Video Title: Different between crypto coin and crypto token full explained in Hindi Urdu
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𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗛𝗮𝗿𝗼𝗼𝗻 𝗙𝗕 𝗣𝗮𝗴𝗲
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What Is a Token?
Tokens — which can also be referred to as crypto tokens — are units of value that blockchain-based organizations or projects develop on top of existing blockchain networks. While they often share deep compatibility with the cryptocurrencies of that network, they are a wholly different digital asset class.
#Cryptocurrencies are the native asset of a specific #blockchain protocol, whereas tokens are created by platforms that build on top of those #blockchains. For instance, the Ethereum blockchain’s native #token is ether (#ETH). While ether is the cryptocurrency native to the Ethereum blockchain, there are many other different tokens that also utilize the Ethereum blockchain. Crypto tokens built using Ethereum include #DAI, #LINK, #COMP, and CryptoKitties, among others. These tokens can serve a multitude of functions on the platforms for which they are built, including participating in decentralized finance (DeFi) mechanisms, accessing platform-specific services, and even playing games.
How Crypto Tokens Work
As noted above, crypto tokens are cryptocurrency tokens. Cryptocurrencies or virtual currencies are denominated into these tokens, which reside on their own blockchains. Blockchains are special databases that store information in blocks that are then chained or linked together. This means that crypto tokens, which are also called crypto assets, represent a certain unit of value.
Here’s how it all works. Crypto refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.Cryptocurrencies, on the other hand, are systems that allow for secure payments online which are denominated in virtual tokens. These tokens are represented by ledger entries internal to the system.
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