Homework: Web3.0 and Tokens

Ethereum 101
#2172
  1. redistribution of the wealth trough value creation, increased security, gain control over your online identity, democracy at the next level, the next big facebook or google can be each individual willing to learn about smart contracts and user interface development
  2. a token it is a value creator or programable money, once you program it properly there is no need of human intervention to reprogram it, it will revolutionize the job market and the number of redundancies, a token is different from a coin and is developed as a second layer on the top of different blockchains
  3. a token on Ethereum you create it using Solidity paying attention on the gas price each of your contract mathematical functions is required, you compile it and then deploy it on one of the testnets available and then you deploy it on the mainnet . There are several standards of tokens, but the token most common is ERC20 which is an utility token, used to make crowdfunding for your project or to sell the services of your company through smart contracts. It is important to understand from the beggining your concept in order to implement the best token standard.
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#2173

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

The benefits to web 3.0 allows for smaller startups to contribute to the community and network. With economic incentive with cryptocurrencies, it is possible to compete with larger corporations.

What is a token?

Tokens are cryptocurrencies built on top of smart contracts.

How do you create a token on Ethereum?

You can create a token on Ethereum by implementing the ERC-20 token interface code.

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#2174

1- The potential for universal opensource and decentralized implimentations of smart contracts and dapps to completely replace the traditional system as a whole in order to bring more fair order to individual economies and the overall global economy through cross platform consensus and interrogability. XD #NewWorldOrder! lol

2- basically small applications built on top of Ethereums Blockchain.

3- Well since tokens are essentially applications on Ethereum and smart contracts are the only applications i know of to exist on the Eth Blockchain ill have to assume that sticking strictly to the standards in place for those smart contracts you can create an ERC20, ERC71, or ERC1155 with impeccable code to create an impregnable and efficient application aka Token!! XD!

DUUKA DUUUUKA SMASH!!!

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#2175

  1. web 3 dapps are decentralized which means in order to pay for these apps or services you will pay in erc20 tokens which is ethereum. and in order for them to run and people behind these applications to be paid is like the same way mining works where with the miner they put through blocks in the blockchain and if they are invalid they wont let them pass through which makes sense in the idea where noone can just not pay for service and will have to pay in a currency which everyone will need to use or to be paid out in. as well there is inflation protocol as well so the price of gas doesnt inflate as well.

  2. tokens are erc20 tokens that are built from ethereum used to pay or run dapps through the ethereum network.

  3. you create a token through smart contract that uses erc20 standard.

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#2176
  1. Firstly the capture of capital at the protocol level, which is a first (Web 3.0). Ability to have “Dapps”, central / decentralized web server interactions.
  2. A token is a creation off of a coin protocol such as Ethereum ERC20.
  3. By adopting the ERC20 protocol and using the Ether token, there is a popular link below labled #19 below that can be followed.
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#2177

1-Benefits of web3.0 would be no central control. Profits from protocol actually going to project creators and not those who just use the protocol. Anyone can join, and start building.

2-A token is essentially a smart contract that is deployed on the ETH network that has its own economics and use cases. It is its own programmable digital asset.

3- You create a token on the ETH blockchain using the ERC20 standard with a smart contract.

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#2178

Homework Assignment : Web 3.0 & Tokens (Answers)

  1. Tokens for the protocol users.
  2. Incentives produced by standards in protocol.
  3. By using smart contracts standards. (ERC20,ERC721,ERC1155)
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#2179

2. What is a token?

Hi @mwonder, hope you are well.

That is not the definition of a Token, is a smart contract that follows a set of standard rules (ERC standards) along with customized functions (programmed instructions) that holds a use case which could represent some kind of value. Tokens lives or are designed inside of Ethereum’s blockchain, because Ethereum provide an entire programmable environment for this “smart contracts”.

The GAS is basically the fees that you will pay to execute one of the functions of a smart contract, that fee will be payed to a miner to use their computing power to append your transaction into the blockchain.

