Token: Originally a “Token” was the name given to a cryptocurrency before its ICO release, now its meaning extends to a digital asset issued on a blockchain. This concept of Fungible and Non Fungible Tokens is being driven by the Ethereum gaming sector especially. For example, tokens on the Ethereum blockchain can be pure cryptocurrency, gaming assets, or even digital art via its standards ERC-20, ERC1155, ERC721. From what they originally meant, tokens now have functionality (utility) beyond just currency (security). If a token has a utility or a security purpose is still current in governments trying to regulate the current crypto token market. At this point, if a token passes the Howey Test it is seen as a utility token ie. ENJ is seen to pass the howey test – for its use to create developable and interactive gaming assets.
- September 5, 2019