Do you know the main types of tokens and its uses in day to day life ? If not, this micro blog will help you to understand the main types of Tokens in Cryptocurrency
What is Token?
A Token is a digital asset which is developed on an existing blockchain, it acts as an asset to transactions on a blockchain. The process of developing the token is called Token Development. We can use this Token for utility, security purposes, lets see about the main types of Token below,
Utility Tokens:
The utility token is a Token which gives access to the particular services in the project. These Tokens are gained through ICO (Initial Coin Offering), IDO (Initial Dex Offering), IEO (Initial Exchange Offering), etc. If the business owner in need of capital can give this token asset to the investors. By this, the business owner can get the amount from the investors who are in need of the Utility Token to access some of the services.
These Tokens are utilised for the special ecosystem that it is designed for.
Security Tokens:
The Security token is a Token which represents the ownership of the digital assets, the process of creating a security token is called Tokenization. Security token is a kind of investment which expresses the proprietorship of the particular asset. The person who secures the private keys of the tokens are the owner of the particular assets.
In simple terms, the security token transfers the value of some digital asset from one person to another, the one who holds the token. It is similar to one of the traditional investment methods where one can purchase and be an owner of a particular property with the help of documents.
Governance Tokens:
The Governance Token is a Token that provides voting rights and decision making power which will be used in the various decentralised organisations. This Governance token encourages the democratic system by giving the voting rights and decision making power by ensuring the voice of the stakeholders. Governance Token holders are able to gain more advantages other than this.
In simple terms, the governance tokens allow the holders to enable the voting rights or decision making process for the organisation or protocol. Token holders access their token to vote or express their suggestion in a protocol, etc.
Platform Tokens:
It is the Token which facilitates the transaction within specific platform
Non - Fungible Tokens:
It is a token which represents ownership of some digital asset such as art, music or collectibles in the nft marketplace platform.
We are Clarisco, a Token Development Company developing the various types of tokens and offering crypto token development services with our efficient Token Developers. Our Developers are specifically allocated for doing different types of tokens for the clients, by this we have made more number of happy clients so far.
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