To be a member of the new crypto economy, a token app might not be a bad idea. A token is a common name for a cryptocurrency built on top of an existing blockchain. You might even hear tokens referred to as cryptocurrency assets, crypto assets or crypto liquidity. That said you don’t necessarily need a token app for earning crypto. However, a number of new apps have currently started what is known as the cryptoeconomy or an economy based on blockchain tokens. While these tokens can vary, ERC-20 compatible coins are among the most common and can be stored in any Ethereum wallet. They can also be converted into any of the more commonly known cryptocurrencies like Bitcoin or Ethereum.
To answer our topic of interest part, you can earn crypto with a token app. However, that’s not the only way you can earn. But let’s start with the basics.
Before we talk about earning crypto, what exactly is a token? You might’ve heard the term token tool to complete a task for you like posting on Facebook. Or heard it in reference to a representation of loyalty points, a contract, or other cryptocurrencies. Alternatively, there are also API tokens that can act as a replacement for sending a username or password combination in a more secure way. In this sense, a token can offer a secure way for someone to gain access to a crypto wallet. While you might wonder what the connection is between the terms token, just know that a token has the ability to represent just about anything. One day we might even see tokenization of our real-world assets to have a “digital presence” that can be exchanged instead. So what does that mean for a token app?
Using a token, developers can program each digital asset with a codebase that lives on a blockchain. These assets can then be used in the creation of digital applications. Hence, the term token app. Keep in mind, a token is not actually the same as a cryptocurrency. While a cryptocurrency has its own platform like Ethereum. A token is a digital asset that is based on one of these existing blockchains (such as the Ethereum platform).
Coin vs. Tokens
While tokens can be exchanged for a cryptocurrency, keep in mind while the words token and cryptocurrency are sometimes used interchangeably, a coin is the equivalent of cash while a token is the equivalent of any good. Since these are actually two different digital assets, it is important to note that using a token app is not the only way to earn cryptocurrency. You might also decide to earn crypto through the process of mining. However, the requirements for mine might seem a little higher than using a token app.
This might sound great on the surface but why do we need a token at all? New companies take advantage of native token apps to help build a brand community by symbolizing voting rights dividends through each token. This helps to establish a loyal community of users within the app. However, a community starts with many. This means when an app first launches it is even easier to collect tokens since the startup is likely looking for growth.
Tokens are typically founded on the Ethereum blockchain which employs the use of smart contracts. These smart contracts have the instructions of the contract ingrained within the code. Tokens are essentially a Smart contract, although smart contracts don’t necessarily have to be tokens. When issued, tokens have the ability that allows them to activate certain features for the application that they were designed for.
It is also easier for developers to create a token app. This is because tokens are created on existing blockchains. That means they don’t have to spend the time developing one from scratch which would take a lot of time and money. Instead, they can use features of an existing cryptocurrency that they like and benefit from the security it’s blockchain has to offer. This means up and coming token apps benefit from nervous ways, meaning some of the savings they make here can be passed on to the consumer through token apps.
Top 5 Token Apps for Earning Crypto
Now that you know what you’re getting into the next question you will probably want to ask is, “how do I start earning crypto on a token app?” To start you will need two things, a mobile device of some sort and a crypto wallet. Once you have both of these assets on hand, you will be ready to start earning crypto. However, before you quit your day job we recommend reviewing some of the available apps and considering just how much you can earn. The majority of these options might not be quite enough to quit your day job just yet.
For those who might not have a ton of time to research and learn about earning crypto, this app might just be for you. Cryptotab browser earns you Bitcoin while you use it by constantly mining cryptocurrency through your browser. This is possible through a browser plugin. The Cryptotab browser can be used both on your computer and on your phone to earn you free cryptocurrency. The referral program has also been known to be great for generating a little extra income!
That said, the reviews online varied from those who raved about the platform to those who were convinced it is a scam. While we can’t say for certain we’d advise you to investigate this one a little further if it’s contents are of interest to you.
Another tokenized app that can earn crypto on is Hedgetrade. This application is essentially a trade predictions marketplace that is powered by an ERC-20 compatible token known as the HEDG token. To get started on Hedgetrade you will first be required to purchase HEDG tokens. These tokens can then be used to unlock blueprints. To get these tokens you can purchase them on the exchange or directly from Hedgetrade. and depositing it into the account. You can also move Bitcoin into your account for purchasing blueprints and staking. The tokens you stake can improve your earnings if your prediction is correct. The intent is that one day if amateur investors continue to take part in the purchase of blueprints they can one day become professional traders themselves.
