Topic: What is the difference between a "coin" and "token"? - page 6. (Read 8173 times)
the simpliest explanation without technicalities is, you can say coins are similar to tokens. It's just that Tokens are from Eth platform while coins have its own wallet.
The difference between Tokens and Coins is thst Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain.while coin are alternative cryptocurrency coins which are also called altcoins or simply coins.
1. Coins or Cryptocurrencies
These are digital currencies like Bitcoin in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. They are operating independently of a central bank.
2. Utility tokens
The utility tokens are services or units of services that can be purchased. These tokens can be compared to API keys, used to access the service.
The keyword is utility...tokens do something. Coins are just "coins" that sometimes used as a foundation in creating new tokens.
You also have a security token which is an electronic software access and identity verification device used in lieu of or with an authentication password.
All explanations are from personal idea, collective knowledge or Google?
Is there any standard and academic explanation?
If you can't explain clearly, simply and understandably to newbies, then it proves that you do not understand it thoroughly
This is for newbies
Coin is money in crypto world (like USD, EUR in the fiat world)
Token is a code/symbol/ticker of a company in crypto world (like AAPL, GOOG in stock world)
You pay the money (coin) to buy a token (like that you pay usd to buy APPL shares)
And then to make it simple and easy to control. The company creates their own coin and name the coin same as token like bitconnect coin(token is BCC), hextracoin(token is: HXT), but still accept common coin like bitcoin and ethereum
Just imagine like this: bitcoin and ethereum like usd and euro the common currency in the world
Vietnam only uses VND in their country, but still accept USD and EUR
According to your statement, I see that it is quite an explanation, I commend you about that. But as you continue on explaining the concept of it, you seem to forget that this is for newbies, and because of this, you're just saying things that are even more complicated. You're just summing up all the misunderstandings behind its concepts. For the newbies, those words are all random and new, that they don't have the current knowledge for them to get what you have just said and they will probably wouldn't understand it more thoroughly. Is there any standard and academic explanation?
If you can't explain clearly, simply and understandably to newbies, then it proves that you do not understand it thoroughly
This is for newbies
Coin is money in crypto world (like USD, EUR in the fiat world)
Token is a code/symbol/ticker of a company in crypto world (like AAPL, GOOG in stock world)
You pay the money (coin) to buy a token (like that you pay usd to buy APPL shares)
And then to make it simple and easy to control. The company creates their own coin and name the coin same as token like bitconnect coin(token is BCC), hextracoin(token is: HXT), but still accept common coin like bitcoin and ethereum
Just imagine like this: bitcoin and ethereum like usd and euro the common currency in the world
Vietnam only uses VND in their country, but still accept USD and EUR
All explanations are from personal idea, collective knowledge or Google?
Is there any standard and academic explanation?
If you can't explain clearly, simply and understandably to newbies, then it proves that you do not understand it thoroughly
This is for newbies
Coin is money in crypto world (like USD, EUR in the fiat world)
Token is a code/symbol/ticker of a company in crypto world (like AAPL, GOOG in stock world)
You pay the money (coin) to buy a token (like that you pay usd to buy APPL shares)
And then to make it simple and easy to control. The company creates their own coin and name the coin same as token like bitconnect coin(token is BCC), hextracoin(token is: HXT), but still accept common coin like bitcoin and ethereum
Just imagine like this: bitcoin and ethereum like usd and euro the common currency in the world
Vietnam only uses VND in their country, but still accept USD and EUR
Is there any standard and academic explanation?
If you can't explain clearly, simply and understandably to newbies, then it proves that you do not understand it thoroughly
This is for newbies
Coin is money in crypto world (like USD, EUR in the fiat world)
Token is a code/symbol/ticker of a company in crypto world (like AAPL, GOOG in stock world)
You pay the money (coin) to buy a token (like that you pay usd to buy APPL shares)
And then to make it simple and easy to control. The company creates their own coin and name the coin same as token like bitconnect coin(token is BCC), hextracoin(token is: HXT), but still accept common coin like bitcoin and ethereum
Just imagine like this: bitcoin and ethereum like usd and euro the common currency in the world
Vietnam only uses VND in their country, but still accept USD and EUR
The simple different between token and coin is token was built from coin system. It means token is part of coin. Thats all i know.
Poink has a good explanation.
Both coins and tokens are cryptocurrencies. Tokens are usually created on top of another blockchain such as Ethereum.
Both coins and tokens are cryptocurrencies. Tokens are usually created on top of another blockchain such as Ethereum.
More...
https://blog.chronobank.io/token-vs-coin-whats-the-difference-5ef7580d1199
Function vs form
Very broadly, a crypto coin is just that: a coin, or means of payment, whilst a token has wider functionality.
The express purpose of a coin is to act like money: as a unit of account, store of value and medium of transfer. Coins tend to take the form of native blockchain tokens like bitcoin (BTC), Litecoin (LTC), Monero (XMR), and so on, though they do not have to. ChronoBank’s Labour Hour (LH) tokens, which are hosted on Ethereum, can be considered as coins. Their purpose is solely to act as a form of money, storing value over time and enabling businesses to account and pay for services. They are created as ERC20 tokens for reasons of convenience.
