crypto asset</strong></a> that can be utilized on blockchain ecosystems for economic, governance, or other purposes. Tokens are not synonymous with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies. While cryptocurrencies operate in their own blockchains, tokens are built on blockchains of other cryptocurrencies.</p>\n<p>Tokens can be <strong>developed via fundraisers</strong> such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-initial-coin-offering-ico/">initial coin offerings (ICOs)</strong></a>. They are usually programmed to possess some kind of utility. 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Investing","slug":"trading-and-investing","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-trading.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-trading-101.jpg","rating":80,"sections":[{"slug":"where-to-trade-crypto","title":"Where Can You Trade 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Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":907,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Token Migration?","slug":"what-is-token-migration","section":"T","keyword":"Token Migration","status":"published","definition":"the process of moving crypto tokens from one blockchain to another.","content":"<p><strong>Token migration</strong>, sometimes also referred to as token swaps, is the process of transferring a token from one blockchain to another during a changeover. While some token migrations occur at the launch of new blockchains, in other cases, tokens are moved if a blockchain project is overgoing a protocol change.</p>\n<p>Token migrations occur whenever a project transitions from one blockchain to another to ensure that all assets are transferred. A well-known example is the migration of Mithril (MiTH) from <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></strong></a> to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance Chain (BNB)</strong></a>.</p>\n<p>Ethereum allows users to develop a number of token standards, the most popular one being <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20. Around 2018, it was common for new crypto projects to create an ERC-20 token which they would later migrate to the fully developed native blockchain. This token migration method was favored for its technical and economical advantages.</p>\n<p>The developers of new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-initial-coin-offering-ico/">initial coin offerings (ICOs)</strong></a> would first create an ERC-20 token with the promise that it would be utilized in the final product. Once the project was funded, the tokens would migrate from Ethereum to the new native blockchain.</p>\n<p>The project roadmap outlined in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/">whitepaper may not always be reflective of the actual development. Projects may overgo a number of changes throughout the process, including <strong>migrations to different blockchain systems</strong>. During the migration process, the token balance is moved from the initial <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">crypto wallet</strong></a> used for storage to the new compatible <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-address/">wallet address</strong></a>.</p>\n<p>The process of token migration has been made relatively simple. Many projects allow cryptocurrency wallets to be linked for users&rsquo; convenience. The tokens can then be converted and transferred to a compatible wallet address. Furthermore, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">cryptocurrency exchange platforms</strong></strong></a> can deal with the conversion on their end, simplifying the process even further.</p>\n<p>As there is an increasing number of interchain projects, as well as protocols concerning blockchain integration, the number of token migration processes is likely to increase.</p>","level":"medium","meta_title":"What is Token Migration? Definition & Meaning | Crypto Wiki","meta_description":"Token Migration meaning: Token Migration - the process of moving crypto tokens from one blockchain to another.","meta_keywords":null,"language":"en","created_at":"2022-04-11T06:24:05.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-token-migration"},"prevSection":{"id":903,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Timelock?","slug":"what-is-timelock","section":"T","keyword":"Timelock","status":"published","definition":"a blockchain mechanism of processing transactions at a predetermined time or in a specific block.","content":"<p><strong>Timelock</strong> is the condition on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain that a transaction must meet to be processed at a certain predetermined time or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block-height/">block height</strong></a>. The concept was initially introduced by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a> in the<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/"> whitepaper </strong></a>of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin. The timelock mechanism is used to <strong>schedule transactions for the miners to process them at a specified time</strong>.</p>\n<p>Transactions are added to the blockchain as blocks located at certain heights. Once the transaction data is added to the chain, the transaction is deemed approved.&nbsp;</p>\n<p>The timelock mechanic is used to ensure that transactions are not verified unless their predetermined conditions, i.e., &nbsp;a certain time or block height, are reached. Time time is measured using the Unix system.</p>\n<p>There are two types of timelocks:</p>\n<ul>\n<li>Absolute timelocks &ndash; they discern that the blocks are defined relative to a specific time;</li>\n<li><strong>Time-relative timelocks</strong> &ndash; they are used to determine how much time has to pass until a transaction is verified.</li>\n</ul>\n<p>Bitcoin transactions measure time in two ways, based on the block number and its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-timestamp/">timestamp. If the timelock is determined according to the block number, the miners receive the specific number for the validation process. If the timelock is based on a timestamp, the miners must wait until the given point in time to verify the transaction.</p>\n<p>There are <strong>four methods</strong> for determining the Bitcoin timelocks which occur on either the transaction level or the script level:</p>\n<ul>\n<li>nSequence &ndash; absolute time blocking at the transaction level;</li>\n<li>nLocktime &ndash; timelock relative to the transaction level;</li>\n<li><strong>CheckLockTimeVerify</strong> &ndash; absolute time blocking at the script level;</li>\n<li>CheckSquenceVerify &ndash; timelock relative to the script level.</li>\n</ul>","level":"easy","meta_title":"What is Timelock? Definition & Meaning | Crypto Wiki","meta_description":"Timelock meaning: Timelock - a blockchain mechanism of processing transactions at a predetermined time or in a specific block.","meta_keywords":null,"language":"en","created_at":"2022-04-11T06:08:09.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-timelock"},"currentChapter":"T","currentSection":"what-is-token","chapterTitle":"T","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-token","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter T

What is Token?

Token MEANING:
Token - a digital asset built on the blockchain of another cryptocurrency that can be utilized in the crypto ecosystem.
Easy
1 minute

Let's find out Token meaning, definition in crypto, what is Token, and all other detailed facts.

A token is a crypto asset that can be utilized on blockchain ecosystems for economic, governance, or other purposes. Tokens are not synonymous with cryptocurrencies. While cryptocurrencies operate in their own blockchains, tokens are built on blockchains of other cryptocurrencies.

Tokens can be developed via fundraisers such as initial coin offerings (ICOs). They are usually programmed to possess some kind of utility. While there are numerous ways to utilize a token, some of the most popular token types include utility, governance, security, and non-fungible tokens.

  • Utility tokens provide the users with access to products and services within the crypto ecosystem;
  • Security tokens function as quasi-shares and have their value tied to tradable external assets;
  • Governance tokens are used by decentralized autonomous organizations (DAOs) to make decisions regarding the functionality of the blockchain;
  • Non-fungible tokens (NFTs) are unique assets that are often attached to a visual or audiovisual file.

Each type of token can have different degrees of regulation, depending on its use. Regulations that apply to security tokens may not be relevant to NFTs and vice versa.

Tokens are often distributed by blockchain startups as a way to attract investors and create a sense of exclusivity. Token holders may have certain privileges, like the ability to contribute to blockchain governance or early access to new products.
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