What is token?

‏A token is a digital asset issued on a blockchain that represents a unit of value, ownership, or access to a specific service or asset. Unlike cryptocurrencies like Bitcoin or Ethereum, tokens are typically built on top of existing blockchain platforms, such as Ethereum, using standards like ERC-20 or ERC-721.

‏Tokens can serve various purposes, such as:

‏ 1. Utility Tokens: Granting access to a product or service within a specific ecosystem.
‏ 2. Security Tokens: Representing ownership in real-world assets like stocks, bonds, or real estate.
‏ 3. Fungible Tokens: Interchangeable units with the same value, like traditional currencies.
‏ 4. Non-Fungible Tokens (NFTs): Unique tokens that represent individual digital or physical items, such as artwork or collectibles.

‏In essence, tokens are versatile digital assets that can be used for a wide range of applications within blockchain environments.
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