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What is An Ethereum Token: The Ultimate Beginner’s Guide
11 months ago
#Blockchain for investors #Blockchain startups #Crypto for beginners
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To a beginner, the entire concept of Ethereum and Ethereum token can get very
confusing very fast. The idea that Ethereum not only has its own currency
(Ether) but also has tokens on top of that which can act as currency themselves,
can be a little mind-boggling. Before we even begin understanding what
Ethereum tokens are all about, it’s important to grasp some basic concepts.
The entire Ethereum network is a giant mass of nodes (computers) connected to
one another. In fact, the entire network can be visualized as a single entity called
the “Ethereum Virtual Machine” or EVM for short. All the transactions that have
happened and will ever happen in this network are automatically updated and
recorded in an open and distributed ledger. So what is the advantage of this?
Before we explain that it is important to know what a “smart contract” is.
Smart Contracts
Smart contracts are how things get done in the Ethereum ecosystem. When
someone wants to get a particular task done in Ethereum they initiate a smart
contract with one or more people. Smart contracts are a series of instructions,
written using the programming language “solidity”, which work on the basis of
the IFTTT logic aka the IF-THIS-THEN-THAT logic. Basically, if the first set
of instructions are done then execute the next function and after that the next and
keep on repeating until you reach the end of the contract.
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The best way to understand that is by imagining a vending machine. Each and
every step that you take acts like a trigger for the next step to execute itself. It is
kinda like the domino effect. So, let’s examine the steps that you will take while
, p y
interacting with the vending machine:
Step 1: You give the vending machine some money.

Step 2: You punch in the button corresponding to the item that you want.
Step 3: The item comes out and you collect it.
Now look at all those steps and think about it. Will any of the steps work if the
previous one wasn’t executed? Each and every one of those steps is directly
related to the previous step. There is one more factor to think about, and it is an
integral part of smart contracts. You see, in your entire interaction with the
vending machine, you (the requestor) were solely working with the machine (the
provider). There were absolutely no third parties involved.
So, now how would this transaction have looked like if it happened in the
Ethereum network? Suppose you just bought something from a vending machine
in the Ethereum network, how will the steps look like then?
Step 1: You give the vending machine some money and this gets recorded by all
the nodes in the Ethereum network and the transaction gets updated in the ledger.
Step 2: You punch in the button corresponding to the item that you want and
p p p g y
record of that gets updated in the Ethereum network and ledger.
Step 3: The item comes out and you collect it and this gets recorded by all the
nodes and the ledger.
Every transaction that you do through the smart contracts will get recorded and
updated by the network. What this does is that it keeps everyone involved with
the contract accountable for their actions. It takes away human malice by making
every action taken visible to the entire network. But, having said that, what
mainly incentivizes these people to fulfill their end of the bargain anyway? What
are they getting by helping out the requestors? This is where Ether comes in.
Ether
Every single step in a smart contract is a transaction or a complex computation
and would have a cost that is measured in “gas”. The price of this gas is paid by
the requester in “Ether”. Ether is the currency with which everything runs in the
Ethereum. When people talk about ETH and ETC they are actually talking about
the value of the Ether in their respective blockchain.
Let’s check out the graph of gas prices over the years:
Every command has a specific gas limit which ensures that a buggy piece of
code doesn’t end up depleting your entire ether wallet. So basically, the main
reason why people fulfill their end of the bargain in a contract is that they are
incentivized to collect Ether.
What happens when your ether supply gets depleted in the middle of the
contract? If you do not have the ether required for all the gas payments, then all
the transactions that have already taken place during the course will go back to
h i i l h ll ill ill fl h h i b l
the original state. But, your ether wallet will still reflect the change in balance
since all transactions made in the blockchain are irreversible.
Going forward it is very important that you have two things absolutely
clear:
Smart contracts are how things get done in Ethereum.
Ether is the currency that is used in the Ethereum network to do anything.
What Is An Ethereum Token: The Ultimate

