The native token of the Ethereum blockchain is called Ether (ETH). In addition to Ether, additional assets and tokens can be handled by the Ethereum blockchain. The Parity Ethereum wallet supports any ERC20-compliant token by displaying balances and enabling transfers to be as simple as Ether transactions.
To get your first tokens, and learn how to use them, you can use the GavCoin DApp. Open the Applications tab, enable the network applications, and open GavCoin. If it's not displayed by default, make sure to confirm the usage warning for community DApps and use the Edit button on top to toggle visibility of displayed DApps.
Figure: The GavCoin DApp provides you with GAV, a playful ERC20-compliant token.
Figure: Let's buy 1 GAV with our account, and confirm the contract execution with your password.
Figure: The GavCoin DApp will now recognize you as a GAV holder and display your balance.
Figure: Tokens are also displayed in your accounts view next to your Ether balance.
Figure: To transfer tokens instead of Ether, simply switch the type of token transfer from ETH to GAV, select the available balance, ...
Figure: ... and confirm with your password.
All ERC20-Tokens are also fully supported by multi-signature and hardware wallets. Now, you probably want to read more about Token Deployment and the Parity Token Registry.