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.
Witchain
