What is Coin Fungibility and Why is it Important for You to Know About it.
“Fungibility is a trait of a good or commodity with interchangeable individual units. For example, one ounce of pure gold is equivalent to any other ounce of pure gold. It does not matter in which “form” these ounces are traded. A bar of pure gold is the same as freshly minted pure gold or an ingot of pure gold. Currencies, as one would expect, are fungible as well, as it allows them to function in the real world on a global scale.”
But, what does this mean and how does it relate to all types of cryptocoins? Essentially, a cryptocurrency would be considered “fungible” if every single coin would always remain equal in value to all other coins, this is a very key part of having a proper financial system. It can also help with protecting your privacy which is a huge topic of conversation in the Cannabis Cyptocoin industry! According to Steemit,
“Without fungibility, you would be left with a currency that is only valuable as the governing body says it is, once the governing body can identify one coin from another coin, the value of said coin is headed into the ground. From this point blacklists can be made, and ultimately the end users can be tracked via their currency choice, which is yet another breach of privacy. So, keep that in mind when you are searching for your next investment. If it’s not fungible, it’s not flexible.”
In summary, you can state that the US dollar is “fungible” because it has the same value but that same can’t be said about cryptocurrencies. So, if you are choosing to invest in cryptocurrencies, they may be more valuable to a collector. With that said, coin fungibility is important and just more level of knowledge you should familiarize yourself with if you plan on investing because cryptocurrencies are everywhere and it seems you cannot go a day without reading some headline about them.
The TOKES Platform is a digital currency project built on the Waves blockchain in tandem with private blockchains for supply chain provenance, developed initially for the cannabis industry, but with functionality viable for other industry verticals. Tokes (ticker: $TKS) serves as a means for businesses to conduct transactions (both consumer and business to business, B2B). Given the increasing legalization of both recreational and medical marijuana at state levels, coupled with the economic restrictions upon dispensaries imposed by existing federal laws, Tokes, serves as a means of financial mobility and freedom for marijuana businesses forced to transact in fiat. Tokes is actively developing products integrating the token into critical systems for cannabis production, sale, and support. This includes, but is not limited to; payment processing gateways, enterprise resource planning systems for supply chain management, industry communication and personnel vetting, marketing, automated consumer feedback and incentives, mobile gaming, etc.