Beginner’s Guide
The primary difference between Ethereum and any other cryptocurrency is that
it’s not just a currency, it’s an environment. Here anyone can take advantage of
the blockchain technology to build their own projects and DAPPS (decentralized
applications) through smart contracts. This is a very important distinction
because this very thing shows you the true scope of what is possible in
Ethereum.
Think of Ethereum like the internet and all the DAPPS as websites that run in it.
There is something really interesting about these DAPPS, they are all
decentralized and not owned by an individual, they are owned by people. The
way that happens is usually by a crowd-sale called the “ICO” (more on that
later). Basically, you buy certain tokens of that DAPP in exchange of your ether.
These tokens are usually of 2 varieties:
Usage Tokens.
Work Tokens.
Usage Tokens: These are the tokens that act like native currency in their
respective DAPPS. Golem is a pretty good example of this. If you want to use
the services in Golem then you will need to pay with Golem Network Token
(GNT). While these tokens have monetary value they won’t give you any
particular rights or privilege within the network itself.
Work Token: These are the tokens that identify you as a sort of shareholder in
the DAPP. Because of that, you have a say in the direction that that DAPP takes.
A perfect example of this is the DAO tokens. If you were a DAO token holder
then you had the right to vote on whether a particular DAPP could get funding
from the DAO or not.
Why Do We Need Tokens?

Right now you must be wondering, if all these DAPPS are made in the Ethereum
Network, then why don’t we simply use Ether to pay for every transaction within
those DAPPS? Why do we need a native currency for them? The answer to that
is pretty simple, even in real life, there are tons of places where we use a form of
token over cash.
Remember that time you went to the water park? Remember how they took your
money and tied a band around your wrist which you used to gain access to all the
rides in the park and to buy food as well? In this example the water park is the
DAPP your money is ether and the band is the token
DAPP, your money is ether and the band is the token.
Okay, how about the time you bought those movie tickets for Wonder Woman
and included an extra popcorn and coke in your ticket? The moment you entered
the theater how did you get in the hall? You showed them the ticket. How did
you buy your popcorn and coke? Again, by showing them the ticket. In this case,
the cinema theater is the DAPP, your money is Ether and the ticket is the token.
By using tokens to execute certain functions in the smart contract of the DAPPS
you make the process much more simple and seamless. Plus, tokens are also
great for the overall value of ether as well (more on that later). Before we go any
deeper, let’s first learn how exactly can one create a token and how can a DAPP
issue tokens in exchange of ether.
How To Create An Ethereum Token

The simplest way for you to create a token is simply going to Token Factory and
check out their system. They have a superbly user-friendly system which you
can use right away:
If, however you want to code your tokens from scratch then you should
definitely be well versed in Solidity aka the language used to code in Ethereum.
(You can also use Bancor to create smart contents, we will cover that a bit later
in the guide.)
Token contracts can be very complicated but this is what a basic token
contract looks like:
So let’s break down the code into its bare necessities. As you can see, there are
three specific parts of this function:
The mapping
Giving the creator all the tokens.
Transfer the token to a sender for ether.
The mapping: This part of the code is the mapping part:
This creates a database wherein everyone can see the balance of your tokens.
Tokens like ETH itself is logged into an open ledger. Anyone can see all the
balances and transactions of that particular token.
Giving the creator all the tokens: In this part of the function, whoever has
created the smart contract and tokens will get all the tokens:
Transfer the token to a sender for ether: Now finally, the last part of the code.
This is the part where a sender can get an equivalent amount of token for the
ether that they invest into the DAPP.
The function is very self-explanatory. Firstly, it will check if the sender has the
requested amount of tokens in their balance. Then the code will deduct the said
amount of token from the sender balance and then add that value to the
recipient’s balance. It is very straightforward.
So as you can see, the creators of various DAPPS have to create their own
tokens. While this might sound good on the surface, it was an absolute
nightmare for wallets, exchanges and other smart contracts who were going to
interact with various DAPPS and tokens. Why was it so bad? Basically, for
every single DAPP who had their own unique token they would have to
completely re-invent the wheel every single time to make their system compliant
with the DAPP.
Imagine reinventing and updating your code time and again every single time
you need to interact with a new token! Something had to be done to
circumnavigate this problem. Vitalik Buterin, in DevCon 1 2015, introduced the
Initial Standards Token which would solve all these issues. Fabian Vogelstellar,
one of the founders of the Mist Wallet, then took these standards and polished
them up and added some of his own to come up with the Ethereum Request for
Comments 20 aka ERC20 standard for tokens.
ERC20 Ethereum Standard For Tokens
The ERC20 standard is basically a specific set of functions which developers
must use in their tokens to make them ERC20 compliant. While this is not an
enforced rule, most DAPP developers are encouraged to follow the standards to
ensure that their tokens can undergo interactions with various wallets, exchanges
and smart contracts without any issues. This was great news for everyone
because now they at least had an idea of how future tokens are expected to
behave. ERC20 tokens have gotten widespread approval and most of the DAPPS
sold on ICO’s have tokens based on the ERC20 standard.
So, what does a token need to have to be ERC20 compliant? It is basically a set
of 6 functions that can be recognized and identified by other smart contracts,
which in turn leads to seamless interactions. When executed, the following 4
basic activities are what all the ERC20 tokens required to do:
Get the total token supply.
Get the account balance.
Transfer the token from one party to another.
Approve the use of token as a monetary asset.
Ok so now that we have learnt what tokens are and what exactly they do. We
have also learned how to create them and what rules they follow. But, the big
question is, how exactly do you get your hands on them? When a new and
question is, how exactly do you get your hands on them? When a new and
exciting DAPP comes along, how do you get your hand on its tokens? The
answer is through the ICOs.
What Are ICOs?

