own Blockchain. As tokens are created over Blockchain, they inherit the properties of Blockchain Technology. Every single transaction is tracked over Blockchain by which we can monitor the tokens easily. Also, tokens provide you liquidity in the transaction, which provides fast and easy trading. Below are some properties of Tokens;
- Cold Wallets
- Token Exchange Listing
- Risk-free Transactions
- Improvised Liquidity
- Simplified Implementation
- Limitless Data access
- P2P Payments and Processing
- Pegging and Wrapping
- Transactional Efficiency
- Avoid Middlemen in Payments
Problems such as, higher transaction fees or exchanging the fiat currency in the acceptable currency format from one app to another are some real-time hurdles users face. BY using your crypto token-based application you can increase the efficiency of using your business portals by more than 50%.
With many more other benefits to explain, We have 5 industry examples explaining the potential of using Tokens that will blow up your mind.
1. Hospitality Industry: Imagine a situation where you reach the long-awaited beautiful destination abroad and you do not need to worry about all the local charges (local currency). No need to pay the fee for currency exchange. The hotel chain you are regularly using has its own token to do all this and you do not need to carry that token with you as well. You can purchase it from their app anytime or from the listed exchanges. Specifically, Lodging firms or chains like Airbnb or OYO hotels can use these crypto tokens efficiently.
2. Betting Application: Betting app can utilize the crypto tokens to their fullest. In every possible situation in the betting application, tokens can be used. Right from the purchase of chips in the form of crypto tokens to the utilizing in all sorts of games, they can be useful. Crypto Tokens can be purchased from any regulated place irrespective of the currency. Easily fractional to required decimal. Easy to share rewards and do the calculation in a single form of currency. Businesses like BET365, Dream11 where lakhs of transactions go on a daily basis; reduced or no transaction fee can really make a big difference.
3. Games and Other Apps: Businesses with In-App Purchase and also have a global presence are more likely to use the tokens in their existing system. Token gives the complete governance of economics and has its own legal boundaries. Proper valuation, easy transaction, and easy rewarding for influencers, promoters, and gamers are possible with just a snap of fingers.
4. Import Export Trading: This business involves tracking goods and maintaining all the financial assets, which is a tedious job. Tokens can be used as an identity of goods or as a ledger. Instead of credit notes, tokens can be used. Tokens can also be used for lending money. Tokens make the trade reliable for both parties enabling them to rely on the same tokens. This helps them to trade without an intermediator.
5. Coupon System: Any quick service food restaurant or electronic retail chain, ice cream parlor can have its own crypto token, which will be stored in the wallet of their particular app. The idea behind getting unique tokens is each venture can keep its uniqueness in utilizing the tokens. The wallet can be integrated with using the tokens for real-time money through the app or as a cashback system for the circulation of tokens. A very good example of this is Starbucks Stars, you earn stars and can use them in any Starbucks shop globally.
Token Development can come out as the very best solution for multiple problems in which currency is involved in any stage of transaction regardless of the place or amount. If you think you want to upgrade your business to avail the benefits of Crypto Tokens, contact us for restructuring and reframing your idea. Our Consultants will surely consolidate your thoughts regarding the Token development.
- Top 3 Blockchains to be Considered for Token Development
- PancakeSwap- Would You Like to Develop a Similar Decentralized Exchange?
- DeFi Insights That Have Unlocked the Fintech Potential!
- Top 5 Security Hacks to Defend Your Crypto Wallet!
- Sidechains- A Boon for Blockchain Community!
- Make Your Blockchain Move with these Data-Driven Insights!
- How Blockchain Technology Enhances Mobile App Security?
- How Do I Create a Crypto Exchange Platform?
- How is Blockchain Transforming the Automotive Industry
- Top Use Cases of Blockchain in the Education Sector
Latest news, articles, and updates montly delivered to your inbox.
Integrate your ideas with our Technology Expertise to drive your project into success