Definition Utility Token

OneToken is a utility token, but what exactly does that mean?

A utility token, also called a usage token or application token, represents access to the products and services offered by a blockchain-based project.

These tokens are typically issued during an Initial Coin Offering (ICO) or through other token sale events to raise funds for the development of the project.

The owners of utility tokens have the right to use them as a medium of exchange within the project to utilize specific functions, such as paying transaction fees, accessing certain network features, or participating in votes on network decisions.

Utility Tokens are an essential component of many blockchain projects, as they represent not only an innovative source of funding, but also promote user engagement and participation in the ecosystem. By owning these tokens, users can directly interact with the services and resources of the project, creating a stronger bond between the project and its users.