I tried to explain what Token is in comic strips.
I explained what the token is and how the comic can present the idea in such a way.
The idea of a token is similar to cryptocurrency or cryptoasset. Only the difference is that the token refers to Bitcoin and Ethereum. They are more toward cryptocurrency that particularly runs on the top of the Ethereum blockchain. Altcoin and token may be interchangeable depending on if such asset has its own blockchain system. More specifically, a token is a crypto asset that runs on top of another cryptocurrency’s blockchain.
Initial Coin Offering is similar to IPO or Initial Public Offering. It was a way to fund project development. However, it got too much FOMO within the price shoot up in cryptocurrency in 2017, and scammers were taking advantage of people and taking away funds after their investments.
Of course, regulations eventually came down to cooling the market. With more restricted rules, ICO was harder to implement and there are processes to follow before any ICOs. Investors were protected but the progress was halted.
What Are Missing
A token often serves as the transaction unit on the blockchain to create an effort for participants to process and make sure the blockchain is efficient. They are widely implemented in DeFi or Decentralized Finance as the native currency to fuel the financial system without relying on third-party oversight. Each token’s valuation ties into the entire system. The valuation of the token then can gauge how successful the system is and how popular the system can attract more users.
No to mention that scams are also coming with tokens. Those unknown tokens with unknown creators have intentionally scammed away people’s investments. While blockchain technology continues evolving, there is a need for a way to protect users from scams.
A token is a transaction unit that runs on top of the existing blockchain to help each transaction run in an efficient way.
Photo by Hamza Baig on Unsplash
Note: the post was shared on multiple platforms here.
You can refer my previous article lists here
Digital Commodities- the Unlimited Resources of Commodities Has Born
Universal Income in Crypto Way
DeFi 1.0 is Officially Dead - Welcome to DeFi 2.0
NFT Has a New Purpose
How Many Ads Are Too Much - Floki Inu Ads Got Backfire
Metaverse - Second Life Era
Bitcoin ATM Adoption and Its Potential Security Vulnerabilities
When Corporations Are Running By Everyone
The Fundamental Value Is Irrelevant
Coinbase At Huge Reputation Crisis
CBDCs' Flaw Design
Regulations Start Hitting Crypto Exchanges
From Bitcoin Standard To Zero-Knowledge Proofs - Decentralization 2.0
Shiba Hits 1 Million Users (Army) Milestone: What is Next?
How To Avoid Crypto Scammers
Shiba Game - When Meme Meets Metaverse
Twitter CEO Steps Down - A Full-Time Bitcoiner
Change of Macroeconomy Landscape
CBDC Is Losing The Game
Doge The Future
El Salvador's Bitcoin
Market Sentiment Has Changed
Brief History of Ethereum and How Ethereum 2.0 May Over Promise
Crypto Is Getting Real
Who Cares If Craig Wright Is The Real Satoshi
Institutional Investors vs. Whales
What Happened In BadgerDao
A Proposal To Move Bitcoin Mining PoW Away
IMF Keep Crying Out, Crypto Adoption Keep Accelerating
Dogecoin Is Back to Top 10 But The Moon Shot Is Looming
How to Avoid The New Wallet Scam
Defi Enters To Crypto Bond Phase
What Types of Metaverse You Want
Global Regulations Are Coming Or Can They
IMF Did Have A Plan to Run Global Regulations
Doge Starts Moving
A New Malware Will Steal From Telegram
Smart Money Is Out, Institutional Money Is In
Wait, Web3 or Web 3.0 or web3
Airdrop?! Not So Lucky Anymore!
2022 Prediction #1: L1 Scalability
2022 Prediction #2: L2 Bridges
2022 Prediction #3: Zero-Knowledge Proofs or ZKPs
2022 Prediction #4: Regulated Defi On-Chain KYC
2022 Prediction #5: Institutional Crypto Adoption
2022 Prediction #6: Defi Insurance
2022 Prediction #7: NFTs-Based Communities - DAO 1.5
2022 Prediction #8: Metaverse and NFTs
2022 Prediction #9: Web2 Companies’ FOMO
2022 Prediction #10: Time for DAO 2.0
Craig vs People
Polygon Enters ZKPs - Plonky2
Crypto.com Backfire - When Centralized Crypto Service Panic
Coinbase NFT Marketplace
Coinbase Customer Service Alive
When Meta Patented Metaverse
When You Want Someone Forget About What You Did, Just Change You Name
When YouTube Enters Into NFTs
Facebook Just Did the Rug Pull
Bridging Between Web2 to Web3 Through NFTs
DAO The Way Part 1
DAO The Way Part 2
Who Is The Winner of The Crypto Adoption
DAO The Way Part 3
What You May Expect NFTs After 6 Months and Beyond
DAO The Way Part 4
Licensed NFT vs. IP Law
Wormhole Hack - It May Not Be a Bad Thing
Preventing Rug Pulls
DAO The Way Part 5
Lessons Learned From Wonderland DAO
DAO The Way Part 6
Learn How To Defi Part 1
DAO The Way Part 7
DAO The Way Part 8
Learn How To Defi Part 2
Learn How To Defi Part 3
DAO The Way Part 9
Learn How To Defi Part 4
DAO The Way Part 10
DAO The Way Part 11
Learn How To Defi Part 5
Crypto Comics - PoW
Crypto Comics - Who is Satoshi
Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.