What is Token?

Within the context of blockchain technology, a token generally refers to a unit of value for a programmable asset that is managed by a smart contract and an underlying distributed ledger. Tokens are the primary means of transferring and storing value on a blockchain network — most often Ethereum. Tokens can also be designed to be either fungible or non-fungible, depending on a network's specific needs. And while many tokens are primarily used for simple transactions, an increasing number of blockchain projects are designing tokens encoded with a variety of wide-ranging use cases, primarily in regards to on-chain governance and network maintenance.