No, its just not your eyebrows that should be sisters, but not twins. The idea can be applied to crypto currency too, ya’all. Thereby, we bring you a yet another exciting post on cryptocurrencies and well, blockchain – the parent technology that has made all of this possible.
So, expect two things from this read:
1. Great coherence, because obviously unfiltered loves an articulate piece. 2. Great simplification and clarity on the subject. Its not very confusing anyway.
So, let’s jump right in, shall we?
A crypto coin is a cryptocurrency, and so is a token. A coin is based on its own, unique and individual blockchain, whereas a token is not. Bitcoin for example is based on its own Bitcoin Blockchain, whereas Litecoin and Dodgecoin are based on their own. A token is different. It can be based on an existing blockchain or distributed ledger technology. The most common harboring ground for new tokens is the Ethereum blockchain.
A coin is a symbol of wealth. Whereas a token is a promise. Or a contract. Simple, right? A coin is transferable – a tool for economic transactions. A token can be a promise to buy a dozen ice cream scoops, a magazine subscription or in some cases, escort services and drugs. Tokens are popular for buying physical objects and even loyalty points. They come in handy for game-based apps. People can buy various tokens to pay for services that are characterizing features of the sin city, Las Vegas, Nevada.
Some tokens are weird. But, so are some coins. Like the Fu*k Token and the Potcoin.
A coin and a token, both can be bought easily after an ICO has ended. Anyone can create a token or a coin. There is no barrier to entry in the market. Some do better than others obviously, we are users or customers can not like everything that is offered to us after all? Or can we. No. We have high standards obviously. The market is very competitive for both. But, things have just started!
The Ethereum Blockchain Network
More and more ICO’s, Games, Apps, Tokens and supporting businesses are coming out from this producer. As an investor or entrepreneur you should look at this as a launchpad for your business, only the kind that should be used after a great deal of consideration. Kind of like your friend, but the one you have a love-hate relationship with. A frienemy, stay away but, seek the support or watch and learn if need be. This will help you because, well the network has been a home for several scams, ponzi schemes and failed ICO’s too. Be safe Ya’ll.