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.
A crypto security standard
With decentralized finance (DeFi) applications on the rise, platforms are suffering from more hacks than ever before. DeFi hacks caused over $1.9 billion in users’ losses so far in 2021, meaning token security is more vital than ever. Unfortunately, there’s no easy solution to such threats.
Continue reading: https://cointelegraph.com/news/how-to-enhance-defi-security
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.
A crypto security standard
With decentralized finance (DeFi) applications on the rise, platforms are suffering from more hacks than ever before. DeFi hacks caused over $1.9 billion in users’ losses so far in 2021, meaning token security is more vital than ever. Unfortunately, there’s no easy solution to such threats.
Continue reading: https://cointelegraph.com/news/how-to-enhance-defi-security
