Coins

The term “coin” is used to describe the predominant and native asset that exists on a blockchain. Coins are used as the currency that makes transactions on the blockchain work. Many of the earlier blockchains and respective cryptocurrencies that came into existence are used exclusively as a store of value. This is because these blockchains were only designed to support their native coin. The currencies which exist on these particular blockchains are referred to as “Store of Value” cryptocurrencies. The Bitcoin network and its underlying coin BTC is a great example of a traditional store of value crypto that has performed exceptionally by its own merits.

Tokens

As the years progressed, blockchain technology improved, allowing blockchains to not only support the coins that represent their overall value, but also tokens that could represent smaller and more specific values, using the same system. Ethereum was one of the first cryptocurrencies that eventually offered the ability to support tokens through the blockchain, although other cryptocurrency projects have adapted the same functionality since then. The ability to tokenize specific assets under one umbrella of value has since evolved to become one of the most vital functions of blockchain technology.

Non-Fungible Tokens (NFTs)

The ability to store value in the form of fungible tokens on a blockchain also opened the doors to an entirely new way to store value: Non-fungible tokens. Non-fungible tokens, or NFTs use the same technology that is used to create subsidiarity tokens on a blockchain; the only difference is that each of these tokens is unique. Since NFTs each hold their own unique value, they have their own set of use cases which branch from traditional blockchain technology. NFTs can be tied to any number of digital or real-world assets, assigning a trackable value to anything they are made to represent. As an example, NFTs can be tied to digital artwork – as they so often are – ensuring that the original piece of digital artwork they are tied to can in fact be verified as the true original.

NFTs have become immensely popular in the digital art world for this very reason. Many of the first NFTs were specifically minted to represent digital artwork, however this is only the tip of the iceberg when you consider the number of other use cases that can be, and are being applied to the same technology. NFTs have the potentiality to replace many of the traditional record keeping systems that we rely upon daily.

NFTs could be used to replace many of the functions that are implemented by both government and private institutions alike. Hospitals could potentially use NFTs to safely transfer patient records, as well as prescriptions. Ranchers and farmers could use NFTs to track crops and livestock. Government agencies like the department of motor vehicles could utilize NFTs to transfer vehicle titles and driver’s license information. NFTs and blockchain technology can handle each of these examples and many more, while also streamlining these processes to a degree that we have never seen before while simultaneously cutting many of the costs that it traditionally takes to maintain these services.

Conclusion

There are Killer Whale Products for every level of trader. As you become more familiar with cryptocurrency, rest assured you will have plenty of room for growth within the Killer Whale Pod! If you continue making smart investment decisions, such as using Killer Whale Signals and Strategies, you can graduate from using the Killer Whale Free Strategy to services such as Killer Whale Elite Signals sooner than you know it!

“Fortune favors the bold”

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