Cryptocurrency

A cryptocurrency is a medium of exchange secured by a blockchain-based ledger.

A medium of exchange is anything widely accepted as payment for goods and services, and a ledger is a data store that keeps track of transactions. Blockchain technology allows users to make transactions on the ledger without reliance upon a trusted third party to maintain the ledger.

The first cryptocurrency was Bitcoin, created by Satoshi Nakamoto. Since Bitcoin's release in 2009, people have made thousands of cryptocurrencies across many different blockchains.

All blockchain protocols have coins that represent value and can be traded. On Lycanchain, this coin is called LYC.

Tokens, meanwhile, are built by individual projects on top of a base blockchain protocol. All blockchain projects are “tokenized,” and the Lycanchain protocol is open for anyone to build their own tokens on top of it. Tokens are used to actually do stuff on the blockchain through trading, including executing “smart contracts.”