Definition of IOU

IOU is an abbreviation of ‘’I Owe You’’. An IOU is a kind of token issued on the blockchain by a party, which represents the same value as the underlying assets. 

IOU used in a sentence

‘’IOUs are nothing more than scribbled notes that people use to remind themselves that they owe a debt at a later period.’’

‘’Currently, XPUNK tokens are being used as a sort of minting pass to later redeem the NFT’s when the XRPL gets updated to XLS-20D. They are issued as being an IOU token.’’

‘’An IOU is a token created on the blockchain that represents the same value as the underlying asset in modern finance, blockchain and cryptocurrency.’’

History/information/research of IOU

More information regarding the term IOU: Article

And we wrote an article about the technicalities of IOU tokens on the XRPL: Article