Most probably, you know about the Gata Protocol which is a decentralized autonomous social economy with its own token called GATA. As the parental token of the GATA Protocol, The GATA token enhances several functions which include launchpad, staking, loans, yield farming, partnerships and alliances, CSR initiatives and many more. Now, we want everyone to understand the GATA token. In order to understand the attributes of the GATA token we need to differentiate between a token and coin.
Differences between a token and a coin
The major difference between the two is that a coin exists on an independent or standalone blockchain while a token lives on another blockchain. Examples of coins are bitcoin and ether (ETH) which exist on their blockchains or networks. For instance, the developer of Ether created the ethereum blockchain to offer services backed by ETH.
However, with the passage of time some people created decentralized applications on the ethereum blockchain which have their own cryptocurrencies we call tokens. Basic Attention Token and Loopring are cryptocurrencies that exist on the Ethereum network, hence they are token. As a matter of fact, all the cryptocurrencies that exist on the Ethereum network, other than ETH, are tokens. This is because only ETH is a coin on the ethereum network.
So, in a nutshell, a token is an application specific cryptocurrency which enables various functions such as investment, store of value or medium of exchange. Specific tokens called utility tokens are used as internal units of payment for an application or protocol. As an instance, the GATA token is the utility token of the GATA Protocol, meaning that it powers its various functions such as yield farming.
The case of $GATA can further qualify what a token is. This is because it exists on the Aurora blockchain which hosts many tokens.
Ways to earn tokens for free
Did you know that you can earn some tokens for free? Your guess is right. You can earn the tokens through airdrops, playing games as well as learning. The fact that people can earn tokens and coins in a blockchain ecosystem makes us call such platforms economies. For this reason we call GATA a decentralized autonomous social economy. This means that you have the opportunity to either earn the token for free or you invest and get high returns. In this case, at GATA protocol you can invest through yield farming and staking.
As we speak, the GATA token Presale is live. Investors can buy the token at a discounted rate. Many investors usually get high returns through buying tokens during the presale periods. More information is available on Twitter.
Airdrops: Currently, everyone has the chance to earn the $GATA tokens for free through participating in social tasks such as following GATA Protocol on its social media platforms. You can also share the required posts while tagging your friends.
Play games and earn: People can participate in GameFi, which are play-to-earn games. With the evolving of the metaverse, people can play games on their PCs, Android devices and iOS and earn in-game assets which they can convert into cash.
Learn and Earn: This sounds interesting. Yes, you have the chance to carry out learning tasks on the internet and earn some tokens upon their completion. Unlike the conventional learning platforms, in DeFi you can take a course without paying any money, yet in return earn some tokens. The GATA Protocol has its own learning platform called GATA College. Here, you can earn non-fungible certificates upon completion.
In summary, we have answered two basic questions: How to use GATA Tokens? What is the difference between a coin and token? Now, you know how to use the GATA token. You can speculate on GATA. You can stake and earn high rewards. And you can invest in the token through the current Presale and later through yield farming. In fact, there are several high earning opportunities.
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