ICOs or Initial Coin Offerings are basically crowd sales, the cryptocurrency
version of crowdfunding. The ICOs have been truly revolutionary and have
managed to accomplish to amazing tasks:
They have provided the simplest path by which DAPP developers can get the
required funding for their project.
Anyone can become invested in a project they are interested in by purchasing the
tokens of that particular DAPP and become a part of the project themselves. (We
are talking about Work Tokens here).
So, how does an ICO work?

Firstly, the developer issues a limited amount of tokens. By keeping a limited
amount of tokens they are ensuring that the tokens itself have a value and the
ICO has a goal to aim for. The tokens can either have a static pre-determined
price or it may increase or decrease depending on how the crowd sale is going.
The transaction is a pretty simple one. If someone wants to buy the tokens they
send a particular amount of ether to the crowd sale address. When the contract
acknowledges that this transaction is done, they receive their corresponding
amount of tokens. Since everything on Ethereum is decentralized, an ICO is
considered a success if it is properly well-distributed and a majority of its chunk
is not owned by one entity.
The DAO ($150 million) was the biggest ICO of all time until it was recently
overtaken by Bancor ($152 million).
In the past 12 months alone a staggering $331 million dollars have been raised in
ICOs.
NOTE: ICOs have become an extremely controversial topic nowadays because
of the sheer amount of money that developers have been raising even before the
creation of an Alpha version of their product. Some people are accusing it of
being a Ponzi scheme. While we don’t exactly label it that, it is true that certain
aspects need to be checked before proceeding with future ICOs.
How Does An Ethereum Token Get Its Value?