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

GAS fees are (for now) only payable through Ethereum token (ETH).

#2180

[quote=“filip, post:1, topic:8447, full:true”]
Homework on Web 3.0, and Tokens - Questions

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

Previously only a few huge companies monopolies the space and made the money. Decentralized internet makes it possible for smaller developers to be able to generate an income through the development of individualised and incentivised protocols.

  1. What is a token?

A token is a program/code written on a protocol as foundation. It enables the program to be easily included into exchanges.

  1. How do you create a token on Ethereum?

You write a program using Solidity as language and making use of ERC-20 or ERC
721 (NFT)

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#2181
  1. The benefits of web 3.0 (decentralized internet) are that it helps to remove monopolies and redistributes value to the protocol level, opening the door for small businesses to compete and providing incentives for early adopters, which promotes innovation. The cost of services will go down due to heightened efficiency. Dapps will create a token economy rooted in transparency and individual user autonomy, as data is reflected in the blockchain. This obviously will increase security and should also provide for greater ease of communication as well as collaboration.
  2. A token is a programmable unit of value determined by a smart contract application in a blockchain, such as Ethereum.
  3. A token on Ethereum is created by programming a smart contract which defines the parameters and the details of the token.
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#2182

Homework on Web 3.0, and Tokens - Questions

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

Enables decentralized projects like steemit where a centralized company doesn’t control user-submitted content. Small companies can compete with tech giants by reversing the network effect–early adopters of social networks normally have little incentive compared to large existing networks but there is an economic incentive in these cases to adopt early before the coin inflates.

  1. What is a token?

A smart contract in a system like ethereum that represent another currency on top of the native currency, such as ETH in this example. Tokens may be less fungible than the base coin by design.

  1. How do you create a token on Ethereum?

If it’s supposed to be fungible you use ERC20. If you want it to be non-fungible use ERC721 or ERC1155. In both cases you will have to implement certain functions like balanceOf that are already defined in the corresponding standard.

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#2183
  1. What are the benefits of web 3.0 (decentralized internet)?
    Opportunities for a lot of startup companies to use decentralize websites and compete with giant tech companies like Google, Youtube, Facebook, etc.
  2. What is a token?
    Smart Contract that represents their own currencies on top of Ethereum.
  3. How do you create a token on Ethereum?
    By using the ERC20 standard- Fungible- all tokens are identical to each other or type Non-Fungible Token, where they are unique and bear different IDs.
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#2184
  1. Investing in the protocol is beneficial for early adaptors and there are incentives for users of dapps built on the blockchain.
  2. A token is a cryptocurrency built on the Ethereum ERC20 blockchain.
  3. You can create a token on Ethereum by writing a Smart Contract of the ERC20 token template.
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#2185

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

  • In Web 3.0 applications become smarter, more private, and more decentralized.
  • Reduces drastically the number of middlemen because decentralization connects providers directly with consumers and no centralized authority will be able to take a percentage of an electronic transaction.
  • Ordinary people around can start businesses and find customers directly on Web 3.0.
  • Incentivizes creators, giving them a new advantage in competition with monopolistic companies.
  • Digital currencies and distributed platforms are breaking down national barriers and social prejudices.
  • Increased privacy, thus appropriate confidential data ownership.

2. What is a token?

  • Tokens can represent anything from a store of value to a set of permissions in the physical, digital, and legal world. Cryptographic tokens are programmable digital units of value recorded on a distributed ledger protocol (a blockchain) and represent a set of rules encoded in a smart contract (the token contract). Each token belongs to a blockchain address.

