Logical topology, or signal topology, is the arrangement of devices on a computer network and how they communicate with one another. Logical topologies describe how signals act on the network.
In contrast, a physical topology defines how nodes in a network are physically linked and includes aspects such as geographic location of nodes, physical distances between nodes, signal strength of network links, and environmental features (i.e. climate, humidity, etc.). The logical topology defines how nodes in a network communicate across its physical topology. The logical topology can be considered isomorphic to the physical topology, as vice versa.
A twisted pair Ethernet is a logical bus topology in a physical star topology layout. While IBM's token ring is a logical ring topology, it is physically set up in star topology.
In a shared media topology, all the systems have the ability to access the physical layout whenever they need it. The main advantage in a shared media topology is that the systems have unrestricted access to the physical media. The main disadvantage to this topology is collisions. If two systems send information out on the wire at the same time, the packets collide and kill both packets. Ethernet is an example of a shared media topology.
To help avoid the collision problem, Ethernet uses a protocol called Carrier sense multiple access with collision detection (CSMA/CD). In this protocol, each system monitors the wire, listening for traffic. If traffic is detected, the system waits until it hears no traffic before it sends.
The token-based topology works by using a token to provide access to the physical media. In a token-based network, there is a token that travels around the network. When a system needs to send out packets, it grabs the token off of the wire, attaches it to the packets that are sent, and sends it back out on the wire. As the token travels around the network, each system examines the token. When the packets arrive at the destination systems, those systems copy the information off of the wire and the token continues its journey until it gets back to the sender. When the sender receives the token back, it pulls the token off of the wire and sends out a new empty token to be used by the next machine.