From the course: Cryptocurrency Foundations
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Crypto tokens and tokenomics
From the course: Cryptocurrency Foundations
Crypto tokens and tokenomics
- Until now, I've been discussing cryptocurrencies, such as Bitcoin and Litecoin, which are crypto assets created by a blockchain and are used as a medium of exchange, a currency. In other words, they are used to buy things and, like money, can be a store of value. Crypto tokens, or just tokens, are another blockchain-based crypto asset. They can also be a medium of exchange and store a value, but they offer much more. Also, unlike cryptos, they run on top of existing blockchains, rather than having their own blockchain like Bitcoin. Tokens generally represent physical and digital assets, utilities and services. For example, they can denote whole or fractional ownership of any asset that already has value, such as real estate, a car or corporate stock. A person could own a token that represents a 5% share of a famous oil painting. One of the most popular new types of tokens are non-fungible tokens or NFTs. These tokens…
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