Homework: Web3.0 and Tokens

Ethereum 101
#12

Homework on Web 3.0, and Tokens - Questions

  1. What are the benefits of web 3.0 (decentralized internet)?

Web 3.0 enables to earn tokens.

  1. What is a token?

It is a kind of coin that can represent different value, for example as phycical objects, reputation, money etc. Their infrastructure is based on the smart contract platform like Ethereum, EOS or Cardano.

  1. How do you create a token on Ethereum?

You use Ethereum as infrastructure, then it is recommended to use some kind of standard like ERC-20 or ERC-777 to be able to connect with common wallets and finally your token will be using gas which then will be converted into the ethereum to execute functions within the smart contract.

5 Likes
#13

  1. A benefit of web 3.0 is more economic incentive for participants since value can be transferred easily between parties on the protocol level. Additionally, content will not be as easy to censor because it’s on the blockchain, so large entities or powerful organization cannot remove your content if it doesn’t match their ideals. It should also be more secure because users can access these sites and content with their wallet (private keys), which they hold, instead of a password, which is stored on a centralized database.

  2. A token is a smart contract that has been built on a protocol layer blockchain, ETH, NEO, EOS, that follows a set of standards, most commonly ERC-20, that allows it to hold and transfer value.

  3. Write a smart contract in Solidity code using the ERC-20 standard. The only technical requirement is the inclusion of the total supply function, totalSupply().

18 Likes
#14
  1. Fewer Middlemen, Privacy, Data Ownership, Economic Incentives, Unstoppable, Trustless
  2. a Token is a (fungible or non-fungible) digital asset created by a smart contract, built on top of a blockchain network.
  3. a Token can be create by writing a smart contract on the Ethereum blockchain by following the standard codes required, then executed by the EVM and validated by the blockchain nodes.
8 Likes
#15
  1. I think the main benefits of WEB 3.0 is the control over Data Ownership and Sharing. There is no need for the middleman and can connect providers directly with consumers. This means bigger incentives, more decentralised and better privacy.
  2. Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain (SOURCE: https://masterthecrypto.com/differences-between-cryptocurrency-coins-and-tokens/)

Building your own Ethereum based ECR20 Token in less than an hour

  1. Step 1: Contract code. …
  2. Step 2: Create Ethereum wallet with MetaMask. …
  3. Step 3: Get Ropsten Ethers. …
  4. Step 4: Edit the contract code. …
  5. Step 5: Deploy Contract Code on Remix. …
  6. Step 6: Publish and Verify Contract. …
  7. Step 7: Add token to your wallet.

(Source: https://blog.goodaudience.com/building-your-own-ethereum-based-ecr20-token-in-less-than-an-hour-d4d4c7a14b1e)

12 Likes
#16
  1. What are the benefits of web 3.0 (decentralized internet)?
    The benefits of a decentralised internet are: innovation, lower barriers to entry, increase in competition, leading to economic growth in industries that have been dominated by large international corporations i.e Google Facebook etc
  2. What is a token? A token is a fungible or non-fungible programmable digital asset that represents value on a blockchain protocol
  3. How do you create a token on Ethereum? By utilizing the protocol standards of ERC20 in creating a smart contract and associated tokens
2 Likes
#17

  1. Users can be compensated for their content and there will be less censorship because of blockchain immutability. It will also end the virtual monopoly of big tech.

  2. A token is a crypto asset built on top of a platform coin such as Ethereum.

  3. A token on Ethereum is created by means of a smart contract and coded in accordance with specific standards such as ERC20.

1 Like
#18

1- Economical part to the protocool
2- A smart contract running above etherium
3- following the fundamentals of ERC20

1 Like
#19

1.the economic incentive for early adopters of early adopter’s advantage (cheap tokens) can allow small companies and their small products to entice new users to try their product by rewarding them with tokens in exchange for their participation
2. a token is an object with specific properties built on a second layer economy on top of an already existing blockchain
3. you deploy a smart contract.

1 Like
#20
  1. Protocol level has a lot of value, decentralized web.
  2. Token your represents your product, service.
  3. By programming smart contract launching an erc20 token
1 Like
#21

  1. Small and start-up companies can build on the Etheruem, EOS etc network and have their own cryptocurrencies and compete with large established companies. Easier to attract early adopters by offering these cryptos. The economic rewards from these new cryptos are much higher in the beginning. Fewer intermediaries mean more direct communication between peers.

  2. A token represents a unit of value of a particular asset that is fungible and tradable and is written in the form of a smart contract on top of another blockchain such as Ethereum.

