How No-Code And The Democratization Of Token Development Is Accelerating Cryptocurrency Growth

How No-Code And The Democratization Of Token Development Is Accelerating Cryptocurrency Growth

The goal of the cryptocurrencies and the decentralized finance (DeFi) ecosystem is to create a world that ensures financial inclusion for everyone. In this world, all necessary and useful financial products and services – transactions, payments, savings, loans, and insurance – will be provided to individuals and businesses in an affordable and sustainable fashion. There is indeed some progress in terms of economic growth and freedom thanks to cryptocurrencies. The crypto asset class is known for being easier to access than traditional ones, which require crossing unnecessary bank and government regulations. However, the promise of financial inclusion offered by the digital currency wave is still a long way off. Primarily because the DeFi projects and applications development has lagged far behind and is currently taking place only in small pockets.

It’s not as if there’s some sort of inherent limitation with cryptocurrencies or the underlying blockchain technology. In fact, there are many people today who are brimming with exciting ideas, eager to leverage the power of decentralized finance to create apps, commonly known as dapps (short for Decentralized apps). However, to develop these dapps and their components, such as smart contracts software coding is required. There is an acute shortage of qualified tech talent with the required cutting-edge skillsets like smart contract coding and blockchain engineering.  The lack of skilled talent to implement the latest wave of DeFi and blockchain technology has stifled its overall growth.

Low-code and no-code solutions are one of the latest approaches to reduce the reliance on skilled coders to develop and deploy blockchain software. These are development platforms that allow you to create Dapps and tokens with little to no coding. Users can design applications using graphical user interfaces and configuration tools rather than traditional code-based programming techniques. No-code platforms have the potential to democratize crypto development and make it accessible to everyone because almost anyone can use them. The first of such platforms, no-code token generators enable fast and convenient crypto token creation.

What is No-Code Token Development?

The common method of coding a token is to specify all of its properties using standard specifications such as ERC-20 for Ethereum blockchain and BEP-20 for Binance Smart Chain. The full specification, known as a smart contract, is written in the Solidity programming language. For example, you should write a line of code: string public name = “MyBestToken” in your contract code to give your token a name. Some of these constructs are straightforward, such as the name, but today’s tokens require sophisticated trading controls and mechanics like fee rewards or hyper-deflationary buyback. To do so, you’ll need a thorough understanding of solidity programming. However, it is difficult to learn Solidity and needs significant time investment. There isn’t enough talent with this skill in the market, which is causing a major bottleneck for crypto project launches.

By providing an intuitive graphical interface, no-code token development platforms alleviate this problem. You can create advanced tokens with just a few clicks and selections. No coding is required. While the first generation of these platforms only allowed for the creation of basic tokens, the third generation platforms launched recently support modern tokenomics.

Benefits and Challenges

Let’s talk about the platforms’ advantages before we get into the feature details. For starters, they are lightning-fast. Your token will be generated in a matter of seconds. They’re simple to make; there’s no need to spend hours upon hours learning Solidity and attempting to find help in forums when you get stuck. You can save a lot of money as well as time by using these platforms, which are usually very affordable.

These no-code platforms have a lot of promise, but they also have some drawbacks. Even though many advanced mechanics are now available out-of-the-box, their flexibility is still limited, and they may not be useful in cases where significant levels of customization are required. However, the new generation of token creation platforms is highly customizable and new innovations are underway, which should resolve current constraints.

Current Offerings

Let’s look at some of the no-code token mint platform offerings. The early ones were launched last year in 2020 with basic capabilities and the most modern ones have been recently launched in 2021.

Generation One: Basic platforms

The first generation of platforms, such as Unicrypt Network’s token minter, only allows for the specification of basic parameters such as name, symbol, and supply. They could command a high fee because they were the first to market. However, they have fallen behind the times and are now only used to mint new tokens as part of a package deal offered by these platforms.

Generation Two: Template-Based Platforms

A new breed of token generator platforms has emerged as a result of the release of tokens with advanced tokenomics such as fee rewards to holders or automatic liquidity generation. These platforms work by copying the source code of a popular token and allowing users to specify important parameters. DxMint is one such platform, with three templates currently available: a basic one, a yield or fee reward template, and a liquidity generation template. However, these platforms confuse new token creators because of many isolated templates without a single view of all the features. You also often want to combine the best features from several templates, which is obviously not possible. Without a better alternative, such platforms are currently most widely used.

Generation Three: Modular  platforms

Next-generation platforms have begun to emerge, capable of combining all of the best financial mechanics and features into a single template. Because the token is built on a modular architecture, token developers can pick and choose which features they want to include in their token. One such generation three platform is the Mudra BEP-20 Token Create platform. All advanced mechanics are available, including whale limits, static rewards, deflationary automatic token burn, automatic liquidity generation, and hyper-deflationary buyback. It allows token creators to pick and choose which mechanics they want to include in their token rather than being limited to pre-canned templates. Token creators can now create a SafeMoon-like token or an EverRise-like token using these platforms. Even better, they can combine the best features of both tokens into a single token.

The future platforms

These platforms are expected to become even more flexible and extensible in the future. They may even allow token developers to create their own mechanics rather than relying on the most recent mechanics. The promised future has started to unfold, and we are curiously watching the evolution of these platforms.

Building an all-inclusive cryptocurrency ecosystem

No-code token development platforms have substantially reduced the barrier for non-programming token creators to launch their tokens. Mudra Token Creator, a generation three platform, has revolutionized this journey by providing a modular platform where you can select the best features suited to your needs. Everyone can now generate their own unique crypto token. As a result, a large number of new products and tokens are being launched on blockchain networks such as BSC and Ethereum. These tokens are used in a wide range of projects. Some are charity crowdfunding tokens that are used to collect donations for a specific cause, while others are utility tokens that provide the holder with access to a blockchain-based product or service. And of course many are Payment tokens, that serve as a medium of exchange and a store of value. The possibilities are truly endless with No-code Token development platforms.