I am glad to write about my understanding of cryptocurrency tokens from the lecture of professor
@reminiscence01. It is my first participation in the academy courses, overtime I have been reading both the professor's post and that of the students,today I made a drastic decision of taking this shot of greatness.Without saying much, let us get the ball rolling

WHAT ARE TOKENS AND CRYPTOCURRENCY TOKENS

A token is usually referred to as a share of legal asset with the permissions and claims of the bearer/holder of the said token.This token can be a physical commodity like a car or even a painting,the permission in this context refers to the right to ownership of the car while the claims is just the electronic representation of the debt contract associated with the car.

However digital tokens exist within different network forms which incorporates the traditional hub and spoke architecture that are controlled by a particular node known as the central entity of the network.Thus bringing us into the introduction of crypto assets or cryptocurrency tokens.

cryptocurrency tokens also known as crypto assets is referred to as the subset of digital tokens that is controlled by a decentralised network. This decentralisation allows digital peer to peer exchanges to occur within the Blockchain without intermediary interference.Therefore Decentralised finance tokens is said to be any cryptoasset apart from bitcoin and Ethereum that exist or run on top of another cryptocurrency Blockchain.Defi tokens despite their leverage on other cryptocurrency like Ethereum in other to allow exchanges occur within their networks,they can also be held and traded just like every other cryptocurrency

5 EXAMPLES OF TOKEN

Tokens are built on different Blockchains with Ethereum,bitcoin or other cryptocurrency as the main network base.Their existence is also attributed to the said blockchain while some are built directly on Ethereum network.Examples include

• ONE TOKEN
  This token is built on the harmony blockchain technology

• cDAI TOKEN
  This token is an example of token flavour built on the compound finance protocol blockchain

• PieDAO(DOUGH) Token
  This token is a PieDAO DOUGH governance token built on Ethereum Blockchain

• KNC Token
  It is built on the kyber blockchain network

• Klever Token
  Built on the Tron blockchain network

DIFFERENCE BETWEEN COIN AND TOKEN

A lot of confusion have been drawn on the quest to understand the active difference between a cryptocurrency coin and a cryptocurrency token.
However the simple fact is that cryptocurrency coins availability Allows token exchanges and transaction within the Blockchain network while tokens are cryptoassets built on other cryptocurrency blockchain for exchanges,trade and holding.
For example Binance smart chain (BSC) with BND as its native coin is needed for BSC token conversions on pancakeswap, this tokens are generally known as Bep tokens.
Another example is the Ether which is the native coin of the Ethereum network needed to conduct transactions involving ERC tokens even on imtoken app.ERC tokens are known cryptoassets built on the Ethereum network

TOKEN CATEGORIES AND FEATURES

• UTILITY TOKENS
  This type of token allows the holder to have access to only the goods and services provided on the network of the token provider or issuer. One major type of utility token is called asset token. This token can be used to acquire real products at any point in time provided the amount of the asset token in your possession is equal to the products value at a specified time period.

Features of utility token

Recurring variation of token value against product value is a major Feature of utility token.
The value of the product can increase in future without its equal value of token in your possession increasing simultaneously.At this time the investors suffer losses
The value of the token can increase with time such that the amount of its equivalent product drops below the token price.At this time the investors are at gain.

• SECURITY TOKEN
  Security tokens is vastly defined to be a token that grants the holder the right to assets held for trade and also provides the possibility of getting a predefined financial interest.

• EQUITY TOKEN
  Equity tokens grants the right for their holders to share of the companies profits.So this tokens value usually increase with increase in purchase.Although they are not recognised as shares,they allow a possibility of attracting fixed capital in more flexible manner to create new businesses.

Features of security and Equity token

One major Feature of these tokens is that the token value increases with increasing purchase.So the more people buy this tokes, the more the value tend to rise and profit the buyers.

• NON-FUNGIBLE TOKEN (NFT)
  It a right to digital assets for example in-games, collectables,music and art which are not interchangeable in any form.

features of NFT

NFT tokens are always very traceable on the blockchain network but cannot be stored as a file on the blockchain due to their usual enormous size. NFT tokens can sometimes face Plagiarism challenges.

INTRODUCING HARMONY ONE

SOURCE

The sharding infrastructural system of harmony project was developed in 2017 to optimize security and secure fast swift transactions among users.The harmony one project allows users to create decentralised applications on the blockchain using scalable services,It also allows users to
Create marketplaces for fungible and non-fungible assets to through a secure channel of data sharing privacy terms.

Harmony is hosted on Ethereum network in order to help solve some of the limiting challenges facing Ethereum. And so far Harmon y has proved it's uniqueness for scalable and ultra fast transactions

ONE TOKEN

It is a fully scalable and sharding based token which was launched in 2017.It is the native token that governs all the activities and transactions being performed on the platform.The tokens name ONE was as a result of the vision of harmony which is said more as a slogan "For One And for All".it was developed to boost blockchain decentralisation efficiency and has so far gained much value due to high market capitalisation.It also allows a secure entry of validators into one protocol and the minimum staking is 10,000 ONE token,the validators receive ONE TOKEN rewards from the pool according to the amount of ONE TOKEN staked by each validator on the platform

USE CASE

Mr Novas Andrew's investment company has suffered an uproar challenge due to fraudulent hackers who concurrently tampered his centralised payment system.
His team knew a secured and scalable decentralised payment system would be the best option for them to opt out of this menace because the number of their investors were already dropping at a very high pace.
A simple test run on harmony ONE TOKEN proved the best and now they are happy and glad to focus more on the creation of a community for their users.A very secure community free from fraudulent activities and attacks.

up-to-date information on Harmony ONE

• https://medium.com/harmony-one/tagged/node
• https://medium.com/harmony-one/tagged/technology

Harmony ONE informations

• Harmony website
• Harmony onepager
• Harmony whitepaper
• Harmony medium blog
• Harmony Telegram group
• Harmony Twitter
• Harmony LinkedIn
• Harmony Instagram