Token [Meaning] - MasterTerms.com

In technology, tokens are often used in blockchain systems, authentication processes, and digital transactions. In blockchain, a token can represent assets like currency (e.g., Bitcoin), or it could be a utility token used to access specific services. In authentication, tokens are digital objects that verify user identity in a secure manner without exposing sensitive information like passwords.

Token Example

For example, in a blockchain network, a token like Ethereum is used to pay for transactions or services within that system. Similarly, when logging into a website, a security token might be generated to keep you logged in without needing to re-enter your password.

Glossary: Tokenization
Tokenization is the process of converting sensitive data into a unique string of characters that cannot be easily reversed, protecting the original data.
Glossary: VisionTransformer [ViT]
A Vision Transformer (ViT) is a deep learning model that applies transformer architecture to image data for tasks like image classification.
Glossary: Multi-Factor Authentication
Multi-Factor Authentication (MFA) is a security mechanism that requires multiple forms of verification to gain access to a system or account.
Glossary: Multi Factor Authentication [MFA]
Multi-Factor Authentication is a security measure that requires users to provide multiple forms of verification to access an account or system.
Glossary: Multi-factor Authentication [MFA]
Multi-factor Authentication is a security measure that requires users to present multiple forms of verification before granting access to an account or system.

Alternative Meanings:

Token
Tokens can serve various purposes, including functioning as a medium of exchange, granting access to a platform, or representing ownership of assets. Unlike cryptocurrencies such as Bitcoin, which operate on their own blockchains, tokens are typically built on existing blockchain platforms like Ethereum using smart contracts. For example, in the Ethereum network, the ERC-20 standard allows developers to create their own tokens that can be used within decentralized applications (dApps), enabling users to trade, stake, or use them for various functionalities, such as voting in governance decisions or accessing services within a decentralized finance (DeFi) protocol.
Token Example
For example, a project might issue its own token that users can earn by participating in the network or trading it for other cryptocurrencies on an exchange.