Fungible Tokens
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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Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
More articlesDamir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
