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Token
Assets and ownership

Token

A digital unit that represents something of value on a blockchain. A token can represent a currency, an asset, a right, or access to something. It is the basic unit through which value moves on a blockchain network.

TradFi equivalent
In traditional finance...
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TradFi equivalent
A bearer instrument. Whoever holds it has the right to whatever it represents: a payment, an asset, access to something. The token itself is the proof of that right, and it can be exchanged for something else of similar agreed-upon value.
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Analogy
In everyday terms...
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Analogy
A poker chip. The chip itself has no inherent value, it represents a value the poker room agrees it has. It's required to participate in the game, and it can be exchanged for something else of value.
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