One of the most common questions we get from various companies is to understand the relevance of the blockchain technology in their business. It is very important for businesses and organisations to keep up to date with the current technologies. Cloud computing has now become ubiquitous but at the start, this was definitely not the case with many companies not understanding the importance and the advantages of using such a technology. Today, however, everyone uses the cloud technology in one way or the other, and the ones who took full advantage of the benefits were the ones who tried and tested the technology the earliest.
For many businesses, blockchain and cryptocurrencies show a lot of promise but they are at a loss to understanding their importance to their business. The most difficult part is to determine where and how to start using these technologies. Horizon Africa has made this step easier by allowing businesses to set up their own Business Tokens or Brand Tokens.
There are many different cryptocurrencies which currently occupy the crypto market with the most popular ones being Bitcoin and Ethereum. These cryptocurrencies have very specific functionalities and use cases. With custom tokens, businesses and individuals now have the ability to create their own highly customisable and flexible tokens for different use cases which apply to their own business sector.
Business or Corporate Tokens are tokens which are created for a specific business or business group. In 2019, Facebook announced their Libra project with their main highlight being their plan to launch a cryptocurrency. With the use of smart contracts, every business has the ability to do the same. The democratisation of the blockchain technology now allows each and every business and corporate group to create and manage their own tokens up to a level similar to what Facebook and other big corporations are doing.
Brand Tokens are similar in structure to Business Tokens, with the main difference being that Brand Tokens can apply to specific people and are not limited to businesses or corporations.
Companies can launch their Business or Corporate Tokens as employee rewards systems on a decentralized architecture. These reward tokens are managed by each employee and can be redeemed at any point in time with what the companies offer. These tokens, can on the other hand, be earned by good performance reviews or excellent work.
Brand Tokens are particularly important and relevant for people who have a prominent online presence and use this for business. Having your own Brand Token can increase visibility while at the same time provide a way to reward your audience to participate more.
Unfortunately, tokenization technology is a very vaste subject and the application of this technology is still under study. There needs to be more experimentation by people and businesses in different sectors. This is why Horizon Africa has launched their mobile app to create your own Business, Corporate or Brand Tokens and allow you to test and understand the importance of the blockchain technology and also provide a glimpse into how cryptocurrencies will affect the future.
To get started with creating your first digital token, you need to decide on the following:
The name of the token is important to give a general idea of what your token is about. For instance, for a corporate token, it can be the COMPANY NAME Token or you can use a more generic name like Marketing Token. Please note however that other people may be using the generic name also.
Describing the utility of your token can also be important to let your potential customers or users know about the importance of the token you are creating. The idea is always to present all information that can be useful to your users.
The token code is very important in that it will be used very often when doing transfers. It also serves as a marketing code for your business or personal use. For example, the Token Code for Bitcoin is BTC, and Ethereum is ETH and so on. As such, it is important to select a nice and trendy name for your token.
The total supply is probably the most important aspect of your token. It determines the maximum number of tokens that you will create. Something to consider however is that a token is not like a traditional fiat currency. You can for example, do a transfer of 0.00000001 token to another person. As such, if you set a limit of 1,000 for the total supply, you are actually setting a limit of 100,000,000,000 units of your token.