What is Token
In blockchain and digital systems, a token is a digital unit representing a specific asset, utility, or access right, distinct from a native cryptocurrency like Bitcoin. It exists on an existing blockchain network.
Tokens are created and managed via smart contracts, most commonly adhering to standards like ERC-20 or ERC-721 on Ethereum. They can represent various things: utility for accessing services, assets like real estate or art (security tokens), unique digital items (NFTs), or governance rights. Their value, characteristics, and functionality are defined by the underlying code and project purpose. Understanding the specific tokenomics is crucial.
Tokens enable countless applications: powering decentralized finance (DeFi) protocols, facilitating secure digital voting, creating in-game economies, enabling fractional ownership of assets, streamlining supply chains, and establishing unique digital collectibles. Their primary value lies in enabling programmable digital ownership and novel interaction models on blockchain networks without intermediaries.
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