Token
An asset created by a smart contract on an existing blockchain rather than being that blockchain's native currency.
✦ Key Insight
Almost everything you trade outside the majors is a token, and its value depends entirely on the contract and team behind it, not on the chain hosting it.
✕ Common Misconceptions
Trading by ticker instead of contract address. Anyone can deploy a token called "USDC"; only the real contract address is the real asset.
Detailed Explanation
In Practice
Dig Deeper
Wallet
Software or hardware that stores your private keys and lets you sign transactions.
Token
An asset created by a smart contract on an existing blockchain rather than being that blockchain's native currency.
Blockchain
A shared, append-only record of transactions maintained by many independent computers at once.
Transaction
A blockchain transaction is a signed or authorized instruction that changes blockchain state or transfers value when accepted by the network.