3. How do you create a token on Ethereum?

  • With Solidity, start by programming a smart-contract that is going to be deployed on the Ethereum blockchain. Then compile the program into Byte Code language and have it executed by EVM.
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#2186
  1. What are the benefits of web 3.0 (decentralized internet)?
    Compete with giants tech companies ( remove monopolies ), can use the financeiral incentive to make the things happen,
  2. What is a token?
    Token is a digital asset build in a Smart Contract on top on a Blockchain network.
  3. How do you create a token on Ethereum?
    Creating smart contracts and deploying on top on a ethereum network.
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#2187

Question #1: What are the benefits of web 3.0 (decentralized internet)?

It’s transparent and there is no need for trust as everything is on the network. It can be independent from from the major corporations.

You don’t need to pay for transactions and the middle men are cut out from the equation so it’s P2P.
The creator of the content is rewarded for his contribution instead of for example big social media network like Facebook - in other words its the users that gets the rewards for his/her contribution.

Question #2: What is a token?

A token contract is a smart contract that includes account addresses and their balances. The unit of the balance is token, which represents physical objects, another monetary value or a third the holder’s reputation.

Question #3: How do you create a token on Ethereum?

Using Solidity and Viper you can write a smart contract using the ERC-20 standard or others like ERC721 or ERC1115.

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#2188

1.Web 3.0 it means new economic system whitch alows small companys compete with larger bussines by taking of third party

2.Token is a cryptocurrency built on smart contract platforms(Etherium)

  1. you can create a toke on ETH using ERC20 token programing standarts by solidity programing program
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#2189
  1. The value is captured at the protocol level. And money does not go to the Middle man but more peer-to-peer.
  2. A token is a unit of value created on top of Ethereum by a token smart contract. Its generation, destruction and behaviour can be controlled by the smart contract
  3. A token can be created on Ethereum using a smart contract
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#2190

1. What are the benefits of web 3.0 (decentralized internet)? - The benefits of Web 3.0 include:

  • That the value generated from Web 3.0 is captured at the protocol level, which is the basis from which many other values are derived from (see below);

  • Enables the development of decentralized websites and Dapps;

  • Enabled more experimentation with new and niche economic models and incentivization systems;

  • Enabled websites that have their own crypto;

  • Supports the ability of small players to compete with giant corporations like Google and Facebook; and

  • Provides an environment within which early adopters to a product can receive economic value for being an early adopter, because of the existence of crypto and their use in the creation of economic incentives.

2. What is a token? - A form of value, usually in the representation of another asset class, based on a smart contract that: is built on top of a blockchain for which it is not the native cryptocurrency, such as a token built on the Ethereum network; and contains certain rules associated with the creation, earning, transfer, and destruction of such form of value.

3. How do you create a token on Ethereum? - Using the ERC20 standard:

  • Download the updated smart contract solidity code to be edited;

  • Generate a Meta Mask wallet, which will be the owner of the smart contract;

  • Get onto the Test Net and get test Ethers;

  • Edit the contract code in line with the ERC20 standard and your token characteristics;

  • Deploy the updated contract code and get it debugged and compiled;

  • Test the smart contract by sending test Ether to it;

  • Publish and verify your contract - if successful will generate your bytecode; and

  • Add the token to your wallet.

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#2191

#1) First, decentralized internet allows at least some of the value in developing protocols to be kept with the developers of that protocol. And when accompanied by standardized sets of commands (like ERC20) that can utilize a given Web3 protocol (like Ethereum), web 3 allows customized smart contracts to be executed that will have the benefit of no single, centralized control, high levels of security with blockchain protocol procedures underlying a smart contract, ability to transact in a defined, fungible, token, with accurate record keeping.

#2) Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain. Tokens can represent basically any assets that are fungible and tradable, from commodities to loyalty points to even other cryptocurrencies! (this is verbatim from the Altcoins vs Tokens : What’s the Difference homework (https://masterthecrypto.com/differences-between-cryptocurrency-coins-and-tokens/) I couldn’t have said it any better than the article states.

Utilizing standard ERC20 commands, you create a smart contract, with the token name, initial supply, decimal presentation, and conditions in smart contract under which token is transacted. This “token” is built over a web3 network like Ethereum.

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