  3. A token is created on Ethereum with a smart contract written on it’s blockchain.

1 Like
#22

1 Transparity, pier to pier, money as layer of internet.
2 A digital asset created on Ethereum or other blockchain.
3 by smart contract in Ethereum blockchain

1 Like
#23

1. What are the benefits of web 3.0 (decentralized internet)?

The power and value lies within the protocol. Many different models can be explored. Won’t have giants ruling over industries.

2. What is a token?

A collection of code and smart contracts representing a dApp on a blockchain platform.

3. How do you create a token on Ethereum?

Program something that fulfils the requirements. Start with solidity, run it through a compiler, then have the EVM execute the byte code.

1 Like
#24
  1. Money on the protocol, more competition, easy to start new bussiness, avoid censorship
  2. A digital asset.
  3. Via smart contract.
1 Like
#25
  1. What are the benefits of web 3.0 (decentralized internet)?
    -> Token Economy will creat new incentivised buisness models, where no middle men is involved.
  2. What is a token?
    -> A digital asset on top of a blockchain.
  3. How do you create a token on Ethereum?
    -> Creat / programm a smart contract according to a defined token standard
1 Like
#26

  1. The benefit of web 3.0 is that users can capture value from their content, instead of giving it away to big corporations for free. Also, it allows small businesses to compete because of the networks high efficiencies and relatively low costs. Also, there could be less censorship due to central authorities having less control.

  2. A token is a digital asset that, in this case, rides on top of the Ethereum network. Ether is the coin on the Ethereum network.

  3. You create a token by deploying a smart contract that follows the standards for the type of token you want to create, such as ERC-20.

1 Like
#27

  1. What are the benefits of web 3.0 (decentralized internet)?
    In the web 3.0, the value is on the protocol and not only on the applications based on it (like in web 2.0). New tokens and smart contracts are created base on an existing protocol (like Ehereum or EOS) and these base protocols will always be more valuable than the new dapps.

  2. What is a token?
    A token represents a programmable asset or access rights, managed by a smart contract and built on top of a blockchain network. They are fungible or non-fungible.

  3. How do you create a token on Ethereum?
    On Ethereum a token can be created by using the standard ERC20 (for a fungible token) or ERC721 and ERC1155 (both used for non-fungible tokens).

1 Like
#28

The monopoly disappears and we as early adopters will create more value in small businesses and with a decentralized web, no middle man can shut you down because you have an opinion about something, depending of the program/rules of the contract.

A token is a cryptocurrency that is developed using a smart contract.

A token can be created by a smart contract using standards like ERC20.

2 Likes
#29
  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 captures the value at the invention of protocol, such as the invention of Ethereum.

However, my key question is that will Ethereum be another version of Facebook or Google in the future of Web3.0? This means that most startups build their DApp on top of ERC20 and use Ethereum. As a result, all Web3.0 has to depend on the inventor of protocol, such as Ethereum, in this case. Does this lead to another wave of “monopoly or market centralization”?

  1. What is a token?
    As refer to the recently approved Liechtenstein blockchain act, “Token Container Model — TCM,” which means that any token transactions, including cryptocurrency (i.e., money), securities, rights to real estate, rights to assets, license rights, and rights of use will be fully defined in legal terms under the framework. That is, any form of assets or rights could be tokenized under the TCM, and the “ token is therefore a kind of “container” for representing a right ” (p. 44).
    https://medium.com/@teckming.tan/key-views-on-172-pages-liechtenstein-blockchain-act-token-and-trustworthy-technology-service-18f8e86c4817

  2. How do you create a token on Ethereum?
    Using ERC 20, Ivan has created a nice video on this question:
    https://www.youtube.com/watch?v=d5EipPVafsA

3 Likes
#30

1-What are the benefits of decentralized Internet 3.0?

It gives us the opportunity for smaller companies or entrepreneurs to compete with large corporations such as Google. Since through the economic incentive to the first users to use the new platform, because they would be rewarded with a greater number of tokens that later as more users use the platform, the value of these tokens will increase.

2-What is a token?
It is a programmed smart contract (funginble Token or NFT) that run on the Ethereum blockchain. These have their own value and can create their own economy.

3-How do you create a token in Ethereum?
The smart contract is programmed in the EThereum network either in ERC20, ERC721 or ERC1155

#31
  1. you can directly invest in the plattform (like Ethereum) on witch the economy runs
  2. tokens are digital assets (either fungible or not) running on smart contract plattforms
  3. on Ethereum there are some standards (fungible or not) to create tokens. You have to write a smart contract and run it on the ethereum network
1 Like