Homework: Web3.0 and Tokens

Ethereum 101
#2554

1 What are the benefits of Web 3.0?
In Web 3.0 the value is not restricted to the developers of a highly successful App/dApp. Instead, there is inherent value down at the protocol level, which often increases the value of the entire network with each new successful App/dApp.

2 What is a token?
A token is the currency of a smart contract that operates using the protocol of an existing larger network, such as Ethereum.

3 How do you create a token on Ethereum?
You write a smart contract that utilizes its own currency and follows certain standards, such as the ERC-20 Standard.

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#2555
  • What are the benefits of web 3.0 (decentralized internet)?
    You can make decetralized website, you can create dapps involvin your own token and even reward people who are interacting with your website such as steemmit does.
  • What is a token?
    Fungible Currency made on top of a blockchain such as ETH, EOS or NEO
  • How do you create a token on Ethereum?
    With smart contracts preferably with standards such as the ERC’s standards.
1 Like
#2556
  1. What are the benefits of web 3.0 (decentralized internet)?
    People can profit from the tokenomiks of it and it can be better as the people can develop it withouth the influence of big corps. Brave browser is a great example.
  2. What is a token?
    Token is a smart contract built on top of Ethereum and other blockchains
  3. How do you create a token on Ethereum?
    By deploying a smart contract
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#2557

  1. Early adopters and creators can capture the network value and have incentives to work on it and promote it. Current internet most value its taken by big companies only

  2. A token is a digital currency

  3. You can create a token deploying an smart contract

Ps. Funny how Ivan speculates about BTC price. Maybe it hits 50k he said? well it did that just this week

1 Like
#2558

  1. in web 3.0, value is captured by the protocol before the dapps that are built on it. This did not happen in web 2.0.

  2. A token represent a dapp or smart contract built on top of the Ethereum network. ETH is a coin.

  3. tokens are created with Solidity.

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#2559

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

1. Transparency

The benefit of distributed ledger technologies and decentralization in Web 3.0 is that you can follow your own data and inspect the code behind the platforms you choose to use. You don’t need to trust a major corporation. In fact, there may be no corporation at all behind the platform you’re using. (Most major blockchain platforms are being developed by nonprofits.) This hearkens back to the early days of the internet and the original ethos of a free and open forum for exchanging ideas.

2. Fewer Middlemen

Decentralization promises to connect providers directly with consumers. No central authority will take a cut of the profits from an electronic transaction. We won’t be able to eliminate all middlemen using blockchain technology. We will still need reasonable regulation and systems for monitoring fairness, but we will see a shift toward decentralized and trustless networks over centralized institutional control. For example, it’s possible to imagine a blockchain replacement for Airbnb where hosts and guests can connect directly without an intervening service. Even large-scale marketplaces, like a decentralized replacement for eCommerce platforms like Amazon, are possible and under development.

3. Privacy

The number of data breaches and misuses of user data over recent years should give consumers pause when thinking about how they share information online. One major advantage of blockchain and recent advancements in cryptography is that you can secure and track your personal data on the Web. Privacy is important whether we’re talking about civil liberties or identity theft.

4. Data Ownership & Sharing

Have you ever thought about how tedious it is to fill out registration forms online? With Web 3.0, you’ll likely have one personal profile that works across numerous platforms. You’ll own your profile and associated data that you won’t need to give away to corporations. However, if you choose to, data will be easier to share, its accuracy can be verified, and you’ll even be able to sell your data to advertisers or brands.

5. Incentivize Creators

Connecting consumers directly with producers has the added benefit of making it easier to become a producer. Without middlemen and gatekeepers, people around the world can start businesses and find customers directly on Web 3.0. Digital currencies and distributed platforms are breaking down national barriers and social prejudices. All you need is a good idea and someone who is willing to pay you to execute it.

Web 3.0’s Advantages

Web 3.0 is the future of the internet, where applications become smarter, more private, and more decentralized. As the new infrastructure and platforms come online, the experience of using the internet will change dramatically. Today’s internet is an amazing resource, and it enables us to do powerful things. However, it also requires us to give enormous amounts of data to middlemen companies who aren’t transparent about their practices. Web 3.0 seeks to change that and create a more open and transparent internet.
Source: https://www.hiveblockchain.com/blockchain-101/what-are-the-benefits-of-web-30/

WEB3 BENEFITS

Many Web3 developers have chosen to build dapps because of Ethereum’s inherent decentralization:

  • Anyone who is on the network has permission to use the service – or in other words, permission isn’t required.
  • No one can block you or deny you access to the service.
  • Payments are built in via the native token, ether (ETH).
  • Ethereum is turing-complete, meaning you can pretty much program anything.

Source: https://ethereum.org/en/developers/docs/web2-vs-web3/

1. What is a token?
A token is a digital resource/asset used to power up smart contracts. Ethereum system, tokens represent a diverse range of digital assets, such as vouchers, IOUs, or even real-world, tangible objects. Essentially, Ethereum tokens are smart contracts that make use of the Ethereum blockchain. Tokens bought, sold, or traded.
Tokens can be fungible or non-fungible.

