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Differences between token Vs coin

 

Differences between token Vs coin

Coin: A coin uses its own blockchain to keep track of the data. Ethereum is its own blockchain about stores value and validates transactions. Etherium teams have been working hard over the years and providing their systems, updating how it works.

Token: Token uses someone else coins blockchain. Ethereum token or Erc-20 token uses Ethereum blockchain capabilities as its backbone and infrastructure. For example, a Basic Attention Token is an Erc-20 token built on the Ethereum network. Basic Attention Tokens rely on the Ethereum blockchain network to keep their product state.

  • One of the important things is one cannot birth a token straight into a coin. You can create a coin function as a way to include a Bridge that allows users to swap up their previous tokens for new coins.
  • In some cases, some coins like you are tokens in multiple networks. For example, LEO is on the Ethereum network, Binance smart chain Network, and the Hive network also.
  • Another important things are some coins represents as a token on other networks. For example, video some days ago I buy some Binance peg Ethereum tokens in Binance smart chain network. I did not actually buy Ethereum but instead, I bought a representation of Ethereum on the Binance smart chain network. 
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Source: cryptochain24.com

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