Different Types of Tokens in Crypto World
Types of Tokens in Crypto World
The phrase "crypto token" refers to a unique virtual currency token or the method by which cryptocurrencies are valued. These tokens are fungible and tradeable assets or utilities with their own blockchains.
A security token is a portable device that electronically authenticates a person's identification by storing personal information. To allow access to a network service, the owner inserts the security token into a system. STS (Security Token Services) creates security tokens that verify a person's identification.
Utility tokens are used in the particular system only. More often used for ICOs.
Commodity tokens are tokens backed by standard assets that already have an independent value such as gold, oil, or a fiat currency.
Non Fungible Tokens
NFT stands for Non-fungible Token. It represents digital assets that are diverse from each other with Identification codes. A unit of data stored on a digital ledger namely Blockchain certifying a digital asset to be inimitable or unique ensuring it is not interchangeable is termed as Non-Fungible Token (NFT).
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