2. How do you create a token on Ethereum?
Tokens can be created on the Ethereum blockchain by creating a smart contract.

3 Likes
#2560
  1. The benefits of using web 3.0 is that there is more value added to the users and protocols. In web 2.0 the only ones that benefit are the apps that are created on top of the protocol. With web 3.0 the protocol benefits the most because in order to utilize the smart contracts to build dapps the underlying cryptocurrency must be purchased to pay gas. Then the dapps may offer tokens which benefit users of the dapps as adoption and use is paid to the users. It essentially creates a system where use at every point of the ecosystem is incentivized.
  2. A token is a currency created by a dapp that aims at creating value within the use of the dapp to its users. These tokens may be used for array of objectives that strive towards creating value within the dapp.
  3. Tokens are created through smart contracts and required to be structured through one of three ERC standards, depending on the token’s use.
1 Like
#2561

1- web 3.0 is decentralized and can not be censored or sanctioned an therefore all people from all of the world can build something massive. another benefit is that we can build incentiviced models to compete with monopolies.
2 -a token is a unit of value that is build on a base layer smart contract protocol.
3- first you have to write the code , then you create a wallet , then you get test ethers, after debuging the code you remix it and pulish and verify it.
for more detailed readings read:
https://www.codementor.io/@vahiwe/building-your-own-ethereum-based-ecr20-token-in-less-than-an-hour-16f44bq67i

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#2562
  1. What are the benefits of web 3.0 (decentralized internet)?

The people who develop the application on the decentralized internet will get the benefit

  1. What is a token?

A decentralized application (DAPP) that build on the decentralized network

  1. How do you create a token on Ethereum?

To create a token on Ethereum you need to use the standard code or the token standard like ERC20

1 Like
#2563

  1. Web3 will be deployed on the new blockchain technology like Ethereum and benefit from it’s decentralised distributed global ledger and cryptographic security. It will not be controlled by major corporations like Google, Facebook etc where personal data is stored. Users will be able to follow their own data, which will remain private, due the nature of blockchain security. Information will be globally available as any data will be distributed over the whole blockchain network and no third parties controlling access. Consumers will be able to connect directly to producers on a peer to peer secure basis.

  2. A token is simple a digital asset that can be built on top of the Ethereum blockchain using a smart contract. These assets are tracked on the block chain in the same way as Ether crypto currency and can represent anything from gold to a new currency.

  3. Create a new smart contract using Solidity, for example, which is compatible with the ERC20 token specification standard. Set the maximum amount of tokens at contract creation time known as the initial coin offering (ICO). Then deploy the smart contract on the Ethereum blockchain.

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#2564
  1. What are the benefits of web 3.0 (decentralized internet)?
  • small companys have a change to get a big player. By direct interacting and incentive there direct clients in early adoption.
  1. What is a token?
  • The currency of an smart contract running on a blockchain.
  1. How do you create a token on Ethereum?
  • A token can be created by creating a smart contract using one of the token standards like ERC20, ERC721 and ERC1155
1 Like
#2565
  1. What are the benefits of web 3.0 (decentralized internet)?

Decentralization will eventually enable greater freedom and development, as there will be less abuse of power by the big centralized powers

  1. What is a token?

A unit (asset) on a ledger built on top of the Ethereum blockchain

  1. How do you create a token on Ethereum?

You can create a token through programming on Ethereum

1 Like
#2566

Great answers. It’s easy to understand. Great work. :clap:

Carlos Z.

1 Like
#2567

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

  2. What is a token?

  3. How do you create a token on Ethereum?

    Answers
    1).
    (i). Elimination of the central point of control: Meaning intermediaries like Apple and Google will no longer be in control of the user data because Web 3.0 is built on blockchain platforms like Ethereum which is totally decentralized.

(ii). Ownership of information or data: The end-users will regain the complete ownership and control of their data and have the security of encryption.

(iii). Access to Information: The vision is to ensure the user can have access to information as much as possible from anywhere in the world.

(iv). ‘Permission-less’ blockchain: The users will not be restricted on account of their income, geography, orientation, gender or a series of other demographical and sociological factors. Therefore anybody can create an address and interact with the blockchain network

(v). Uninterrupted service: The data will be stored on the distributed nodes to ensure redundancy, and multiple backups will prevent seizure or server failure.

2). Token: A token is a cryptocurrency built on top of an existing blockchain like ethereum.

3). A token is created on ethereum by implementing smart contracts created with programming language such as solidity in strict compliance with the ERC-20 standard to ensure fungibility, integration and interoperability with other tokens on ethereum.

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#2568

1-Web 3.0 can be used to make a representation of anything fungible or nonfungible on a ledger blockchain & can be used by a smart contract in many imaginable & unimaginable ways.

2-A token is an asset, which can represent anything & is represented on a ledger called a blockchain

3-A token is created by a smart contract that describes what it is & how it is used.

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#2569
  1. What are the benefits of web 3.0 (decentralized internet)? — instead of value only being captured by Google, Facebook, etc (as opposed to the protocol like TCP/IP) which was the case in Web 2.0, Web 3.0 captures the value in the protocol (Ethereum), which supports d’Apps, decentralized websites, token economies. Takes power away from centralized bodies.
  2. What is a token? — incentive structure to capture value and create token economies within their own networks and communities
  3. How do you create a token on Ethereum? — implementing a smart contract
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#2570

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

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#2571

  1. One benefit is the opportunity for protocols to gain value instead of only the applications (Google, Facebook). Also you’ll be able to create your own cryptocurrency on Ethereum.

  2. A token is value existing on a blockchain.

  3. By creating a smart contract on Ethereum.

1 Like
#2572
  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 is where applications become smarter, more private, and more decentralized.

Benefits include transparency, fewer middlemen companies who aren’t transparent about their practices, incentivized creators, data ownership and sharing, and privacy by securing and tracking personal data on the web.

  1. What is a token?
    A token is a digital currency which is built using a smart contract on top of a network such as Ethereum. A token can be either fungible or nonfungible.

  2. How do you create a token on Ethereum?
    A token can be created by using the ERC20 standard which is built on top of the Ethereum blockchain network using the Solidity programming code.

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#2573
  1. Decentralised internet puts the power and money back into people’s hands rather than a few large companies.
  2. A token is a crypto asset build on a platform like Ethereum.
  3. Create a smart contract on the Ethereum network using ERC standards.
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