What is the difference between token and coin?
Before I go into the details, I would like to pinpoint that I do not have any problem with Token, but the way how it is used.
In terms of stock market speculation, there is no difference. However, the actual utilization cannot be achieved by a token. A token should be considered as a promise, not as a finished product. As opposed to a token, a coin needs to have a blockchain.
Such an approach has been evolved in the crypto world that does not focus on anything else but gaining profit immediately. Most of the people do not consider the long term aims, or they would consider, but do not understand the cause-effect relationships, unfortunately.
Token is a promise. ERC-20 and Waves Token cost almost nothing. It is possible to generate Tokens within 20 minutes, and in connection with them, anything can be promised. This is precisely what is problematic for me. No one investigates, whether there is anything behind the promise. Writing White Paper has become a separate field to create plans for thousands of projects without any control or base.
Therefore Tokens are what caused the greatest issues last year, which was brought about, mostly, by Ethereum. Excessive freedom made many people create projects with the purpose of fraud.
Token is not a technology! Token is nothing in itself, it is an empty paper with promises. I am sore at Ethereum because instead of bringing development to the blockchain market, it allowed everyone to create Token without any consequences. This is not freedom, nor decentralization.
Coin is completely different. Coin has and must have technological value. Much more developments and investments are connected to Coin than to Token. This does not mean that every Coin is successful and useful and every Token-based project is bad or false. However, it means that designing a real project requires much more sacrifices and investments than making promises based on a Token without any responsibility.
The problem is, that while most of the Tokens spend money only on marketing, projects based on serious technology have to spend a lot also on development.
ILCoin is an SHA-256 PoW-based system that became the safest blockchain on Earth with the help of C2P. We have unique developments. ILCoin is not a promise, ILCoin is a working blockchain system that will have serious role in the future.
