In the blockchain world, the word ‘token’ and ‘coin’ are often bandied about. But what are tokens, how do they differ from coins, and how can you ‘use’ a token?
A cryptocurrency is often referred to as ‘coins’ or ‘tokens’. Their purpose is to be items of inherent value that are designed to enable purchases, sales and other financial transactions. They are intended to provide many of the same functions as long-established currencies.
Bitcoin is the primary cryptocurrency: the first, the most valuable, and perhaps the most well known and most-used. It serves many purposes, but they are almost entirely financial. Coins are used on their own blockchains, so Bitcoin is used on the Bitcoin blockchain, Ether coins are used on the Ethereum network and so forth.
Tokens, on the other hand are different in a big way, as they are created and used on an existing blockchain. Tokens are generally assets that can represent proof of ownership or even membership. As tokens are already being used for an extraordinary range of purposes, a growing number of specialized blockchains have been developed with native intent to support tokens, the most popular of which is Ethereum and their ERC standard tokens.
Chiliz (Binance: $CHZ), the leading blockchain fintech provider for sports and entertainment, has announced that the FC Barcelona ($BAR) Fan Token generated $1.3M in less than 2 hours after going on sale on fan voting & rewards app Socios.com and the Chiliz Exchange - the world’s first tokenised sports exchange.
600,000 $BAR Fan Tokens were made available at a fixed price of €2 in the flash sale, which ran across both Socios.com and Chiliz.net, with $BAR sold on a first-come, first-served basis. Demand for $BAR far exceeded the initial limited supply over 5x times with over $6M USD deposited across Chiliz.net & Socios.com in the days running up to and during the flash sale. $BAR Fan Tokens were sold in 106 different countries.
Fans can already use their $BAR to vote in the first Barca poll - to choose a piece of fan-designed artwork to go inside the legendary home dressing room at the Camp Nou. The club have been building anticipation for the launch and the first poll across their social media channels since June 08th. $BAR Fan Token holders will be able to vote in many polls every season on Socios.com, earning rewards and increasing their fan status through the app.
ALL FANS CAN HAVE OPPORTUNITY ON THE FUTURE FOR FUTBOL CLUB BARCELONA
