What is the use of token exchange (token transfer)
What is the use of token exchange In the world of blockchain, assets are transferred through the issuance of tokens. To achieve this goal, you need to convert the token you hold into a new token. This job is to convert your Token into old and new tokens. If you want to purchase a new product, you must first exchange it for the original product token, and then redeem the brand new token. For example, there is now a token called ERC20 (also known as contract upgrade), or it is a functional token based on smart contracts. This method can also be called “contract restart”, which means that when a certain token is added to a new trading pair, a contract update occurs. Since the project itself is not a smart contract on Ethereum, no one is willing to do so But if you want to buy these tokens, you can choose to use ETH directly to complete the redemption. However, there are many types of tokens on the market, such as Bitcoin and Litecoin. Therefore, users need not worry too much about price fluctuations and transaction risks. For ordinary users, they only need to buy or sell some tokens on the exchange without any transaction fees. In other words, as long as you buy one or two tokens on the exchange, you can transfer value between different platforms Of course, token exchange is not an easy task, as it is designed based on users’ interests. Generally speaking, users only need to download the wallet and install the software to start using it, which can then be used in various applications; In addition, there are similar scenarios: for example, when playing virtual currency in the gaming industry, it can be used to purchase encrypted cats, etc. However, the complexity involved in this is not significant; In addition, due to the poor performance of certain functional projects and poor market environment, most investors are unable to participate. What are the purposes of token exchange It is a common practice to provide digital currency exchange services on centralized exchanges (such as HuoCoin, OKEx, etc.). Decentralized exchanges typically distribute tokens to their users. Token exchange is mainly used for payment, such as buying and selling goods and services Providing token exchange services in centralized exchanges is a common means. For example, selling a specific currency on an exchange as a medium of exchange can also be exchanged for other currencies. Most of the merchants providing such services in decentralized exchanges are institutional level companies There are certain advantages in conducting token swap business on decentralized exchanges
Token Transfer
According to CoinDesk article, over 50 different addresses have transferred their tokens from their wallets in the past two weeks. These addresses are decentralized, without the participation of a third party, but everyone can use them to exchange other Cryptocurrency, which allows token holders to trade or invest without leaving the exchange. However, this method is not as susceptible to losses as most token holders previously believed. In other words, ‘sale’ represents a new asset class. The token is currently worth approximately $500 million, compared to $1 million in 2017. In addition, some Ethereum users have stored their tokens in an unmanaged wallet According to CoinMarketCap, the top three tokens currently ranked are BNB, USDC, TRX, and EOS. It is worth noting that in recent months, BNB has been locked in, while EOS has been waiting for the liquidation process. (Bitcoinist)
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