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What is Fungible Tokens?
An interchangeable representation of an asset on a blockchain. Cryptocurrencies are ideal examples of fungible tokens since each coin is worth the same as any other currency of the same sort at any given time. An NFT (non-fungible token), on the other hand, represents a very distinct item, such as a work of art.
Understanding Fungible Tokens
Voting Fungible vs. Non-Fungible
When a blockchain-based governance system permits members with more tokens to have more votes, a voting token becomes fungible. A decentralized autonomous organization defines such governance norms (see DAO).
A blockchain-based voting system for choosing government officials, on the other hand, would require non-fungible tokens (NFTs) because each qualified voter would have one voter NFT. Many people believe that such systems should be developed since they would make every transaction transparent and continually validated. Is it hackable in any way? One can only hope. The crypto world’s motto is “trust the algorithm.” See also DAO and governance token.
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