Now that we know how you can get your hands on you tokens, let’s find out
what gives them their value in the first place. Tokens get their value from the
same place that most things get their value. They are mainly two factors:
Supply & Demand.
Trust
Supply & Demand: This is basic economics 101. More the demand and lesser
the supply more will be the price of the product. The supply-demand graph looks
sorta like this:
The sweet spot where both the curves intersect is the equilibrium. So, how do
Ethereum Tokens take care of supply and demand? Do you remember the token
creation code? Specifically, the second part of the code? Let’s take another look
now, shall we?
As this code implies, there is a fixed amount of tokens that can be issued in the
first place. Each and every token is accounted for because like ether, token
transactions are also recorded in the open ledger. If in case the developer wants
to change the number of tokens issued, then they will have to create a new
application. Any code that is issued in the blockchain is irreversible so the old
application cannot be changed in any way.
So, now that we have a fixed and finite amount of tokens, that takes care of the
“supply” part. What about the demand? The demand obviously depends on a lot
of factors. What is the quality of DAPP in itself? Are people excited about the
DAPP? Has that DAPP been marketed properly? Is that DAPP going to solve
problems? If the demand of the DAPP is sufficiently high, and with the supply
remaining constant, it goes without saying that the value of the token is going to
be pretty high.
Trust: Like with any currency, tokens will only have value if people have trust
in it. Trust comes from a lot of sources like the credibility of the developers, the
kind of service provided by the DAPP etc.
Now that we have gained at least an introductory knowledge about tokens, let’s
do some research on the 3 hottest Ethereum Tokens in the market right now:
Golem
Founder: Julian Zawistowski
Token Cap: 1 Billion GNT
Money Raised In ICO: $8.6 million
Think about this for a second. You are in your home with a super powerful PC
and CPU and you are hardly using it at night, while at the same time, halfway
d th ld i Phili i i t i d t l l ki t d
around the world in Philippines, an animator is desperately looking to render a
high-def video. Wouldn’t it be awesome if he could somehow access your
computer’s power for the night and get his work done? With Golem that’s no
longer a pipedream.
Golem describes itself as an “Airbnb for computers”. It is essentially a peer-to-
peer network which is aiming to be the world’s first decentralized
supercomputer. By tapping into the Golem network you can essentially “rent
out” some of the CPU power in the network and use it for your own projects.
There are 3 kinds of people in the Golem network:
Requestors.
Providers.
Software Developers.
Image credit: Golem White Paper.
Requestors: These are people who want to access the power in the golem
network. They can do so by paying with GNT (Golem Network Token).
Providers: These are people in the Golem network who are renting out their
computer power. They get paid in GNT for their services.
Software Developers: These are people who are going to be uploading the
software they develop into the Golem system. In case the requestors want to use
their software, they will have to pay GNT to the software developers to gain
access to their software and then pay the providers the required amount to rent
out their computer power.
The Sandbox
There is one way that the Golem system can be exploited. Suppose a requestor
rents out a provider’s hardware and uses it to run a virus code which steals all
the data in that hardware or the entire system. What happens then? To counteract
this issue all the transactions in Golem will be run in a sandbox environment.
What does that mean? When you rent out a provider’s hardware you will be
under a lot of rules which will restrict your movement. So, if you were a hacker
you won’t really have the freedom to move about and do what you want.
The Graph
This is what the Golem graph, as of writing, looks like.

s s w at t e Go e g ap , as o w t g, oo s e.
The Market Cap is currently sitting at ~$500 million.
Pros
A very interesting concept which can effectively create the world’s first
decentralized super computer.
Can give access to people living in poorer parts of the world to world-class
computer machines.
The team behind Golem is very good and proven.
The value of GNT has been steadily rising over the last few years.
The sandbox environment contains any potential hacks.
Gives software developers a platform to release and showcase their software.
Makes good use of underutilized computer equipment.
Cons
Even though there is a way to contain any hacks, no sandbox is perfect. A bug
can be exploited which can render the entire system useless.
According to the roadmap given in their white paper, Golem will take 8 years to
run at an optimal state which is too long a time.
Potential latency issues because of over usage.
Future
It looks like Golem has a pretty bright future with a very interesting concept.
Along with that, it has a very good team backing it, headed by a very capable
leader. The team has been together since DevCon 1 and it looks like they have
what it takes to make the concept really work. Seeing the growth in GNT’s value
over the past few months, there is no reason to doubt their potential.
Augur
Founders: Joey Krug & Jack Peterson.
Token Cap: 11 million REP
Money Raised In ICO: $5.2 million
Remember that old game show “Who Wants To Be A Millionaire?” Every

participant on that show had 3 lifelines, one of which was audience poll.
Basically, if they were stuck on a question, they could ask the audience that
question. The audience was then supposed to vote on the option that they felt (or
knew) was to be correct. More often than not, the audience got it right. This
phenomenon is called the “Wisdom Of The Crowd”, which states that groups
of people, in general, are correct more often than individuals. Now what Augur
did was use that same idea in prediction markets.
What Are Prediction Markets?

Prediction markets are speculative markets which allow users to purchase and
sell shares in the outcome of an event. Suppose you have specialized knowledge
in a particular field eg. A basketball match. By taking various factors into
consideration you wager on the favorable outcome.
Image Credit: Augur white paper.
How does Augur work?

