When one of the systems on the network has the “token,” it can send information to the other computers. Since there is only one token for each token-ring network, only one computer can send data at a time. For example, on a what is a token proof-of-work blockchain, miners .

Wallets can also be categorized as custodial or non-custodial, depending on who holds the private keys. Storing your crypto in a custodial wallet means that a third party controls your private keys and, therefore, your assets. In contrast, non-custodial wallets, like Ledger’s, enable you to fully own and control .