They say that history is cyclical. Indeed, there are many examples when certain historical trends appear again and again but at a qualitatively or quantitatively higher level.
Cryptocurrencies are a sphere so young that we cannot talk about global spiral milestones, but some particular examples still confirm that the above-mentioned thesis can be applied here as well. So, the idea of creating new tokens, first proposed on the Ethereum blockchain, was later improved by the Decimal platform. It is worth delving a little into the crypto history to understand in which direction top cryptocurrencies are developing and how the modern industry developments help professionals and ordinary users to understand how to invest in cryptocurrency.
What is Decimal?
Seven years is a long time, but during this time, a solution has not been developed that would allow you to create a cryptocurrency on the Ethereum blockchain without the involvement of qualified coders.
Meanwhile, the cryptocurrency niche continues to develop, having long ceased to be an arena exclusively for stock speculators. Modern businesses are increasingly using blockchain to automate their activities and ensure better scalability and security. Smart contracts penetrate into all spheres of activity, including art, healthcare, tourism, and the gaming industry.
And since interest in the creation of cryptocurrencies is only growing, and the opportunities to implement such projects require serious financing, there is an urgent need to automate the process, which would reduce costs.
Such an opportunity is provided today by the Decimal service, on the blockchain of which a platform has been launched and is functioning, allowing not only the creation of decentralized applications but also to issue of its own tokens. And, unlike Ethereum, such an operation will take a few minutes. Decimal is now considered to be one of the top cryptocurrency platforms that definitely deserves your attention.
What is Ethereum?
The well-known Bitcoin, despite being the top cryptocurrency and the successes achieved in terms of value and total market capitalization, is constantly being criticized. Its volatility and mining complexity are also often criticized. Users are dissatisfied with both the rather long transaction confirmation time and the poor blockchain functionality, which provides limited opportunities for buying/selling cryptocurrencies.
Therefore, the advent of the Ethereum network with an integrated smart contract system was met with great enthusiasm, and it can be called the revolution of the world finance system. The built-in Solidity programming language, which allows you to create applications and automate many operations, runs on a blockchain virtual machine (EVM).
The essence of a smart contract is quite simple: the replacement of classic paper contracts and the exclusion of intermediaries. If any task has an algorithmic solution, this algorithm can be wrapped in a “wrapper” of the program code, specifying the terms of the contract and the actions performed in case of their compliance by both parties to the transaction.
The conditions are checked automatically. If they are not met by one of the parties, the transaction is not executed, and the culprit will be fined (if such an action is provided by the algorithm). The contract itself is recorded in the blockchain as a transaction, and this means that it is no longer possible to change the terms in the future.
This is how decentralized applications of various specifications (dApps) are created on the Ethereum blockchain, and the internal service token in such applications is not necessarily ETH since the platform allows you to work with other blockchains.
And this configuration of Ethereum was designed and implemented initially, which allowed the platform to take second place in the list of the best cryptocurrencies, holding it at the present time. It was the developed ecosystem of Ethereum that allowed attracting developers of tens of thousands of startups, whose investors often became well-known brands.
Launching a new token on the Ethereum blockchain
The only drawback of this approach is the complexity of implementing smart contracts: such projects require the use of highly qualified specialists. The introduction of the ERC-20 standard in 2015 provided the opportunity to build platforms with their own ecosystem but, at the same time, function within the Ethereum blockchain. But creating new tokens and ecosystems was an even more time-consuming and difficult task than writing relatively simple smart contracts because, at the same time, it is necessary to ensure the compatibility of the token at all possible levels. The support of such tokens largely depends on the attention of the developers of wallets, crypto exchanges, and other services. And although the number of tokens functioning on the Ethereum network is impressive (today, it is about 450 thousand coins, including the world’s top cryptocurrencies), the appearance of such startups is always associated with high financial costs. If it is not possible to attract investors, it is highly likely that such a project will turn out to be unprofitable or economically impractical.
Advantages of DecimalChain
So, if we are talking about smart contracts and the deployment of a new token ecosystem for the Ethereum network, you will have to face the need to use the work of programmers who thoroughly own the solidity YAP. And any inaccuracy or error in the smart contract code is fraught with negative consequences that will be difficult or impossible to eliminate.
DecimalChain is initially aimed at users who are not related to programming, providing them with a ready-made tool for creating their own token, and several useful services with its base token, Decimal. This procedure only requires filling in a few fields that characterize your cryptocurrency and its ecosystem.
This does not exhaust the advantages of the platform:
- Any blockchain operates with a basic token used for official purposes. For example, to pay fees or other payments. Ethereum has ETH; Decimal has its own token Decimal. When buying, selling, or transferring any cryptocurrency to Ethereum, you need to have a certain amount of ETH on your account, while the average fee for making transfers is the equivalent of 3 thousand rubles, which automatically makes microtransactions (transfers of small amounts) unprofitable. At times of high loads on the network and with a large transaction amount, the commission amount can be much larger. On the Decimal peer-to-peer network, the average fee is 10 rubles – feel the difference;
- Similarly, the situation is with the speed of transaction execution. Ethereum is constantly growing. The average value is 30 minutes. With a successful combination of circumstances, the transaction will close no faster than 30 seconds. For DecimalChain, the average transaction closing time is 6 seconds;
- The token created in the Ethereum network is initially an unsecured cryptocurrency, the liquidity of which will have to be provided by its creators. In the DecimalChain ecosystem, you can immediately assign a price to a token using the existing toolkit. In this case, the liquidity of the coin will be provided by a reserve in DEL, and you can calculate the corresponding parameters using the built-in crypto Decimal calculator. It may be useful in calculating the profitability of your crypto investments. With the help of unique features, the crypto Decimal calculator predicts the possible growth of crypto investments;
- Do not forget that when creating a new token on the Decimal platform, you get a fully ready-to-use infrastructure, including a browser, a crypto wallet, and access to exchanges that provide coin conversion to DEL. And, of course, over 150 thousand users of the platform and support from the support;
- The task of using the newly created token in the Ethereum network is not trivial. At the same time, the Decimal platform uses a cross-chain protocol, whose task is to exchange coins between different blockchains by creating a mirror copy of them and implementing them into the Ethereum network. This function is available in the service interface console, allowing you to move your token to other blockchains while maintaining its basic characteristics, including cost.
Decimal or Ethereum: Which one is Better?
Despite all the advantages of the Decimal platform, it is hardly worth considering as a direct competitor to Ethereum. As one of the top cryptocurrencies in the world, it confidently holds second place in regard to the most important parameters. And it should definitely be included in the portfolio of your crypto investments.
On the other hand, DecimalChain inherited all the best that the ancestral network has, adding its own in-demand functionality. Such, for example, can be called the emergence of a cross-chain, which is the link between Decimal, Ethereum, and the division of smart contracts of the Binance crypto exchange.
Beginners looking for a way how to invest in cryptocurrency and how to make money on cryptocurrencies should try to create their own coin using a Russian constructor. After all, it can be easily integrated into the Ethereum blockchain and promoted using its own winning strategies.
