A token glossary

ERC-721 is a token standard typically used for NFTs. Every ERC-721 token is unique, which means that they are a useful tool for representing many different types of content. ERC-721 tokens may take the form of digital art, membership cards, concert tickets, and more. 

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Fan tokens are one of the most promising innovations to emerge from the token economy. Often referred to interchangeably as social tokens, they can offer a way for any project, person, or organisation with a dedicated following to engage with their fans. They have the potential to break down barriers and empower creators and fans alike by increasing revenues and rewarding people for their participation in a community. Some of the world’s top football clubs have already launched their own fan tokens.

Transaction finality time is the amount of time required for a blockchain to confirm a transaction after it gets included in a block. When a blockchain transaction is “finalised,” it is confirmed and can not be reversed. 

The token economy is already beginning to disrupt the gaming sector by financialising the space to empower gamers. This new trend is known as “GameFi,” referring to gaming and finance. 

Community-based governance plays a crucial role in the development of the token ecosystem as the space is decentralised. As decentralised networks and projects have no single owner, it’s typically left to token holders to decide on their future plans through governance votes. Governance plays a particularly important role in decentralised finance projects. 

Impact DAOs are a type of Decentralised Autonomous Organisation focused on making a positive impact on the world. The Ethereum fundraising platform Gitcoin is committed to supporting impact DAOs.

Inter-Blockchain Communication is a pioneering update launched by Cosmos that focuses on cross-chain interoperability. IBC lets individual blockchain networks in the Cosmos ecosystem interact with each other, allowing users to seamlessly move their tokens between different networks. 

The token movement promises to change the world by allowing for the free exchange of value without relying on intermediaries such as banks. It’s blockchain’s removal of intermediary services that makes the technology so powerful.