There are three kinds of people who use augur:
The Reporters aka the REP token holders.
The Wagers.
The Market Creators.
The ReportersThese are the people who own the REP tokens and are therefore
obligated to report on the outcomes of their fields of choice. When an event is
near maturation they report on the outcome (this will be discussed later). If they
report wrongly or they do not report at all they risk losing 20% of their REP
coins. The value of augur is directly proportional to the quality of the reporters.
Why? Because if a lot of the reporters are dishonest then no one will want to use
augur which will greatly decrease the demand. This forces all the reporters to
remain honest.
The Wagerers: These are the ones who will be betting on the outcome of the
g g
future of the markets based on the reports by the reporters.
The Market Creators: They will be creating the markets for the reporters to
report on and earn market fees as a result.
The Reporting Period

The reporting is done in 2 phases. Within the first month of the completion of
the event, the reporters submit their report to the network which is tightly
secured and kept away from the public. A month later, the second phase happens
where the reports are shown in an open ledger which is free for all to see. When
that is done, we reach a final consensus.
Aftermath Of The Consensus

The wagerers get their appropriate reward for putting their bets.
The reporters who reported honestly get fees from the wagerers.
The reporters who didn’t report correctly get 20% of their REP deducted and
that, in turn, go to the reporters who reported honestly and correctly.
Let’s take a look at augur’s curve:
Current market cap is sitting at ~$345 million
Pros
Based on the concept of “wisdom of the crowd” which helps keep the whole
system honest.
Helps to make correct future predictions for markets.
Forces the reporters to report honestly at the risk of losing REP tokens.
Not dependent on a central entity for market predictions which keep it free of
human greed.
Cons
Tends to reward those who bought in early and accumulated REP coins as
compared to newer buyers.
Future
Augur is growing from strength to strength but is facing stiff competition from
Gnosis, which is a similar token. How it comes out of this battle will greatly
affect its future.
Bancor
Founders: Bprotocol Foundation.
Token Cap: Unknown
Money Raised In ICO: $153 million
Bancor has shaken the crypto world down to its very foundation’s thanks to its
ICO. People have invested a staggering $153 million into the company! So what
is the noise all about? What is so interesting and exciting about Bancor? One of
the problems that MAY affect the Ethereum community in the future is the sheer
t e p ob e s t at a ect t e t e eu co u ty t e utu e s t e s ee
amount of tokens. While most of the popular tokens can be easily exchanged, the
problem arises when you have rare tokens.
While you can easily exchange and buy tokens like GNT, what happens when
you have tokens that nobody wants to exchange with? How do you liquidate
your tokens then? This is where Bancor offers an extremely elegant solution.
Bancor has come up with the idea of issuing smart tokens.
What Is A Smart Token

The idea of the smart token is to make tokens which completely do away with
currency exchanges. Normally if you were to buy a token what happens is that
you will have to go to an exchange, wherein someone will try to match you with
someone else and after the transaction takes places. If you have a rare token that
no one really uses, it can get hard to have someone match up with you.
So what bancor does is that it builds tokens with smart contracts built inside it.
The smart contract has a mathematical formula inside it which allows you to
have exchanges directly with the smart contract itself. Basically, it becomes its
own market maker!
The Maths Behind Smart Tokens
The smart contract inside these smart tokens runs on the following formula:
Price = (Balance)/ (Supply * CRR)
Let’s examine the equation.
Price = The price of the smart token.
Balance = The money with which you were buying the token (ETH in this case
because we are solely talking about Ethereum tokens).
Supply = The total supply of the tokens available in the market.
CRR = Constant Reserve Ratio. This is the ratio between the original balance
and the market cap. This is a constant and will never change. Its value is always
<1.
So now that we have defined all the values and variables in the equation, let’s
see how altering every single one of them will affect the price of our token.
Case 1: Buying new tokens

When you are buying new tokens you will do so by adding ETH to the smart
contract of your token. When you do that obviously “Balance” will increase.
Since you are buying new tokens, it also means that you are creating new tokens
out of nothing, which in turn increases the “Supply” itself. Since ”CRR” is a
constant, it won’t change.
So keeping these things in mind, let’s re-examine the equation:

Now, keep in mind, CRR remains unchanged, so while the value of supply has
changed (Supply * CRR) will still be a smaller value than (Balance).
Numerator (Balance) > Denominator (Supply * CRR), the overall value of the
price of a token will INCREASE.
Case 2: Selling your tokens
Now, what happens when you are selling token? Since you are taking Eth out of
the smart contract your “Balance” will go down. At the same time since you are
literally commanding the smart contract to destroy the required amount of
tokens, your “Supply” will go down. CRR being the constant remains the same
as before.
Now put these values in the equation:

