🧵[4/15] These cryptographic tokens are based on or run under a third party blockchain, i.e. a token itself does not run under its own blockchain. Take for example the case of the UNI token (Uniswap) that runs on the Ethereum network.

🧵[5/15] In history, the first tokens were developed on the Bitcoin blockchain and were called Colored Coins. Nowadays, we have several blockchains in which you can create tokens. Without going any further, our own token is under the Binance Smart Chain (BSC) network,

🧵[6/15] and it is in our plans to have our own blockchain in the future. The most prominent and used network is undoubtedly the Ethereum network to create tokens, since we have the possibility of creating Smart Contracts quickly and easily.

🧵[7/15] We saw a bit about the definition of a token itself, but it is different from a native token. A native token is one that runs under its own blockchain. Take for example the Bitcoin blockchain and its native token or cryptocurrency Bitcoin,

🧵[8/15] or the Ethereum blockchain and its native token Ether. This cryptocurrency has all the characteristics of a token but with the difference of being launched on its own blockchain.

🧵[9/15] On the other hand, we have the governance token. A governance token is one that grants the holders of the token the right to vote on the proposals made to improve or change the smart contracts of the protocol of the same token.

🧵[10/15] In the case of #GenesysNetwork, its governance token is $BLUEG. As its owner, you will be able to submit proposals to improve the protocol or vote on existing proposals to express your agreement or disagreement about a specific topic,

🧵[11/15] not counting all the other features it has. Governance token holders can also benefit by depositing these tokens in liquidity pools with a portion of protocol fees, trade fees, and other rewards.

🧵[12/15] In addition, we achieve greater decentralization by owning governance tokens, since people are given the possibility to own a voting part of the protocol. The more people own the token, the more distributed the vote on the protocol will be.

🧵[13/15] However, this varies in different protocols. Remember that this is a short summary of information that you can continue to investigate deeper and deeper. We try to provide useful information that will not take you more than 5 minutes to read and learn a little more.😄

🧵[14/15] Remember to leave us your support with a like and RT if you found this information interesting and valuable, which we provide for the entire #GenesysCommunity. Don't forget to tag your crypto friend and crypto influencer!

🧵[15/15] If you want us to talk about a particular topic, let us know your answer. Until next time!👋👋

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