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Thursday Mar 22nd 2018

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Token System

Definition of "Token System"

Essentially, a fungible virtual good that can be traded. In a blockchain ecosystem, a token system is a database mapping addresses to numbers; the primary allowed operation is a transfer of x tokens from A to B, with the conditions that x is non-negative, x is not greater than A's current balance, and a document authorizing the transfer is digitally signed by A. Secondary "issuance" and "consumption" operations may also exist, transaction fees may also be collected, and simultaneous multi-transfers with many parties may be possible. Typical use cases include currencies, cryptographic tokens inside of networks, company shares and digital gift cards.

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