Token
By CoinGecko | Updated on Mar 03, 2020
Tokens and coins are often erroneously regarded as interchangable terms. However, while both tokens and coins share technical similarity, tokens are ussually built atop a smart contract platform and is issued en-masse during its inception. Tokens grants its holders the right to take part in the issuing parties' network or product.
Related Terms
Rug Pull
Sudden removal of liquidity which typically leads to asset prices crashing from the lack of liquidity to absorb buy/sells.
Cryptocurrency
A form of digital currency that utilizes cryptographic protocols to record ownership and prevent counterfeiting
Lightning Network
It is the "second layer" or an off-chain of payment protocol that operates on top of a blockchain. Payments on this network do not need block confirmation and it will be instant.
Secure Asset Fund for Users (SAFU)
A feature created by Binance which contains reserve funds that can be used to reimburse users in case of a catastrophic event (eg. exchange hack)
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