WITChain Whitepaper

In the narrow sense, token is an negotiable document,it is the representation of digital
assets, have the various attribute such as right of use and income. Like definition of
Bitcoin:“What we needed is an electronic payment system based on cryptographic
proof instead of trust,allowing any two willing parties to transact directly with each
other without the need for a trusted third party.”

In terms of the essential connotation of the token, it has three connotations: liquidity、
credit、value. Specifically, Liquidity: negotiable、convertible、exchangeable
Credit: identifiable and tamper-proof、technical consensus
Value: Value Carrier、Social Consensus
From the value attribute of token, token has the attribute of 3 dimensions of price、
income and right. These three properties are independent and interdependent.A token
may have one or more value attributes.Several properties may be related,like:Earning
and price.The pass-through model for different attributes may be uncertain, or change
with the conditions and cannot form the exchange relationship.Multidimensional
value scale is actually a kind of expression and dissemination of the issuing party, rather than purely economic activity.

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WITChain Whitepaper

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