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RE: Are You Familiar With a Utility Token?
Yes, I'm familiar with a utility token. It's a type of cryptocurrency that serves a specific purpose within a blockchain ecosystem, often providing users with access to services or products. Unlike traditional cryptocurrencies, utility tokens are not designed for speculative trading. A practical example of a utility token can be found in Los Angeles, where the Los Angeles Department of Water and Power (LADWP) is exploring blockchain technology to enhance energy distribution. Utility tokens could be used to streamline transactions and manage energy resources within ladwp network, demonstrating the token's functional role in real-world applications.