Crypto Academy Season 3 Week 8 - Beginner's Course | Understanding Tokens

2개월 전

INTRODUCTION

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Hello everyone it’s a great pleasure to participate in this task and great appreciation go to the professor for taking his time to come up with such a wonderful class

1)What do you understand by Token and give an example of at least 5 tokens and identify the blockchain it is built on. ( give at least 3 different Blockchains)

  • According to my own understanding, Tokens are digital assets built on an existing blockchain that represents a service in the project.

  • A token is a digital asset issued out to the public through presale to help finance the project and also serve as a stake in the project and governing token in the platform

A token belongs to a blockchain in address and it is a cryptocurrency

Examples of tokens

  • Uniswap is an example of a token and it's built on the Ethereum network blockchain.

  • Kelever token is built on the Tron blockchain

  • KARAMA is an example of a token and it's built on the Eos network blockchain.

  • Bancor token is built on the Ethereum blockchain

  • Tether token is built on the Ethereum blockchain

  • FTX token is also an example of a token and it's built on the binance chain network blockchain.

  • link is an example of a token and it's built on the ethereum network blockchain.

  • Winklink is an example of a token and it's built on the tron network blockchain.

  • Reef is built on the polka Dot network blockchain

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2)What is the difference between a token and a coin?

A coin can also be referred to as a cryptocurrency that has an independent blockchain and designed to achieve a certain goal for example bitcoin.

A coin is a cryptocurrency used for payment of services with in the blockchain.

Differences between a coin and a token

CoinsTokens
Base on their native blockchain networkBase on already built existing blockchain network
They are difficult to createSimple to create since they are built based on existing blockchain
Are used as payment servicesAre used for desired needs
They are native cryptocurrency on the blockchainThey already exist on the blockchain for example ERC
Are used as payment services with in the blockchain like etherThey depend on the project platform order of use
Are used as a gas fee to carry out transactions across the ethereum blockchain such as etherThey build on the ethereum blockchain
They serve as a fuel to transfer tokens built on the binance smart chainThey build on the BNB known as BEP token

Similarities between a coin and a token

  • Both are digital assets

  • Both hold value and can be traded on the various blockchain exchanges

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3)Explain the different categories token listed below and explain its features.

Utility tokens

  • Utility tokens are tokens issued to the public during presale to raise money to push the various projects. These tokens have a right to give the user a voting right to participate in making decisions in the ecosystem of the project platform and also provides the user with a stake in the project. Utility tokens are used for payment services for example the FIL token can access the File coin platform project.
    Utility tokens are also exchanged into cryptocurrency

Security tokens

  • Security tokens are traditional finance of cryptocurrency which allow investors to have part of the projects company shares. This tokens are recorded on the blockchain and are registered to another owner and they are just contracts like traditional securities. These tokens also work as proof of worlds asset investment.

Equity tokens

  • Equity means ownership of shares in the company. Equity tokens give investors voting rights and also a right to participate in decision making in the various project platform. Share holders of the equity tokens record dividends from the profit side of the company. They are also recorded on the blockchain where transparency and transactions are immutable.

Non-fungible token (NFT)

  • These are unique tokens and they can be either virtual or real
    These tokens can not easily be separated from other tokens of the same kind.

Features of tokens

  • security tokens have digitalised traditional stocks

  • Tokens are less costly

  • Tokens have digital assets that hold value and can be traded on the various exchanges

  • Tokens are built on the blockchain network and are decentralized

  • Tokens are traded on various exchanges such as coins, fiats and it can also be exchanged with other tokens

  • Tokens are used for investment purposes

  • Tokens are transparent

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4)Make your own research and write extensively on any token you listed in question one. (Must include features of the token, the aim of the project, Use cases).

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According to me, I will talk about the winklink token.
Winklink was launched in 2019 and it's platform was known as TRONBet till July 2019
It consists of 12 founders who are believed to be Chinese by nationality
Winklink is a descentralised application on the blockchain network known as DAPP. It's traded on various exchanges such as Binance
Winklink was the first tron in the ecosystem network, it's built on the tron blockchain network.
Using cases for winklink, it provides trusted priced data for the platform since it's decentralized, swaps require a decentralized application in order to determine price predictions of the project.
Since winklink is a cryptocurrency, it can be used to make payments

The following screenshots are from source

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source

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source

Economic supply of winklink

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source

Features of winklink token

  • The tokens are reliable

  • The winklink tokens are verifiable

  • The tokens are unpredictable

  • Winklink tokens have faster transactions

Aims of wink-link tokens

  • To represent investors stake in the company

  • For economic purposes

  • for investment purposes

  • To provide reliable data

  • Yo allow participation from nodes and developers

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In conclusion
Tokens have been of great use to investors and the various participants who are are participating in the use of tokens because they are very fast and can be used for payment services such as paying electricity bills , water bills and many other payment services.

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Hello @peace127 , I’m glad you participated in the 8th week of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:

CriteriaRatings
Presentation / Use of Markdowns1.5/2
Compliance with topic1.5/2
Spelling and Grammar1.5/2
Quality of Analysis2/2
Originality1.5/2
Total8/10



Recommendation / Feedback:*

  • The student have completed the assignment for this lesson.
  • The student also answered all the questions in his/her own words.
  • Your overall presentation is good. But you need to improve your writing skills by working on your markdown styles.
  • You have tried to produce a quality content and have explained in your own words.

Thank you for participating in this homework task.

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Thank you @reminiscence01 this is a great improvement from all the tasks I have so far presented am very grateful for the results

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Wow. Congrats dear

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Thank you kyara2

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Welcome dia

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Welcome dia

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Thank you kyara2

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