COIN VS TOKEN

COIN VS TOKEN

Most people interchange the use of crypto currency coin with crypto currency token. They are not the same.

The first Blockchain was that of bitcoin, which proved is worth, to be the most fortified and secured system that prevents any form of illegal changes by hackers to its transaction records.

The discovery of this great secured system necessitated Mr. Vitalik Buterin, a Russian-Canadian programmer and the founder of ethereum blockchain (The second crypto blockchain), to think of maximizing the usage of blockchain technology, in order not to limit it to transferring of Crypto currency and keeping records.

Taking advantage of blockchain technology massive security architecture, he proposed that developers can write contract or application that will also run on the blockchain to make them super secured.

E.g

1. Electronic Voting:  Tracking voting system to eliminate any form of fraud/manipulation

2. Contract Agreement between buyer and seller. 

 

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This ideology was widely accepted and implemented by developers in Ethereum Blockchain, and it was called SMART CONTRACT.

This SMART CONTRACTS needs TOKEN to accomplish task in the blockchain. This is the origin of TOKENS.

COINS: Coins have blockchain that they run on, example are, Bitcoin that runs on bitcoin blockchain. Ether, that runs on Ethereum Blockchain, Ada that runs on Cadano Blockchain, BNB that runs on Binance Block Chain, Dot that runs on Pokadot Blockchain

TOKEN: Token do not have blockchain, rather they are used to make for completing a SMART CONTRACT task. It only run on blockchain owned by crypto Coin.

Uni is a token for the uniswap protocol, is a decentralize exchange build on ethereum blockchain, for exchanging of crypto between two people without a third party, Cake is a token for pancakeswap exchachange it runs on binance blockchain.

 

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