What are altcoins?

What are altcoins used for?

Altcoins serve a wide variety of functions. They are typically used as tokens for very specific applications. The owner of these tokens may hold on to them as an investment or use these tokens to perform a function within the application.

An example of this is Filecoin, one of the world’s largest token sales to date. Filecoin is a decentralized application built on the Ethereum network. Users will be able to exchange their unused computer storage for Filecoin’s token.