HOMEWORK WEEK 8
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)
2)What is the difference between a token and a coin?
3)Explain the different categories token listed below and explain its features.
Non-fungible token (NFT)
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).
This is a useful Token that we can use to download Torrent files fastly by providing BTT tokens to uploaders. Then, we can use this application to earn tokens for seeding. This is a TRC-10 utility token and it supports as a token for decentralized file-sharing protocol.
- BitTorrent (BTT) Token is Based on TRON Blockchain.
Below I've attached a screenshot of BitTorrent current value through coinmarketcap
We can use the PancakeSwap token with very lower transaction fees. It is completely Decentralized and it has a built-in exchange to trade directly from our wallets. And also, we can stake this token to earn free tokens as a reward. This is working as a BEP20 token related valuable ecosystem.
- PancakeSwap (CAKE) Token is Based on Binance Smart Chain.
Below I've attached a screenshot of PancakeSwap token current value through coinmarketcap
This is another famous token that comes as a clone for Dogecoin. And also its symbol looks like Dogecoin's symbol. They have conducted valuable projects to promote their token worldwide. As an example, they have donated over $1 billion to the India COVID-Crypto Relief Fund.
- SHIBA INU (SHIB) Token is Based on Ethereum blockchain.
Below I've attached a screenshot of SHIBA INU token current value through coinmarketcap
This is a popular Blockchain game based Token that we can earn revenue through this game. We can see mainly two tokens used in the Axie Infinity ecosystem (AXS, SLP). We can earn this SLP token by playing the game and we can easily convert this SLP token to AXS. Both tokens are related to ERC-20 tokens and this AXS token has gained good value in the crypto market as compared to the beginning.
- Axie Infinity (AXS) Token is Based on Ethereum blockchain.
Below I've attached a screenshot of AXS token current value through coinmarketcap
AAVE is another popular token and it is existing at a high value ( approximately it has gained $375.84 to $415.69 8.2 value in 24hours - 8.20.2021). This token is powered by a decentralized financial project and is known as a non-custodial money market protocol. When users invest in this coin, they can earn extra coins as income. So, this is a better token for investors.
- Aave (AAVE)Token is Based on Ethereum blockchain.
Below I've attached a screenshot of AAVE token current value through coinmarketcap
Although a Token and a Coin look similar in appearance, they are created in two ways. Mainly, a Coin has its own blockchain and a token is dependent on another blockchain. Because a token doesn't have a native blockchain. Below I've included some of the other differences in a table.
Below Table is created by me through MS-PowerPoint Program
Here I've selected SHIBA Inu (SHIB) Token that I listed in question one for my research.
Basically, this SHIBA Inu token is a Meme Token and the founder of this token is known as Ryoshi (He can be a person or group) And also this token is created in August 2020 according to a decentralized system in Ethereum blockchain. Due to the recent market behaviour of this token, many people believe that this token will be the next Dogecoin. Actually, this token is already a somewhat publicity token in the market. It can be said that the creators of these token used the name "SHIBA Inu" to gain this fame. This is because like the Dogecoin, this SHIB token also has the image of a dog on the logo. Today, however, the value of this token is very low and can be trusted as a good token for a long-term investment. Below I've defined some of the reasons to prove that.
Mainly, SHIBA Inu token creators' aim is to build a valuable ecosystem with a max supply of one quadrillion. They are trying to capture investors for their decentralized spontaneous community building. They have also created a decentralized exchange to provide liquidity and stake coins by swapping coins.
Additionally, they have included some charity projects to support others. As an example, they have donated about $1 billion in cryptocurrency to a Covid relief fund in India to support them.
Furthermore, they have burned 40% of their total supply in a dead wallet to keep the liquidity and value of their token.
Below I've attached a screenshot of their donation projects through indiatoday.in news site.
- As of today, its value is $ 0.000008458 and it is ranked #40 in the crypto market. It is a very low value as compared to other tokens or coins. However, we can get a lot of SHIB tokens for a small investment. And also, its Market Cap is $4,207,956,977 and Circulation Supply is 497,730,966,630,395 tokens.
Below I've attached a screenshot of the present market details of this token through Coingecko site.
Below I've attached a screenshot of social media details of this token through Coingecko site.
As Highlighted Features of this token, we can see it has a very low value as a beginning of a token. So, we are able to buy a lot of tokens at once from a small investment. And also, they have Burned a lot of tokens to keep the liquidity and the value of this token. Specially, we can see they have contributed valuable donations to keep the reputation of their project.
At present, Tokens are very popular among cryptocurrency users in the world. Even token doesn't have its own blockchain, some of the tokens are fundamentally much stong in their projects. So, can easily find a good token for our investment or any other purposes like financial activities in a company. Specially, we can keep our confidence in many tokens as they are decentralized and unchangeable.
This is all about my homework and I really appreciate Professor @reminiscence01 for your valuable lesson and your dedication to creating a very essential lesson for us. Usually, this lesson is really important to my life as I am soo much interested in this cryptocurrency field.