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What are the advantages of creating your own token on the Ethereum blockchain rather than creating a cryptocurrency from scratch?

A  recent venture a majority of companies have began testing is using cryptocurrency as a method of fundraising for different startups. By using ICOs, companies are able to persuade investors to contribute in the form of cryptocurrency. The company can choose between using an entirely new crypto currency, or they can use a third-party company’s cryptocurrency, such as Ethereum, to gain tokens against it. The former strategy is predominantly used by these companies because it offers several advantages not found elsewhere. Some of these advantages are detailed below.

 

1. Blockchain technology is not only complex it is also very hard to master. Making a new cryptocurrency from scratch using this technology takes up a lot more time, money, and labor to achieve the same result you can get using the Ethereum blockchain. Most startup companies don’t have the necessary technical staff or resources to create a whole new cryptocurrency using blockchain, nor do they have the time.

2. One of the major advantages of Ethereum is that they have a strong and established blockchain already in work. You don’t have to waste time and money creating a whole new blockchain system in order to establish your own cryptocurrency. Moreover, Ethereum’s system is trusted worldwide and investors won’t hesitate to fund your business. If you start your own cryptocurrency from scratch it will take a lot more time to gain awareness and influence globally, especially if the blockchain behind it isn’t trustable.

3. Another advantage of using Ethereum is that it uses simple and easy-to-learn language on the blockchain. What this mean is that you can easily make simple or complicated contracts depending on your needs or goals. This feature ensures that no third party is required, and you can make your tokens as desired without any confusion. This is one of the features that make Ethereum a killer application in the world of block chains and cryptocurrencies.

4. Ethereum is a well set and well-reputed company and is supported by many high-level corporate clients. This is one of the reasons that the value and price of its cryptocurrency ETH have skyrocketed in within the past few months. The Ethereum Enterprises Alliance (EEA) is working with various major companies in every corporate field, ranging from banking to healthcare. This really gives Ethereum an edge over other competitors. No other cryptocurrency, other than Bitcoin, can match the level of corporate contacts that Ethereum has.

5. Ethereum is one of those companies who have a clear understanding of what they are doing and what they will be doing in the near future. This is one of the reasons that people from all over the world have put so much trust in this company and their cryptocurrency. They have a clear vision of where they want to take their company in the future.