Cryptocurrency is a word that is in trend for the past few years. Finding its own place in the world economy, it also started to find its place in the commercial market. With its faster transaction speed and the ability to register the transaction in a public network, cryptocurrency will become inevitable in future.
Cryptocurrency is a common term that includes all the assets that have been digitised and available for the users to apply it for transactional purposes. Cryptocurrency can be further divided into two notable types followingly,
Altcoins are simply termed as alternate coins for Bitcoins. Altcoins possess a separate blockchain to record the transaction and it is an independent structure that does not share any entity with other blockchains. These types of cryptocurrencies are developed using various algorithms based on the way they function. POS algorithm, POW Algorithm, POS/POW hybrid Algorithm are some of the major types of algorithms used to develop an altcoin.
Tokens, on the other hand, use a shared blockchain structure. Tokens are the entities that are created with the distinguished name and contract ID specifying the quantity in an already developed blockchain. Token creation is less time consuming and the effort is also less in creating a token than developing a coin. The explorer and other amenities are also shared from the blockchain using which the token itself was created.
Security of the tokens vs coins:
Considering the security, both the coins and tokens are secure whereas the security of the coin is totally dependent on the person who owns it, the nature of the server that the coin deployed. Whereas the token is created in a blockchain that has been created already and it is a shared part of it, so the security of the token depends on the blockchain through which the token is created and it is not in the control of the person who created it.
Hashogen Technologies offers Token development services and Coin development services along with the Bitcoin Exchange Software.