Learn about crypto assets by exploring Ibiza Token use cases
Hey IBZ lovers! This post aims to explore the different types of tokens around the crypto scene, with a special focus on the Ibiza Token use cases.
Before we start, it is worth mentioning some differences in the way we define cryptocurrencies, tokens, digital currencies, and virtual currencies.
Starting with crypto!
Cryptocurrencies are the native assets on blockchains, so we can consider an asset as a cryptocurrency as long as it runs on its own blockchain. There are many examples of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), or Dash (DASH), which operate within a blockchain network under a native cryptocurrency.
Tokens represent new assets integrated into an existing blockchain, so require the native currency in order to operate within it, although typically are also called “cryptocurrencies” due to the fact that most of their properties are largely similar.
For example, in order to interact with Ethereum-based tokens, we will always require Ether (ETH), otherwise, we will not be able to send tokens or interact with smart contracts, just to name a few.
At this point, if you are familiar with Ibiza Token, it will be clear to you that $IBZ is an ERC20 token built on Ethereum, the first decentralized platform focused on deploying and interacting with smart contracts, and also mapped on Polygon Network for improving Ibiza Token scalability.
Digital money?
On the other hand, digital currencies and virtual currencies are not built on blockchains, digital currencies, so-called CDBCs, represent the counterpart of banknotes and coins issued by central banks.
In contrast, virtual currencies, which are widely used across the gaming industry, are similar to coins exclusively used within a community and cannot be traded or exchanged externally.
Such assets cannot be classified either as cryptocurrencies or tokens, basically because they are not traceable on any blockchain.
Fungible and Non-fungible tokens
There are different categorizations regarding tokens, firstly in terms of fungibility, fungible tokens (FTs), and non-fungible tokens (NFTs), differing in that FTs are divisible and equal to each other, while NFTs are indivisible and unique.
Concerning Ibiza Token you can notice that Ibiza Token has actually launched two different tokens, Ibiza Token ($IBZ) and Podenks ($PODK).
$IBZ is a fungible, Ethereum ERC20 token living on the Ethereum Mainnet and the Polygon Network, otherwise $PODK is a non-fungible ERC721 token confirmed by unique digital collectibles living on the Ethereum blockchain
Keep in mind that the terms ERC20 and ERC721 refer to Ethereum Request for Comments, respectively, two of the most widely used standards for creating fungible tokens and non-fungible tokens in Ethereum.
Both FTs and NFTs are linked to contracts, so you need to check you are interacting with the appropriate contract, as anyone can create their own.
$IBZ Contract (Ethereum) : 0x5aa7c403c7de4b3bb0cc07079a03e389671a4771
$IBZ Contract (Polygon) : 0x428ac1de3fc08c0f3a47745c964f7d677716981f
$PODK Contract (Ethereum): 0x2f55dac1c137f3ee8c8513858f161671ddddf214
Utility token
In addition to serving as an exchange of value, utility tokens can also be used to get exclusive products and services within a blockchain, crypto platform, or dapp.
Focusing on the $IBZ token, owning $IBZ gives you access to some features such as discounts on local shops or the ability to get digital collectibles, tickets, and membership cards on the Ibiza NFT Marketplace.
$IBZ is a utility token recognized by the Spanish National Securities Market Commission (CNMV) that allows access to discounts and promotions across our NFT marketplace and local partners network.
Governance token
Utility tokens have greatly transformed over the years, creating new utility token varieties, such as governance tokens, which provide voting power to the holders.
These are commonly used in DAOs. We are going to implement $IBZ as a governance token running on Ethereum and Polygon Network created for the island of Ibiza, so $IBZ holders have the opportunity to decide upon the future of the project by making and voting new feature proposals in our aspirations to become a more decentralized project.
If you need further information, please feel free to contact the team on our Discord channel, Telegram English, and Telegram Spanish Channels
Ibiza Token channels:
- Website: https://ibizatoken.com
- Twitter: https://twitter.com/IbizaToken
- Discord: https://discord.gg/c2hKCkUG
- Telegram (Community) : https://t.me/ibztoken
- Telegram (Official Announcements): https://t.me/ibizatoken
- Minting PODK: https://app.ibizatoken.com/podenks
- Etherscan: https://etherscan.io/token/0x5aa7c403c7de4b3bb0cc07079a03e389671a4771
- Polygonscan: https://polygonscan.com/token/0x428ac1de3fc08c0f3a47745c964f7d677716981f
