What is the difference between a coin and a token?

A coin is a digital currency or asset with its own blockchain and network, while a token is a digital asset created on top of an existing blockchain network. Coins are basically digital forms of money that are independent from any other currency and are designed to facilitate peer-to-peer transactions. Tokens are usually created by a project or company and used for a specific purpose, such as access to a service or to reward users for participating in activities related to the token’s issuer.