Homework On Web 3.0, and Tokens:
Q1: What are the benefits of Web 3.0 (Decentralised Internet)?
A; Because Web 3.0 is based on being decentralised the benefits to the users of such are similar if not the same as those associated with the use of the blockchain, and that’s because Web 3.0 makes use of the blockchain. Therefore to name some benefits like:
- No single or centralised ownership
- Global database therefore you and many others share in the ownership and creation of consensus rules.
- Enhanced Security
- Early adoption rewards
- Online access 24/7/365
- Finality
- Trust in the system
- Greater Transparency
- Improved Traceability
- Increased Efficiency and Speed
- Reduced Costs
Q2: What is a token?
A: A token is a decentralised application built on top of a smart contract platform such as Ethereum or other smart contract platforms.
Q3: How do you create a token on Ethereum?
A: Tokens can be created on top of Ethereum using ERC20 standardisation which is used to define how the programming of tokens can be achieved on Ethereum or other smart contract platforms.