Homework: Web3.0 and Tokens

Ethereum 101
#2233
  • What are the benefits of web 3.0 (decentralized internet)?
  • What is a token?
  • How do you create a token on Ethereum?
  1. Works well across blockchain solutions and platforms.
  • Protects data being transferred through strong encryption.
  • Absence of a centralized entity.
  • Works seamlessly with next gen technologies like IoT.
  1. A token is fungible or non fungible digital asset created on Ethereum or other blockchain networks.
  2. A token is created on ethereum using VERY simple code such as ERC20 or other tokens such as ERC721 or ERC1155.
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#2234

  1. What are the benefits of web 3.0 (decentralized internet)?
    Benefits also go to user instead of the centralized company.
    It allow to conquer user that will never had goes to you if it wasn’t for a reward

  2. What is a token?
    It’s a currency that is based on top of a coin such as Ethereum
    It can be fungible for a currency (ERC20)
    or non fungible for video game use as every items are different (ERC721)

  3. How do you create a token on Ethereum?
    By using a smart contract

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#2235

Web 3.0 allows the network to benefit from the economics of the network unlike Web 2.0 where only a few applications got all the rewards. DAPs built on top of Web 3.0 can create their own economic models to incentive change and adoption. Compete with large corporations.
Tokens are the currency/incentives of the DAP(s) running ontop of a native network like Ethereum.
You build a smart contract on ERC20 standard & pay the gas required to fund the states of the smart contract.

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#2236

Homework on Web 3.0, and Tokens - Questions

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

Value is at the protocol level instead of applications (Web 2.0)

Ability to create your own cryptocurrency, economic model on platforms such as Ethereum / EOS /

Decentralized internet gives the opportunity for smaller companies to compete with large corporations….

…Early adopters are incentivised to use a new platform with rewards (tokens)

What is a token?

Tokens = most crypto currencies are tokens built on top of ethereum or other smart contract platforms.

It can be fungible for a currency (ERC20)

Or non fungible (NFT) for (primarily) video game use (ERC721 / ERC1155)

How do you create a token on Ethereum?

A token is created as a smart contract on ethereum.

You programme the token in solidity > converted into byte code for the EVM to execute the smart contract using:

ERC20 standard for fungible tokens

ERC721 / ERC1155 = NFT’s are non fungible tokens

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#2237

  • While the web 2.0 term encompasses the idea of building user-centric web applications and fun/engaging features based on client-side programming (javascript), web 3.0 introduces the concept of decentralisation. This means removing the need to rely on a central entity (private company) to host websites or run a web app. With web3.0, monetisation and control can remain with the user (such as with Steem or BAT for example).

  • A token is part of the protocol on which a dapp is built. A token can be bought and sold on exchanges. It can be fungible (all tokens have the same value and are inter-changeable) or non fungible (each token is unique, such as title of land ownership or a cryptokittie). In order to execute on a platform, the code within a Dapp consumes the token of this platform (as it is the case for Ethereum for instance). In theory the market value of a token may go up if more Dapps are running on the platform.

  • You create a token on Ethereum by deploying a smart contract that complies with one of the token standards (For instance the ERC20 standard for generic tokens or ERC 721 for Non Fungible Tokens). Tokens can also exist on other platforms than Ethereum (EOS, NEM).

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#2238
  1. Web 3.0 allows smaller companies to compete with large companies like google and facebook. Early adopters are incentivized with tokens that will increase in value as the adoption increases. It also allows for protocols to have value, unlike http and tcp in web 2.0.
  2. A digital asset (fungible or non-fungible) created by a smart contract, built on top of a blockchain network like Ethereum, EOS, etc.
  3. By creating a smart contract using a standard like ERC20, ERC721, ERC1155.
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#2239
  1. The benefits of web 3.0 (decentralized internet) is that it has the potential to give value to the users as well the website through the rewarding of tokens.
  2. A token is a currency that is the value of smart con tracts that are built on programs such as Ethereum or they can be rewarded.
  3. You can create a token on Ethereum when you build contracts on the Ethereum platform or program, these tokens have value that can vary (non-fungible or fungible).
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#2240
  1. What are the benefits of web 3.0 (decentralized internet)?
    Early adopters are incentivized to compete with large companies like google, facebook. They are rewarded with higher number of tokens in the beginning to promote adoption.
  2. What is a token?
    Cryptocurrency/DigitalAsset on Ethereum
  3. How do you create a token on Ethereum?
    Created by Smart Contracts on Ethereum
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#2241
  1. Bringing the monopoly of big players taking our data for free to the actual users of the internet.
  2. Ethereum has the ERC-20 token standard for the tokens (smart contracts, dapps) which are built on top of its network. Basically the majority of the alts are tokens.
  3. You can create a token by writing a smart contract on Ethereum blockchain, by following the rules of a particular standard (eg. ERC-20)
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#2242

  1. unlike web 2.0, most of the value is captured at the protocol level giving the users the ability to capture value rather than one entity. Also, because it is decentralized, monopolies would not be possible.

