What is a token?

Time to discuss another concept serving to revolutionize every imaginable industry even tangentially related to the digital world. Having talked about the Bitcoins system and the blockchain technology, time for tokenization.

Owing to the blockchain technology devised by Satoshi along with the cryptography that underlies it, the network is exceptionally secure. Transactions are impossible to forge and data resistant to all manipulation. Blockchain, however, is not just about cryptography and a way to record Bitcoin transactions.

It is true that the first ever application of the blockchain technology was Bitcoin. It is no coincidence that Bitcoin is strictly a structure-oriented entity living up to the finesse of blockchain. There is a predetermined number of coins that will ever be issued and it’s on a timetable too. Bitcoin is the first and oldest cryptocurrency.

Back to tokens: they are much like bitcoins in some ways but, at the same time, are more than just a currency owing to the breadth of functions they can fulfill.

The term “token” refers to a unit of value created to enable users to interact with products while also making the distribution of rewards a satisfactory process for all parties involved.

As part of a private network, a token can be used to confer property rights, to pay for work or for data transference.

Tokenization likewise creates a layer of security for digital payments. Crucially, its implementation into existing payment systems does not necessitate substantial changes to the way they operate now. The greatest safeguard one benefits from with tokenization is that credit card information is not stored anywhere an unauthorized person could access them increasing convenience and security.

Tokens can also serve to confirm transactions and generate access codes for log-ins, credit card payments, money transfers and other operations within our bank account.

A token can be thought of as a cryptographic tool guaranteeing transaction security over the web. Tokens generate unique single-use codes useful for verifying a client’s identity and authorizing their desired operations to do with their money.

The main benefits to the token holder are:

-transactions to any account,

-high transactions limits,

-high quality transactions (both security and speed-wise),

-speedy client verification and transaction autorization;

Based on a private key, transaction time and, possibly, a string of numbers assigned to it beforehand, a token generates a unique number. The system knows the tokens’ private keys and the algorithm used by them and so can verify whether the user’s number is valid or not.

The WMA token gives weeUsers (both merchants and clients) access to the weeMarketplace. Furthermore, merchants and clients who hold more than a specified minimum of WMA will receive additional benefits such as higher cashbacks and marketing-related advantages.

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