Token

A cryptocurrency token is an asset that has been tokenized on an existing blockchain network. These are the representations of an intrinsic value as determined by the market in virtual forms created using distributed ledger technology. They can be used for investing, as a mode of payment, or as a medium of trading in the cryptocurrency market.

They are more often purchased through initial coin offerings (ICOs) and used for fundraising for a project. A token also represents the governance rights of its holder in the respective blockchain network. Crypto token holders can participate in voting and other decision-making activities within a blockchain ecosystem. Some famous crypto tokens are XRP, GRASS, OM, and ADA.