What does token mean?

A token is a type of cryptocurrency. The primary difference between a 'token' and a 'coin' is that a coin usually has its own blockchain, whereas a token typically utilizes a parent blockchain such as Ethereum. Tokens are digital units of value that are generally meant to be designed with utility in mind and often work together with a decentralized application, or may provide decentralized governance of some sort. Tokens are cryptocurrencies that are often used as an economic unit within a decentralized cryptoeconomic system. Tokens are cryptocurrencies that are typically designed to operate in conjunction with decentralized software applications built using smart contracts.