Ethereum tokens surely prove the core value of blockchain, made evident by the runaway success that tokens have brought to these new business models.
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I attended a live webinar Token Lesson by Niloo Ravaei of Blockgeeks.
The key point Niloo made surmising this blockchain technology, (that will disrupt and infiltrate every aspect of the world as it creates an autonomous society, where your car will book itself in for an MOT, and will “pop” out and make the journey to and from the garage where another robot will certify its roadworthiness. Your car will find a parking space using satellite GPS photographic imaging while it takes you to the shops as you read a book or watch TV sitting in the rear.
And a drone will deliver all your mail automatically taking land vehicle traffic and human labour out of industry.) we must separate the long-term vision of this groundbreaking technology from the short-term bubble of token Initial Coin Offerings, (ICOs) which is rife with fraud and hype. The token standards and platform will survive the token mania, become regulated and then will continue to completely change the world.
A regulated paperless cash system that is not answerable to any government or central point/institution is always going to win. Venezuela, Greece, Cyprus, Zimbabwe and South Africa have currency which has recently, and still has spells currency of being worthless in a fungible sense. A loaf of bread can cost a Zimbabwean person 100 trillion dollars as inflation rises there by 100,000 percent a year. 🍞💰🤑
These people there are going to boycott their own currencies and join the rest of the world. In the cyber/cryptocurrency boom!
Learning about the fungibility in tokens is a key fundamental concept. Fungibility is where we can sub any single unit of the token for another without any difference in its value or function. Non-fungible is each unit represents a unique item and isn’t interchangeable. EG. One dollar is not more than another dollar.
Cryptokitties is a huge blockchain phenomenon.
These are fungible tokens
Breeding digital cats for ethereum (currency) rewards
There are 4 billion types of cat. These are genomes and both the mother and the new CryptoKitten will being available for further breeding immediately after birth.
Note there Tokens are a key fundamental component
“Tokenisation” is a fundamental used in blockchains.
It could be anything from
- attestation in marriage
- A resource storage – lets say for example, a cloud based storage solution.
- A currency token.
- An asset or commodity token.
- An equity or Decentralised Autonomous Organisation
- A token to an identity avatar/National ID/National Insurance
The blockchain will eliminate EXTRINSIC transactions in real estate, corporate vending, democratic voting systems, and currency.
The blockchain will encourage the INTRINSIC – this is THE big challenge the blockchain is working on.
Tokens are used for a wide range of uses. Those other than use of the tangible and intangible uses I listed above. A utility token of Eth as Gas – while it is is intangible, it is a use token, to use for funding functions on the blockchain. An equity token represents shares in a start-up business, they are a great fundraising mechanism through a regulated token sale.
There will be minimum specification for implementation of a token.
The “tokenisation” premise in blockchain is to encourage the interoperability between contracts.
All wallets, exchanges, user interfaces, can interface in a predictable way with any token contract that follows the standard.
Examples of implementations and specs can be found on GitHub. Here is an example of a cryptokitty token with implementation code from the ERC721 used on the solidity platform on ethereum, to formulate smart contracts.
“When the Blockchain has passed the challenge of regulation and eliminated corruption these things will change world”