This topic introduces the knowledge related to digital tokens, including the issuing mechanism and distribution mechanism of ECO, the original token of Ecoball blockchain.
A token is an equity certificate in digital form. It represents a kind of rights, an inherent and intrinsic value. Token can represent all rights and interests that can be digitized, from ID cards to academic diplomas, from currency to bills, from keys, tickets to points, cards and coupons, from stocks to bonds, accounts, ownership, qualifications, certifications, and other human society's proof of rights. The token has strong encryption characteristics. The authenticity, tamper-proof, and privacy protection capabilities of the token are guaranteed by cryptography. Each token is a right protected by cryptography. This protection is more robust and reliable. The token must be circulated and must be able to flow in a network so that it can be verified anytime, anywhere.
Token is the most important element of the blockchain, and it has a natural incentive mechanism. Blockchain can exert its maximum value only if it has a pass. If there is no token, the advantages of the blockchain may not be fully utilized.
Tokens are the most beautiful flowers and fruits produced by blockchain technology. The two are inseparable. The most important thing about tokens is the ability to confirm assets and transactions in an economic entity.
ECO is the native token of Ecoball,and serves as the transaction settlement medium in the Ecoball blockchain system and the equity certificate on the blockchain.
Any transaction on the Ecoball blockchain needs to consume a certain amount of ECO, similar to gas fees. For normal transactions, the cost of consumption is negligible; but for malicious attacks, a large amount of fuel will be consumed, making the attack unable to continue for a long time, so the normal operation of the blockchain system can also be protected through ECO.
The Ecoball blockchain system can also issue other tokens, which are equivalent to application-layer tokens. Through transactions, assets can be circulated on the chain, thus constructing a value circulation system.
The ECO distribution mechanism is based on the predetermined ratio, as shown in the following table: