Token Protocol refers to the set of rules and standards that govern how tokens are created, managed, and transferred on a blockchain. These protocols define the properties of tokens, including their functionality and interaction with other smart contracts.Tokens can represent assets, utilities, or rights within a specific ecosystem. For example, some tokens can be used for transactions, while others might grant access to certain services or represent ownership in a project. Common standards include ERC-20 and ERC-721 on the Ethereum blockchain. ERC-20 tokens are fungible, meaning each token is interchangeable with another of the same type. In contrast, ERC-721 tokens are non-fungible and represent unique assets, making them suitable for items like digital art or collectibles.Understanding token protocols is essential for developers, investors, and users, as it influences how tokens can be deployed and utilized across various applications.