Token

Supply, balances and transfers follow programmed rules. Network-native assets differ from contract-issued tokens.

A fungible token tracks balances of equivalent units; an NFT distinguishes identifiers. A token can be protocol-native or managed by a contract. Understanding it requires identifying the network, contract or asset and the rules for issuance and transfer.

For external assets, the technical record and legal entitlement are separate layers. Documentation determines what the holder can claim and against whom. A token’s existence or price does not itself establish reserves, authenticity or liquidity.