A token represents an asset, property or economic good. It is not a classic "coin" in the sense that it does not have its own blockchain. Instead, tokens that are created use other existing blockchains that are generated using standard templates, such as Smart Contracts on the Ethereum blockchain. Tokens are therefore Smart Contracts that are assigned a value or a function.
Tokens can be used as fuel for the network, company shares, voting rights in the block chain project or other things. They can therefore be more than a digital P2P currency. A particularly good example of a token would be so-called ERC20 tokens, which are created on the Ethereum blockchain. There are already many different ERC20 tokens, whose functions are often different.