It Is an alternative to Bitcoin. The introduction of Altcoin comes with coin and token. Not all Altcoins have smart contract feature. Most Altcoins are from Bitcoin’s open-source Protocol; They just changed some basic codes from the original platform to create a new Altcoin with some different features.
Examples of Altcoins are Dogecoin, Peercoin, Litecoin, ETC. Some cryptocurrencies did not copy bitcoin’s open-source. Some have created their blockchain and protocol. They also seem to have more features compared with Bitcoin.
A coin is also known as virtual money. Also used for payments to some services and goods. Can be exchanged for fiat money. A coin is a Cryptocurrency that operates independently on its blockchain platform.
Token has a lot of features more than coins. Tokens are not just about replacing currency or money in a system. Tokens can also be known as reward, commodity or loyalty point. Tokens are fungible and tradable assets
Tokens are on top of another blockchain. Ethereum is the most common blockchain that has been used to create tokens by following the ERC20 standard. Ethereum facilitates smart contract feature which what makes Ethereum advanced than Bitcoin.
Tokens do not have its blockchain platform that’s why it's easier to create a token than to create a coin.
To create a token, all we need to do is follow the usual template that provides smart contract feature on that specific blockchain platform. Just add some additional program codes that would describe the unique feature of the token then it will be added and created.
Tokens are also distributed by an initial coin offering (ICO) to fund new project development and through Airdrops, but what is an ICO?
Follow me on my next article to find out more about ICO/Airdrops/Whitepaper.
Also, check out this Ethereum Wallet: HB Wallet
This wallet supports users to store Ethers, ERC20 and ERC223 Tokens. We can also receive free airdrops and use other amazing functions! It is Fast, Secure and Easy to use!
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