Use Tokens on Participant profiles for a variety of reasons. Tokens are not tied to one specific use case. You have the ability to add tokens into a contact profile and track their status and even redeem them as you see fit. The nice thing is they are open for your use, so you can make it what you need it to be.
Where To Find Tokens
To get started, you will go to a profile that is the Account level (not the Participant level), and from the profile, click on the More tab. Here you will see Tokens.
Issuing And Redeeming Tokens
You will primarily issue a token from the Today/Roster screen. If you are to cancel a class, you can issue a token in bulk to your participants as a way for them to have a marker on their account that can be redeemed for a future use you see fit.
You can also Issue these and also Redeem these from a profile. Watch this GIF showing you how to both issue and redeem.