The numerator will still be greater than the denominator, but since the new
numerator will be less than the original numerator (on account of balance
reducing) the overall price will drop.
You can simply put numbers in the equation and check out the changes itself. So
what exactly is happening whenever you are buying and selling new smart
tokens?
Now, what happens if you sell a lot of coins at once and you don’t have enough
balance to counter it out? The equation has been made in a way that it adjusts
itself dynamically to any and all circumstances. If you are interested you can
check out the Bancor white page where they have a couple more complicated
formulas which very much proves that the equations will always hold true.
To Summarize
When you BUY smart tokens you are giving ETH to the smart contract and
instructing the equation to literally come up with new tokens for your out of the
thin air.
When you SELL smart tokens you are instructing the smart contract to destroy
When you SELL smart tokens you are instructing the smart contract to destroy
the required amount of tokens and deduct the value of ETH from your Balance
and transfer it to your wallet.
Pros
Has completely taken the middle man out of cryptocurrency exchanges.
You won’t have to pay any extra taxes or charges because the middle man no
longer exists.
The idea of smart tokens has enormous potential.
Makes sure that you can always liquidate your tokens.
Gives an interface for you to make newer tokens.
Cons
The ICO was highly controversial because they didn’t keep a market cap initially
for close to an hour. Not keeping a market cap greatly affects the price of the
tokens.
The idea of the smart tokens can be a little tough to grasp for people who are
new to cryptocurrency.
The idea is extremely nascent and untested.
CONCLUSION
CONCLUSION
Questioning the future of Ethereum tokens is the question the future of DAPPs
and Ethereum itself. In the past one year, a number of tokens that have come out
is truly staggering and it shows no sign of stopping. As long as people are
looking to innovate on the Ethereum blockchain, you will be getting a new and
steady supply of tokens.
Since a token can be anything fro currency, to real-world assets, to IOUs, tokens
are going to evolve into becoming more and more versatile. Fabian Vogelstellar,
the man who gave us the ERC20 token Standard has this to say about
tokenization:
“I believe we are just at the beginning of tokenizing everything. Maybe in the

future, you will be able to buy a share of the chair you are sitting on, the paint
inside your house or a fraction of equity in a huge building complex.”
Like what you read? Give us one like or share it to your friends
14
6 s j f a
Comments
mick777 0
11 months ago
Ahhhhhhh………. I do not speak Chinese (yet)!

Will have to read at least 10 times to get a feel for all of this and spend months reading articles.
Most of all I worry about how legit some of these things are. I am thinking that this space may end up
being filled with crooks as well as legitimate developers with a great idea.
bassoras 0
11 months ago
Nice post!
Carl Royer 0
•
11 months ago
@bassoras
I used to read science fiction………with crypto it seems we are now living science fiction………what if
someone invented a way for all of us to have our own individual tokens which could be purchased by
others (the amount/percentage available to purchase decided by us) as a way to invest in a portion of
our earnings, partially from the money invested and partially from all other of our endeavours? And yet
keep our financial records private, just the results available to investors?
mick777 0
• 5 months ago
@Carl Royer
That would be a pyramid scheme and the system would collapse in weeks. Human greed and crooked
humans would make sure of that.
Michael Ingraham 0
11 months ago
Mind altering Information , but it certainly “resonates “. Never stop learning nor researching these future
currencies , yes like Carl said , This Science-Fiction is now Science-fact ! ..We are living it now , on it’s
cutting edges but be careful as these edges are very sharp !
Trịnh Thanh 0
7 months ago
Ether is cryptocurrency in Ethereum Network. So why i can use bitcoin to buy tokens?
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Step 1: You give the vending machine some money.

What Is An Ethereum Token: The Ultimate

Why Do We Need Tokens?

How To Create An Ethereum Token

The mapping: This part of the code is the mapping part:

What Are ICOs?

So, how does an ICO work?

How Does An Ethereum Token Get Its Value?

This is what the Golem graph, as of writing, looks like.

Remember that old game show “Who Wants To Be A Millionaire?” Every

What Are Prediction Markets?

How does Augur work?

The Reporting Period

Aftermath Of The Consensus

Let’s take a look at augur’s curve:

Token Cap: Unknown

Money Raised In ICO: $153 million

What Is A Smart Token

Case 1: Buying new tokens

So keeping these things in mind, let’s re-examine the equation:

Case 2: Selling your tokens

Now put these values in the equation:

“I believe we are just at the beginning of tokenizing everything. Maybe in the

Ahhhhhhh………. I do not speak Chinese (yet)!

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