It is the company that is responsible for the legal clearance of transactions. In this situation, the company that created the personal token acts as a guarantor.
For example, the owner of one commodity token can exchange it for a year’s visit to a gym. When it is released, the company equates the value of any service or product to a digital unit. The only type of coin that can be backed by the real value in a currency or any commodity is a commodity token. Such volatility can complicate an investment decision and, as a result, even make it unprofitable for an investor. One of the common mistakes novice crypto investors make is buying tokens without considering the fact that the project may issue different types of tokens, both investment and utility. The company issuing the commodity-backed tokens is obliged to pay the owner the cost of the token or send the goods in exchange for the tokens. These can be both goods and services, as well as oil and gold.
Classification of tokensĪt the moment, there is no single classification, but tokens can be divided into the following types: Access to virtual tokens is possible only with an electronic signature and through the appropriate app. It is synchronized with a database built on blockchain technology, which takes into account all the tokens. In the virtual world, a token is a conventional digital unit, the value of which is expressed in some asset. Simply put, a token is a digital certificate that guarantees the company’s obligations to its owner, that is, an analog of shares on the stock exchange in the world of cryptocurrencies.
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