Every day in the cryptocurrency world all values are going up and down and lots of people are eager to invest in this universe. Like all financial markets, this market has lots of special phrases. One of the important is token.

Today we want to talk about tokens and teach you what is token and where you can use them in this magical work of cryptocurrencies and we think this article can help you to know them better. We also want to tell you more about our SMT token.

Squad Meta Talent token: What is a token?

A token is a digital asset that you can transfer to others. A token can save values in itself and before it introduces to the world, it is used in computer systems as some kind of encrypted license. Tokens are created by different companies on Blockchain Technology.

Every token has its special usage and depends on its usage and its importance of them to humanity, they get values. If you want to know tokens better you have to get familiar with contracts.

Our Squad Meta Talent Token also has values and together will raise them.

Squad Meta Talent token: what is a smart contract?

Blockchain technology was created and introduced to the world by satoshi the creator of bitcoin. With blockchain technology, you can transfer your assets from Decentralized Networks.

Although that was a revolutionary act in financial markets there wasn’t time and infrastructure for transferring files or creating decentralized exchanges and IoT. The reason for entering blockchain technology in another aspect of life is the Expansion of smart contracts in the Ethereum blockchain.

Creating smart contracts with lots of great exclusivities was the reason for the creation of tokens. The first time a token is created on the Ethereum blockchain.

Our token also has a good smart contract and will be based on Binance blockchain networks.

Squad Meta Talent token: what is the difference between coin and token?

All we talk about till now was what is token and how it was created and now we want to talk about the difference between a coin and a token. A coin is the primary digital currency of every blockchain that acts as the core of the blockchain. For example, Bitcoin digital currency is the main coin in the Bitcoin blockchain.

In return for digital currencies, for instance, a tether is the second layer in blockchains like Tron, Binance, Ethereum, and bitcoin. There is a site called CoinMarketCap where you can search your coin or token for its valuation.

Squad Meta Talent token: what is a token wallet?

Tokens don’t have a special wallet and for keeping or transferring them you have to use a blockchain wallet. In this situation when you have an address and a wallet you can easily transfer your tokens.

You have to choose a good and trustworthy wallet where you can keep and store your coin and tokens.

Trust wallet and Meta Mask wallet are good examples of safe and encrypted wallets in the cryptocurrency world.

Squad Meta Talent token: Common features of tokens

Different tokens have different features but they have common features in all blockchain systems. They have features like:

• You can program it

It means all tokens have to follow software protocols.

• You don’t need a license to use

what we are trying to say is that you don’t need to get any license from any organization and all you need is to follow smart contract protocols.

• Clear transactions

what it means is the rules of the smart contract related to tokens and all activities within the network are vivid and can be confirmed by other network members. Tokens are managed by smart contracts and as long as the rules of the contract are not violated, you can use all network features of free tokens.

I don’t think we need to talk about this part because it’s crystal clear. Our SMT token also has these features that anyone can rely on it and you can invest in it.

Squad Meta Talent token: Types of tokens

After we talked about what is token and what is the reason and creation of tokens, it’s time to talk about the types of tokens and what we call them.

We can classify tokens in different ways. You have to know that these categories are not independent. For example, a token can have the feature of different types of tokens.

Fungible and Non-fungible tokens

we can divide tokens into two categories of fungible and non-fungible tokens. These two kinds of tokens have a difference in nature. Again you have to understand that these categories are not independent and a token can have the feature of different types of tokens.

A fungible token means in exchange for receiving a unit of a token, you can use another type of token for a refund. In non-fungible tokens, you have to pay a token with a similar feature token.

For instance, a tether is a fungible token and you can trade easily with it through the network but NFT is a non-fungible token and you have to trade NFT with another NFT with the same features.

Squad Meta Talent token: How to make a token?

When you want to create a token, you have to set its usage and type of the token. When you set these features you can identify and choose your platform and network that suits your token. Furthermore, you have to set standards for your tokens.

You have to notice that every blockchain has a different programming language to create a token. In the following, we will talk about our token that has been created on the Binance blockchain network.

BEP2 Standards in Binance blockchain network for creating token

Technical standards are the basis of creating tokens in the Binance blockchain network. These standards are a set of rules that tokens must follow to operate in the Binance blockchain ecosystem.

All tokens that have these standards are transferable and you can’t create a non-fungible coin with these standards.

BEP20 Standards in Binance blockchain network for creating token

Binance Smart Chain is a new and decentralized blockchain that BEP20 standards are developed. BEP20 has lots of resemblance with BEP2 and ERC20.

For instance, we can say digital currencies like ripple and link are created in this network. Also, our token is created in BEP20 and has lots of great aspects.

Squad Meta Talent token: What is an SMT?

Here we are, now we want to talk about our SMT token. In the meta talent Community when you and your friends have effective activities like being in classes, sending messages, following our Meta Talent Instagram page, etc…

A value is created caused by these activities. Our Smart BOT in return for your valuable act, consider a reward that will give to you as a token and it will send to your secure wallet.

All you need to do is to be active and create a valuable act.

Conclusion

Tokens, in general, are encrypted assets that use blockchain services and you can keep or transfer these assets.

In general, all digital currencies can be called tokens with special values. But token is a digital currency that hasn’t its blockchain and uses other blockchain platforms instead.

In this article, we tried to talk completely about our tokens and tokens in general. We hope you like this article. Please share your thought with us in a comment or share this article, so your friends can use it also.