This post is addressed to those who are taking their first steps in the cryptocurrency world.
We know that, one of the main problems a person who has just begun finds, is the numerous terms used in our community. However, you don’t need to be afraid, we all have been through the same situation.
Therefore, we’re focusing on one of the most basic terms today, since it’s impossible reading an article, watching a video or listening to a speech about blockchain, without finding the word token on it.
The new revolution of cryptocurrencies.
A token is an item that has got value, but only in some contexts. Let’s see an example from real life: casino chips. They’re just pieces of plastic, but in order to make gambling easier at the casino, every player sets the price of a chip equal to a specified amount of money. That’s to say, then, that these chips will be the tokens that are used at the casino.
Within the private network, a token can be used to grant a right, pay for a work, etc. A token will be useful for what a person or organisation, who/which designs or develops it, decides with a set value.
Let’s see, now, the functions of a token:
- Digital coin, it works as a transfer of value between participants of a network. Such is the case of, for example, BTC; the Bitcoin cryptocurrency. The participants within the network exchange it to set a value.
- Company shares. One of the most eagerly awaited functions, although it’s not yet available. The idea is to create a token that represents a company share and thus make the trading easier.
- A reward for the users, such is the case of BAT, acronym for Basic Attention Token, which is used by Brave browser to reward its users. Brave is a browser that automatically blocks every type of online advertisement; those users who have chosen to expose themselves willingly to the advertisements will receive a reward on BAT.
- Digital goods, for example, the Cryptokitties (game based on blockchain technology, which uses cryptocurrencies to operate). Every time someone buys a digital good, they are actually buying a token.
- Representing a physical product.
As we’ve seen, a token can have different purposes. However, to understand them deeply, it’s important to know the different categories in which they are divided. There are basically three types of tokens:
This type of token represents a traditional financial asset, such as the shares of a company. They’re tokens, which are properly registered in blockchain, so they reach high degrees of security much bigger than the ones the common networks on the Internet offer. You can transfer them efficiently, and inasmuch as they are programmable, many functions can be developed therefrom.
A Security Token offers extensive possibilities. Cases related with participations in the dividends of the companies and the percentages of the revenues generated are the most common cases. The major advantage that this type of token has is to add a security layer to the existing assets and to universalise them.
In the future, the development of these purposes is estimated to go further.
Imagine you’ve bought ten chips at the bakery, what can you use them for? The answer is something as simple as redeeming them for your favourite biscuits on your next visit.
Utility tokens give their owners access to the products and services of a company or good, they can be used as a method of payment; they’re like coupons that make buying easier. But, we need to be aware that these tokens can only be used within the ecosystem of their issuer. This means that if you’ve purchased them in the bakery, you will only be able to redeem them there. Besides, they don’t give you the right to demand a certain percentage of the incomes of the business or to have influence on its internal governance.
Equity tokens are a subcategory of the security tokens, which represent ownership of an asset, being either a debt or the shares of a company. A startup could distribute participations and voting rights through tokens using blockchain technology and smart contacts. For example, a moneylender could create tokens to represent the debt of a company allowing to check it and sell it in a high liquidity environment.
How to get OneUP Tokens
The participation on our project will be assembled digitally, in several rounds, through OneUP Tokens. These will provide a series of benefits to the interested party, in proportion to the amount of tokens assigned in function of their economic participation and subject to the terms and conditions established between both parties.
The total amount of OneUP Tokens whereby the participation of the interested parties will be assembled digitally will be up to 211,600,00 units. Applying, at the same time, the bonus or discounts that we expect in the sale.
All those who participate in the public round will get, in addition of the bonus decided, the right to receive, without any cost and in their homes, one OneUP for every 2,000 tokens that the participant has been assigned to.
Likewise, the participants will have the right to take part in the benefits that are acquired for the sale of the amount of units of the product commercialized globally.
The expansion of the product is estimated to be extraordinary. Knowing that in the world, the 60% of the population lives near the sea, we want to be everywhere: from small or large ships, to the automobile sector, or basically in your beach bag. This current opportunity is one of a kind.