Here at NRN, we want to make sure our readers are kept up to date on what is going on in the financial world, not just the political world. As such, this series of articles, called “crypto introductions,” will take a look at some of the more common coins on the market for investment and portfolio growth. In this article, we look at Tokel, a new coin that is being brought to market to make life easier for those who want to make tokens and NTFs.
Coins v. Tokens
Before we get started, lets look at the difference between coins and tokens. This series reviews coins, specifically blockchain coins. Many people who are currently trading use the term “coin” interchangeably with “token.” While in passing discussion this is not a problem, when you look at the reality of things, it becomes a challenge. A coin is a digital currency that has its own blockchain. A token is a digital currency that works on an existing blockchain. Both are viable assets, however, they function differently.
When looking at a coin, you are looking at the host platform for a digital environment. Digital environments have one platform and many forks, which create the tokens that we know and love. The more forks on a platform, the more transitional value that the platform has. Thus, Etherium and Bitcoin have the most value currently because of the ecosystem that arose around them. Newcomers like Tokel, however, have the most potential for growth as they are learning from the mistakes of the leaders.
Tokens are platform-specific assets that allow for investment and use. Generally, these items come up against the quadratic paradox as they are only able to post two of the four value systems commonly seen in economics. As a result, they are much more volatile than coins. However, tokens have the advantage of being as broad or specific as the creator needs them to be, which adds to the utility.
The creators of Tokel built a system with the lay user in mind. Currently, building tokens or NTFs can be a challenge to even those of us who are computer savvy. The creators of Tokel saw this problem in the digital space and decided to do something about it. Thus, a solution to a problem birthed Tokel.
Tokel’s platform is full service. The ecosystem contains a coin wallet, an explorer (for finding tokens), a proto-exchange to trade tokens, a token wallet (separate), a marketplace for NFTs and a Token Creation tool. All of these add to the ease of managing your digital ecosystem.
According to the whitepage (available here), Tokel uses the existing Komodo protocols to allow token and NFT projects to launch. Having the opportunity to speak to one of the creators, it was interesting to see that decentralization and security were key in their model. “Some places keep your key, some places keep your wallet- we make sure that you have control of both” seemed to be a mantra of the system.
Buying or Creating
While we do not give financial advice here, we can talk about the ease of use of the system. Tokel allows the user access to his or her coins without the difficulties of cold storage or other first-wave security devices. This is a risk-reward system; you have to be cognizant of your own security and keep your key private. This makes Tokel much more friendly for the user to use.
The point-and-click interface is also easier to use than some other systems. Since the creators of the system designed it to be easy, that message can be seen across the platform. While you are not going to have an easy time with no knowledge, this system is easier than some others. This system also avoids the Etherium style gas fees that have gone through the roof.
If you are looking for a fun, up and coming platform, this could be a good platform for you. Likewise, if you are new to the cryptogame, with a cost of a little more than half of a cent, this could be a good entry-level coin to grab a bit of so you can experiment without putting too much money into the game. Either way, this is a great, easy to use platform, and something that you should try out if you are looking to get into crypto.
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