Currency Token Life Cycle:
The life cycle for each unit of a currency which starts with Issuance, then goes through Transaction, Conversion & Retirement
A currency system defines these stages for its constituent tokens. Sometimes the rules for a stage may be that no activitiy is allowed in that stage. For example, most reputation currencies (such as a college degree) cannot be traded/transacted. All currencies require rules for issuance but may exclude functions of any or all of the latter 3 stages.
- Issuance
- Transaction
- Conversion/Co-Function
- Retirement/Redemption