Token is used as a synonym for cryptocurrency. Every transaction in Rubix network is bound to one or set of tokens. There are two types of tokens:
- Utility tokens
- Asset tokens
Utility tokens are equal in their utility to validate a transaction. These are fungible and their value is independent of the work done on the Proofchain. Rubix has 51.4 million such RBT tokens.
Asset tokens are Non-Fungible Tokens (NFT) and represent both:
- Unique digital assets like tickets, coupons, credits, vouchers or collectibles
- The digital form of any real world assets like land, shares vehicle etc.
Rubix asset tokens are bound to the proofchains with the help of the utility token(s). Depending on the underlying utility token(s) value, asset token’s value is determined and can vary during the life. An asset token Ai bound by utility tokens worth x units holds its price value at x. In the next transfer of token Ai, let us assume it is bound to a transaction with utility tokens worth y units; the value of the asset token Ai then changes to y units. Thus, in Rubix platform, the current value of any asset token depends upon the earlier transaction it was involved in.
Learn about how a token is getting transferred in the FAQ section.
If you have questions or feedback, please DM us at @rubixchain.