Unique docs

Coins

In the realm of blockchain technology, coins serve as essential components of the ecosystem. They can be categorized into native and non-native coins, each with its unique properties and use cases.

Native Coins

Definition

Native coins are integral to their specific blockchain. They are used primarily for transactions, staking, and governance within their respective networks.

Characteristics

  • Native to Blockchain: Native coins are created and used within a particular blockchain.
  • Utility: They are used to incentivize network participants, pay for transaction fees, and enable other functionalities within the blockchain ecosystem.

Native Coins Examples

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Unique Network (UNQ): The native currency of Unique Network

Non-Native Coins

Definition

In addition to native coins, blockchain networks also support fungible tokens that operate on the same network. These tokens can represent a variety of assets and are typically used for decentralized applications (dApps) and other blockchain-based services.

Characteristics

  • Interoperability: Non-native coins can interact with various dApps and services within the blockchain ecosystem.
  • Flexibility: They can represent a wide range of assets and be used for multiple purposes, including governance, utility, and financial transactions.

ERC-20 Tokens

ERC-20 is a widely adopted standard for creating fungible tokens on the Ethereum blockchain. These tokens can be transferred between accounts and are used to incentivize and manage decentralized applications.

Examples of ERC-20 Tokens

  • Tether (USDT): A stablecoin that is pegged to the value of the US dollar, widely used in trading and as a store of value.
  • Chainlink (LINK): A decentralized oracle network that allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.
  • Uniswap (UNI): The governance token for the Uniswap decentralized exchange, allowing holders to participate in the decision-making process for the protocol.

Unique Network and ERC-20 Support

Unique Network fully supports the ERC-20 standard, enabling the creation and management of fungible tokens within its ecosystem. This compatibility allows developers and businesses to leverage existing tools and infrastructure, ensuring seamless integration and operation.

Use Cases for ERC-20 Support

  • Tokenized Assets: Represent real-world assets such as commodities, real estate, or even intellectual property as ERC-20 tokens.
  • Incentive Programs: Develop and implement reward programs using ERC-20 tokens to incentivize user participation and loyalty.
  • Governance: Utilize ERC-20 tokens for decentralized governance, allowing stakeholders to vote on key decisions affecting the ecosystem.