Utility Token

BlockConvey operates on its Utility token, which acts as the basic unit for operating the blockchain.

A utility token is unique to its ecosystem. Brave’s Basic Attention Token (BAT), for example, can only be used to tip content creators through the Brave browser or through other applications that have integrated BAT wallets, like Twitter. BAT has no other use beyond speculating on its value. The same can be said of any utility token.

Utility tokens are not mineable cryptocurrencies. They are usually pre- mined, being created all at once and distributed in a manner chosen by the team behind the project.