CWEB is the world’s first blockchain-agnostic token, embedded into multiple underlying chains via the Coinweb protocol. As all Coinweb-issued tokens, it can move freely between all connected chains, allowing it to be traded on various decentralised exchanges and move to a different chain if a chain is failing, has security breaches or becomes too expensive or slow.
As the apex token of the Coinweb ecosystem, it is the token required to pay the protocol fees in Coinweb, as well as the actors and third parties that enable the protocol to work.
CWEB compared to native protocol tokens
The native coins of L1 blockchains serve as keys for combining and appending data in their secure data availability layer. To unify data availability across independent blockchains, a similar uniform key has to be available to access all the connected chains. The Coinweb protocol works by providing both a uniform format for embedding information inside different blockchains and a uniform execution environment on top of each connected blockchain. This is what constitutes the Coinweb protocols blockchain-agnostic layer. Since Coinweb's platform token, CWEB is blockchain agnostic, it can now be used to provide direct access and the ability to combine the data from all the connected chains, in much the same way as native coins on single chains.
The CWEB token exists in two forms, wCWEB (CWEB ERC20) on Ethereum, currently listed on exchanges, and CWEB token (only for use within the ecosystem). wCWEB is the wrapped ERC20-compatible token and conversion between the two can be done in the Coinweb wallet.
The CWEB token is used for protocol operations while the wCWEB token is the bridge token that facilitates L1 interactions. wCWEB is the only way to move CWEB between L1 and L2, which are inextricably linked until the main-net launch, where CWEB L2 will be listed on exchanges replacing (or coexisting with) CWEB ERC20.
For more information and use cases of CWEB, please read this article - https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441