This question is in some way related to the below linked question. However, I need a little more clarity on some aspects and some additional information. Refer: REST Web Ser
Why not simplify it to the following?
For first request:
For subsequent requests:
On the server side the token will be stored with an expiry date. On each access to the service this date will be updated to create a sliding expiration. There will be a job that will run every few minutes to delete expired tokens and the query that checks the token for a valid session will only check those that have not deemed to have expired (to prevent permanent sessions if the scheduled job fails for any reason).
There is no need to hash and encrypt the tokens within the database - it adds no real value apart from a touch of security through obscurity. You could just hash though. This would prevent an attacker that managed to get at the session data table from hijacking existing user sessions.