Some real world examples are “0x”, “OMG”, “MKR”. These are a specific type of token that represent money. You might have heard of some cryptocurrencies referred to as “tokens”. “What on earth does that mean?” You might ask. Just like CryptoKitties, our color tokens are going to be non-fungible tokens. It will also facilitate the transfer of color tokens between users. In our case, the blockchain will keep track of how many color tokens have been created, and who owns them.
This redundancy is what allows the data to be stored publicly - it prevents discrepancies in the data because all of the computers must agree that they have the same information! All of these computers share the responsibility of storing the data redundantly across each computer. It’s a peer-to-peer network of computers, or nodes, that all talk to one another. See, a blockchain is a giant shared database that anyone can access on the web: You can't do that with a traditional database, but you CAN do it with a blockchain application. Let’s say you wanted to withdraw your color token and use it inside another application. This would work just fine, but it has one major problem: you cannot take full ownership of your collectible item and send it somewhere else. If we were going to do this inside a traditional application, we would normally store these tokens inside a database that we control. Inside our app, we’re going to create new collectible color tokens. Let’s look at how we’ll use the blockchain in the application that we’ll build in order to understand how it works.
If you’re brand new, you might be wondering what a blockchain is or how it works. 1.2 What is a Non-Fungible Token (ERC-721)?.
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