In a world of financial innovations, Blockchain and cryptoassets there are hundreds of token, coins and cryptoassets that we still don’t know much about. In this blog we will elaborate on the differences between tokens and coins as well as all you need to know about PlatinX Tokens – the next big things in the cryptoassets world.
Coins Vs Tokens
Many people use both terms interchangeably, however both are not the same. Some people can argue that on a fundamental level Tokens and Coins are the same thing – both represent value and both can be used to process payments. And both can be swapped for one another in most of the cases. However they are still not the same thing. There is difference between Token and a Coin and we will elaborate on that.
What is a Coin?
In broad terms it can be said that coins are meant to be used directly for transactions in a similar way conventional money is used. Coins are built on independent infrastructure which decides the safety, security, supply, transaction method and rewards etc. Some of the characteristics of Coin are–
- Blockchain – A coin has its own Blockchain where the transactions are recorded. For example Ethereum is a blockchain with its own coin Ether.
- Currency – A coin specifically acts as money and aims to replace traditional money in the longer run. The argument is that being limited number of coins available and no interference from any central authority/government, it will act as better currency and would be safe against double spending or fake money.
What is a Token?
Tokens are built on existing blockchains of other coins and are used with Decentralized Apps (DApps). Some of the most advanced blockchains are BNB Binance, Ethereum etc. Tokens are aimed to provide cheaper and faster transactions with the help of Smart Contracts. One major difference is tokens are physically moved from one account to another and ownership change is manually handled. Tokens have led to the advancements in technical and financial fields such as NFTs and DeFi.
- DeFi – DeFi tokens are somewhat similar to coins however are created on a pre-existing Blockchain. Through DeFi, users can lend cryptocurrency at a much higher interest rate.
- NFTs – NFT or non-fungible tokens are digital assets that can be bought or sold through Blockchain technology. It can be anything from art to avatars to piece of music or virtual land in Metaverse. NFTs are traded in NFT marketplaces.
Types of Tokens –
- Payment Tokens – Mostly used as exchange medium for trades
- Utility Tokens – Used to access products or services based on a specific blockchain
- Security Tokens – digital tokens attached with values such as stocks, shares, property
- Non-Fungible Tokens – defines ownership of assets with possession rights or intellectual property ownership
Now let us talk about PlatinX Tokens
PlatinX or PTX are non-fungible but tradable tokens that are built on BNB Binance Blockchain technology. The aim of PlatinX is to bring advance Blockchain technology to the holders of PTX and leverage the benefits of global economic changes to small and retail investors. PlatinX Tokens will be used for advertisements in Meta and other social media platforms.
From investment to storing value or trading exorbitant art, PlatinX Token is the best way to move forward. PTX solves the problem of holding multiple assets, making payments easier or simply use as an investment tool. PTX are the most secure, transparent, reliable and efficient way of trading.
PTX also gives its holders access to book entertainment artists directly with substantial cost benefit and the option to hold their favourite celebrity NFTs without paying the exorbitant fees of the intermediaries.
In a world of uncertainties and volatile market, tokens are the safest way to move ahead. You can get the benefits of the latest technological advancements; get higher returns of investment without too much risk or facing the market instability. For more details you can visit – www.platinx.io