Tokens are programmable digital assets which live on a blockchain. These are useful for the creation of decentralized applications, and to bring the power and security of the blockchain to new markets, such as a form of stock, company reward points, and many others.
Ethereum has the popular ERC-20 and ERC-721 standards for creating various token types.
1.2 Bitcoin Cash
Bitcoin Cash has SLP tokens for creating tokens which don't require the power of Ethereum tokens and can be sent cheaply.
Bitcoin has Omni layer tokens which is very similar to the SLP protocol
There are many other token schemes, and many more being created every year.
* All terms and definitions may update as the Cryptionary improves.