The token is the essence of the Gidah.com network. The tokens you will see and deal with are a representation of the actual token that exists within our systems. Most commonly, your token will be represented in
XML:
<token
id="00000000-0000-0000-0000-000000000000"
value="0.25"
expires="2009-01-31"
type="Regular"
payee="payee@test.com"
payer="payer@test.com"
group="00000000-0000-0000-0000-000000000000"
/>
ID
The Token ID uniquely identifies the token within the token network. It's a big, long string of hexadecimal numbers called a UUID. In most cases you will never need to type out this string of characters so its length shouldn't be troublesome. There are 16
32 possible UUIDs so we shouldn't run out any time soon.
Value
The value denotes the face value of the token. When redeemed, this is the amount that will transferred from one account to another. Currently, the value is always represented in United States Dollars (USD).
Expiration Date
The expiration date is the date through which the token is valid for redemption. After the date passes the token will become invalid and will not be available for redemption. Expiration dates are represented in the
Pacific Time Zone.
Payee
The payee field optionally contains the alias of the only account allowed to redeem the token. Tokens created with an empty payee field can be redeemed by any valid Gidah.com account holder. If the payee field is empty, it does not need to be included.
Payer
The payer field optionally contains an alias that you control. You can use this field in applications where the token must back-reference your account. Tokens created with an empty payer field cannot be associated with an account by the token redeemer and are effectively anonymous. If the payer field is empty, it does not need to be included.
Group
The group field is another UUID field that contains an optional group. This field can be empty, contain an empty UUID (all zeroes) or contain a valid group identifier. If the group field is empty, it does not need to be included.
When a token is assigned to a
Token Group it behaves differently than other tokens. When a token assigned to a group is redeemed, all remaining tokens in that group are immediately invalidated. The group functionality allows someone to lock multiple tokens, but prevents them from redeeming all but one of them. This is useful for developers who wish to implement an Auction scenario using the Gidah.com Token network.
Type
Two types of tokens exist in the network:
Regular and
Raked. Regular tokens incur no fee to create or redeem and funds are transferred into your
Network balance. Raked tokens incur a small fee to redeem, but the funds are placed directly into your
Out of Network Balance.