  2. A token is a currency built on the ethereum contract

  3. by building a small application (smart contract) on top of Ethereum

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#2243
  1. This gives a small companies a chance to compete with big companies like google, facebook.Value is captured in a protocol level.
  2. Token is a cryptocurrencie that is built on top of another cryptocurrencies blockchain with smart contract.
  3. Making a smart contract with ERC20 token standard(or some other token standard)
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#2244

Answers to Homework on Web 3.0, and Tokens

  1. What are the benefits of web 3.0 (decentralized internet)?
    It allows small companies and startups to compete to other Giant companies, that have normally been untouchable, like Google, by making it be more valuable to be an early adopter to a new innovation.

  2. What is a token?
    A token is a crypto currency that has his own economy, and is built on top of a crypto coin, like Ethereum platform.

  3. How do you create a token on Ethereum?
    By program (deploying) a Smart Contract using the ERC20 standard.

1 Like
#2245
  1. Using Web 3.0 we can decentralise data, eliminate middleman, allow new businesses to compete with old ones by using incentives to early users.
  2. A token is a representation of value created on the Ethereum blockchain.
  3. A token is created on the Ethereal platform, by using ERC20 standards to create a smart contract.
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#2246 
1. What are the benefits of web 3.0 (decentralized internet)?
    - Incentivizes early adopters - reward systems.
    - Provides competition to the 'large centralized' [monopolies or near monoplopies]
    - Decentralized so cannot be easily shutdown/remove content or funds/holdings.

 2. What is a token?
    - A token is a digital assest (cryptocurrencies) that do not have their own blockchain.
      (They run on another blockchain like the thousands on ethereum)
      Example Ethereum, Bitcoin are Coins since they are on their own blockchains.
         - ChainLink or other ERC20, ERC721 and ERC1155 run on top of the
           Ethereum blockchain are tokens.

 3. How do you create a token on Ethereum?
     - A token is created by writing a smartcontract based on the standards outlined
       in the fungible: ERC20 or non-fungible: ERC721 and ERC1155.  Other ERC standard
       definitions are: https://eips.ethereum.org/erc
     - Or the common clone and modify a previous project..  sigh .. :)
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#2247
  1. The early adapters can get the benefits of the growing internet because of the tokens.
  2. A digital asset that is created on top of the blockchain is a token.
  3. Write a code using the ERC20 or others ERC standarts.
1 Like
#2248
  1. What are the benefits of web 3.0 (decentralized internet)?
    Protocol being able to capture value
    Dapps
  2. What is a token? Digital assets
  3. How do you create a token on Ethereum? ERC 20 standard
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#2249
  1. Creates a trustless system. Companies would not need to pay profits to central authority in transactions .Also, Web 3.0 allows an open economy, in which early adopters are incentives by being the first ones to use a program.
  2. A token is a cryptocurrency that is developed using a smart contract.
  3. ETH uses smart contracts to create tokens.
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#2250

  1. Decentralization means, that individuals regain power from giants by the use of economical incentives and network effect. I am thinking how through history power has always been shifting from “giants” to small private entities and vice versa. Technologies had great effect on transferring of power, by becoming widely available to the masses. Few examples are printing machine, steam machine, gunpowder, electricity, nuclear power, personal computer. Now blockchain could be the new “arrow and bow” in this never ending Robinhood story.

  2. A token is one of many possible projects built on a blockchain, which share a common standard.

  3. Token is created by deploying smart contract on ethereum blockchain.

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#2251

  1. What are the benefits of web 3.0 (decentralized internet)? The benefits are the economic incentives available to early adaptors or a particular site. Early adaptors can be rewarded with tokens that becomes more valuable over time as the social network gain in popularity.

  2. What is a token? A token is a coin that is produced from a smart contract built off a native platform, such as Ethereum blockchain.

  3. How do you create a token on Ethereum? Create a token by building a smart contract off the Ethereum platform and giving coin rewards to encourage use of the application.

1 Like
#2252

  1. Web 3.0 (decentralized internet) allows for a more even playing field in the markets. Smaller players are afforded an edge to compete with those larger players (ie - compete in social, tech landscapes against facebook, google, etc). the foundation of web 3.0 is driven by incentivization and tokenization. More acutely, in other models (non-web 3.0) there is no inventive to be an early adopter of new tech/platforms. whereas, in web 3.0 users can be incentivized for early adoption through tokenized investment in a platform. as the value of that network/platform increases, so does the value of that tokenized investment, thus driving greater competition in the markets. high risk, high reward.

  2. a token is a digital asset/cryptocurrency developed through a smart contract. tokens can be either fungible (all the same), or non-fungible (all unique), that represent value in that originating smart contract. tokens can hold value (currency) that fluctuates with demand, ultimately signifying a smart contract’s community development, adoption, and potentially valuation.

  3. tokens are created on a network (ie -ethereum, for example) through the development of smart contracts layered on the network. they are integrated with the characteristics of the network which allows for easy interoperability with the rest of the smart contracts on that same network.

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