![]() As a child games and books are favourite things to do. You may remember how you used the slot machine or video games. The main reason for us to use tokens is because of their social uses. Similarly, so is the fuel that powers it. Even your car is a token because it provides you a transportation service as and when you need it. From the warranty card you’ve received for your smartphone or laptop to your coffee subscription card, everything is a form of token. Looked at in this way, tokens are all around us. created by companies to help you later in the future Vouchers, gift cards, redeemable points etc.Day to day currencies used for purchasing goods and services.Stocks, bonds, commodities (when not physically delivered) and financial assets.Official documents like your driver’s license, birth certificate, educational degree etc.Tokens are how how human beings store, use and exchange economic value or proof. Thus tokens without blockchain technology are not scalable to billions of people and transactions. However, issuing tokens without blockchain technology has its limits since it would be easy to counterfeit. ![]() This incentivizes people to use more of their products or services in exchange for real currency. Amusement parks, games, movie theatres, online sites all use physical or virtual tokens. Many entities issue different types of tokens. A government tvoted into political power by a nation’s citizens issues currency. Today, tokens can mean many different things to different types of people. Hence, anything that we think is useful is a form of value. It could be salt, livestock, rice, wheat or anything that is useful. ![]() This was because there are too many objects to buy, sell and trade. However, it made things complicated after a point. The barter system was the most common method of exchange that we had. For centuries, we have been exchanging one form of value for another. Today’s post is about fungible and non-fungible tokens.īut, first, what are tokens? Tokens are a form of ValueĪs human beings, we can ‘believe’ that ‘something’ has value. In such times, we must learn about new concepts and ideas. Adoption rates of cryptocurrencies and NFTs are growing day by day.
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