For those who consider themselves more experienced traders, you can also earn some crypto. You can do this by posting trade prediction blueprints. Correct blueprints will award you with even more HEDG tokens. Each of these blueprints is saved through an Ethereum contract, in which the result will be determined by an oracle. Once the result is determined, HEDG tokens are automatically distributed to the trader if the blueprint is correct. If it is incorrect, the user receives the tokens that have been staked.
Once you’ve started earning crypto you might decide to cash these in. To use these tokens, you can currently trade them on exchanges like Bittrex, CoinTiger, HitBTC, Bancor, and Bitcoin.com. You can withdraw HEDG tokens amounting to up to $1000 USD a day. The limit can also be increased by contacting the platform directly.
Another app you might want to try is a micro-tasking mobile app called StormX. This token app rewards users for signing up for subscriptions, trying out new products, watching videos, playing mobile games, and trying out surveys. In exchange, you are rewarded with bolts (the Stormx token). Each microtask will earn you a different amount of Bolts and have different requirements. You can also earn Bolts by shopping with a number of different retailers like Target, Walmart, and eBay. Making purchases on this app can result in cryptocurrency cashback. Bolts can later be exchanged for BTC and ETH with the Coinbase wallet. Alternatively, you can also exchange Bolts for STORM which is the currency used by StormX.
When you are ready to cash out your winnings you can share your public key wallet. Storm often recommends you use the Jaxx wallet and it will deposit your earnings in 2 days. Stormx can be exchanged on Binance, Bittrex, Kyber Swap, and WazirX just to name a few.
Stormx also has a loyalty program that will reward you additional Storm Tokens from their crowd sale. This means the more storm tokens you hold on to and the longer you keep them, will result in even more tokens.
Next on our list is the app, LBRY. Lbry is an open-source decentralized platform that is targeted at content consumption and sharing. The app rewards you for both creating your content as well as consuming it. Since this app is brand new to the market, LBRY’s creators are providing rewards for those who start using the platform. When you publish a piece of content, users can decide to stream or download it for a price that you decide. While most of the payment goes to you, a portion will go to the host that stores your files. In an essence, consider that the LBRY pitches their platform as;
“a community community-driven YouTube alternative that could save the internet.”
However, unlike YouTube, they aren’t an ad-driven media service that profits from putting ads on all of your videos. Instead, they are an open protocol. This means there is no approval process for what kind of content can be posted.
You can start earning right away by watching videos. The LBC token can currently be exchanged on Bittrex, Poloniex, and Bitwala just to name a few.
Last on our list is SMSChain. This app is known as a decentralized SMS gateway and allows users to utilize services someone else is paying for and not using. This in essence earns back some of the money that has been paid for in the first place. The application uses user’s SMS text messages which typically aren’t being used anymore since people use iMessage, WhatsApp, and other forms of Internet messaging. This means SMS needed other uses such as sending messages from applications to people (A2P). You might have seen this used to send you promotional messages, flight alerts, and two-factor authentication for secure websites. In this sense, both individuals and organizations can profit from unused SMS on their personal accounts.
To start earning their native token SMSTO, all you need to do is sign up for an account on the SMSChain website. Here you can specify how many of your messages you would like to sell. What is your earning potential? For every SMS, you can receive SMSTO tokens in the equivalent of $0.004-0.015 USD. This will vary depending on where you are located. These coins are also ERC-20 compatible meaning good news for Ethereum holders! You can store these in your Ethereum wallet and sell them on any Ethereum exchange. While this might not sound like a lot remember you are earning crypto by doing absolutely nothing. The only potential concern is the security risk associated with recipients seeing your personal phone number and blocking it since it appears like spam. While it is not proven that this is the case it is important to keep this in mind.
Start Earning Today
To answer our topic question, theoretically yes you do need a token app for earning crypto. The only alternative would be to purchase cryptocurrency or to mine it.
Before you start collecting, please take this as a friendly reminder to do your own research and be aware of the potential malicious app creators out there. Before revealing any of your personal information on one of these sites we encourage you to ensure that it is both a reputable coin and website. There are currently imposter DeFi community members that are tokenizing themselves on the Ethereum blockchain and offer coins for pieces in their digital community.
While we can’t speak for all of the apps, we encourage you to visit the Hedgetrade website for more information. This can be a great starting place to earn some extra crypto.