Blockchain tokens do have value, but they cannot be considered money in quite the same way that a straightforward coin can. Tokens are generally hosted on another blockchain, like Ethereum or Waves: 2.0 protocols that allow users to create them using the core coin (e.g. ETH or WAVES — though there’s some debate about whether ETH and WAVES, both of which act like ‘fuel’ for their systems, are coins in the same way that BTC acts as a simple currency).
Tokens offer functionality over and above that of digital cash. They may deliver value to investors, beyond speculative returns; this is one of the purposes of ChronoBank’s TIME token. That can occur in a variety of ways, though typically through buybacks (since dividend payments entail regulatory problems). They may be used to hold votes by the community on key business decisions, or even technical changes to the platform.
https://blog.chronobank.io/token-vs-coin-whats-the-difference-5ef7580d1199
Function vs form
Very broadly, a crypto coin is just that: a coin, or means of payment, whilst a token has wider functionality.
The express purpose of a coin is to act like money: as a unit of account, store of value and medium of transfer. Coins tend to take the form of native blockchain tokens like bitcoin (BTC), Litecoin (LTC), Monero (XMR), and so on, though they do not have to. ChronoBank’s Labour Hour (LH) tokens, which are hosted on Ethereum, can be considered as coins. Their purpose is solely to act as a form of money, storing value over time and enabling businesses to account and pay for services. They are created as ERC20 tokens for reasons of convenience.
Blockchain tokens do have value, but they cannot be considered money in quite the same way that a straightforward coin can. Tokens are generally hosted on another blockchain, like Ethereum or Waves: 2.0 protocols that allow users to create them using the core coin (e.g. ETH or WAVES — though there’s some debate about whether ETH and WAVES, both of which act like ‘fuel’ for their systems, are coins in the same way that BTC acts as a simple currency).
Tokens offer functionality over and above that of digital cash. They may deliver value to investors, beyond speculative returns; this is one of the purposes of ChronoBank’s TIME token. That can occur in a variety of ways, though typically through buybacks (since dividend payments entail regulatory problems). They may be used to hold votes by the community on key business decisions, or even technical changes to the platform.
I agree with this
I think token is any coin on the ethereum network or platform, and coin is is just a coin. I don't really know, myself I am confuse. I guess I can also learn from expert opinions here
Coins basically are currencies which can be traded or used for buying and selling of things if those buyers and sellers choose to accept the coin. And a coin has its own blockchain or equivalent, and is not built on another like Etherium.
But a token is something that can be built on another platform, like Etherium, and a token actually plays role within the business operations and transactions of the company that issues it
But a token is something that can be built on another platform, like Etherium, and a token actually plays role within the business operations and transactions of the company that issues it
i would say that in terms of eth, you could consider eth the foundations of a house. a token, would be what is built on top of it. you cannot have a token without eth, and eth underpins everything. tokens, can have many different functions, just like the parts built on top of the foundations, walls, windows etc
I've heard of some companies offering tokens instead of coins, is this the same thing?
Coins are what we called the cryptocurrencies, such as Bitcoin, Ethereum, Litecoin etc. And the tokens are those things that have been forked from a specific Coin. Well that is much pretty all it, in the simplest explanation that is.But the deeper explanation is yet to be unfold only thy yourself instead, you already have the idea so I'm assuming that you can now further research about their difference, and probably their importance and all.
Coin is a virtual currency in some countries can be used as a tool of transactions or delivery as well as fiat currency in general. while the token is like a coin but the difference tokens are still in the development process undertaken by ICO in the development of a project under construction. but in the end the token will be used like a coin in general for a transaction. and today many ICOs have built a token as a flaporm for the development of a project and usually can only be used in a flaporm on a project they are developing.
as what my friends told me tokens is another way that their going to paid instead of coins then you need to convert it in coins then into fiat currency. am I right the difference between the two of them I don't know. ive never try paid by token or even in coins because ive never join for some campaign.
I've heard of some companies offering tokens instead of coins, is this the same thing?
I guess coins and tokens are slightly different. To me, the term "coin" is used when talking about Bitcoin, when the term "token" is and should be applied in terms of referring to Ethereum.
I think tokens are coins built within a coin....
Coins are used generally to define the digital tokens which has it's own blockchain.
While tokens are the digital tokens that are transacted using sidechain of a coin.
While tokens are the digital tokens that are transacted using sidechain of a coin.
Coin is a cryptocurrency Protocol.
Example: Bitcoin, Ether, NEO, WAVE, OMNI, NXT, Counterparty
Token is an App that can be built on top of the protocol.
Example: TenX is built on top of Etherum protocol, GAS is built on top of NEO protocol
Hope this helps!
Example: Bitcoin, Ether, NEO, WAVE, OMNI, NXT, Counterparty
Token is an App that can be built on top of the protocol.
Example: TenX is built on top of Etherum protocol, GAS is built on top of NEO protocol
Hope this helps!
I've heard of some companies offering tokens instead of coins, is this the same thing?
no coin is curency that represts some abstract free money on market people use it and spend it.
Toneks represents shares/assts on blockcian and are linked to certain value.
Token usualy work on some plaform like ETH /BTC NXT. Tokes are tradable for coins( currency)
I've heard of some companies offering tokens instead of coins, is this the same thing?
COin is he main coin with its network like eth while token is the coin created under the network like ten x pay is token, it is created in eth network or blockchain, Most ICOs use eth token , there are some use etc , and waves. Most ICos now use eth network because the developers may prefer eth to make smart contract deployed Jump to: