Homework: Web3.0 and Tokens

Ethereum 101
#2273

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.

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#2274

[quote=“filip, post:1, topic:8447”]

  • What are the benefits of web 3.0 (decentralized internet)?
    incentivizes early adopters get more rewards and they help the platform grow.

  • What is a token?
    is a fungible or NFT , basically a smart contract

  • How do you create a token on Ethereum?
    [/quote] with the solidity programming language, using a smart contract.

1 Like
#2275

  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 is the future of the internet, where applications become smarter, more private, and more decentralized. Web 3.0 creates a more open and transparent internet and shift control from large to companies to individuals.

  2. What is a token?
    Tokens represent programmable assets or access rights, managed by a smart contract and an underlying distributed ledger. They are accessible only by the person who has the private key for that address and can only be signed using this private key.

  3. How do you create a token on Ethereum?
    Ethereum Blockchain provides the facility to create your own tokens on top of there blockchain. Ethereum Tokens adhere to a specific standard called the ERC20 Standard. These token can be created to work as a token on there own or work as loyalty points or exclusive membership tokens.

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#2276

  1. What are the benefits of web 3.0 (decentralized internet)?
    The benefits of web 3.0 are more distributed than before. Because of the increase of token price early adopters are able to establish their business without any big investment.
    Because of its decentralized structure there are no powerful middle men who distort competition.

  2. What is a token?
    A token is built on top of an existing network which is able to process smart contracts.

  3. How do you create a token on Ethereum?
    You can create fungible ERC20 tokens and not fungible tokens by following the standards of ERC721 or ERC1155 and simply deploy a smart contract.

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#2277
  1. A benefit from using web 3.0 is that it shifts the monopoly in applications making all the money to giving small companies the opportunity to compete with the large corporations. This is beneficial to everyone since early adopters are compensated for growing the network.
  2. A token is money that is programmed to a fixed supply and also have a specific function using smart contracts.
  3. You create a token on Ethereum by using ERC20 smart contracts.
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#2278
  1. Benefits of using web 3.0 is that it rewards Protocol and early adopters
  2. A token is a application that is built top of the existing network such as ethereum.
  3. Using ERC20 standardisation to create a smart contract.
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#2279

-The value is captured at the protocol level. The canon tent users contribute is rewarded.
-Allows smaller players to get in to the market being decentralized
-Removes there middleman for full transparency and mored earning potential.
2. A token is a digital asset (fungible or non fungible) that may be used different ways. It is produced by using a smart contract.
3. A token is created by writing a smart contract.

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#2280

  1. Web 3.0 is a decentralized internet that is censorship resistance, provide more privacy, it incentivized everyone that contribute to developing and investing in the network, it also remove monopoly of bigger companies, but allow new startup companies to interact with web3.0 protocol and capture values base on the economic solutions they have created.

  2. Token is digital asset build with ethereum or EOS network by the use of smart contract .

  3. Token can be created by the use of ether. smart contract with ERC 20 standard

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#2281
  1. What are the benefits of web 3.0 (decentralized internet)?
    Decentralized internet (web 3.0) provides the ability for programmers to capture value on the programming level, unlike html… Also, platforms have the ability to compete with larger entities by incentivizing early adoption with rewards such as tokens for participating on your platform and helping it to grow.
  2. What is a token? A token is essentially a smart contract on the Ethereum blockchain.
  3. How do you create a token on Ethereum? You create a token on Ethereum’s blockchain by using the Turing Complete language Solidity.
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#2282

Does the post unlock or do I just move past it?

#2283

  1. One benefit is that the value (money) is at the base layer of the network rather than the applications that are built on top of it. This model supports the development of the network.

  2. A token is an asset that is created using a smart contract on top of the network

  3. by creating a smart contract

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#2284

Homework: Web 3.0 and Tokens

  • What are the benefits of web 3.0?
    • It will provide more transparency of data.
    • Central points of control will be eliminated – will be decentralized.
    • Services will be more efficient.
  • What is a token?
    • Crypto tokens are a type of cryptocurrencies that represent an asset or specific use.
    • Different tokens have different functions and use cases.
    • Tokens are often used to raise money.
  • How do you create a token on Ethereum?
    • You create a new smart contract on the Ethereum Network and preferably use the Standard ERC20 to create the token.
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#2285

Answers Web 3.0, and Tokens

1: What are the benefits of web 3.0 (decentralized internet)?
It enables a new way of how value is created and distributed and therefore enables new economic models. It enables to break the paradigm of Web 2.0 where all the created value belongs to central instances (companies running bussiness modells like facebook).
In the decentralized web, the value lies in the network itself (like ethereum). The applications building on the network are able to create their own currency based on tokens and therefore create new economic models and attract users with that models.
I would say the core difference between Web 2.0 and 3.0 is, that Web 2.0 incentivizes users to participate by providing e.g. information, social interaction or specific services. Web 3.0 in addition insentivizes its users with making money (which is the incentive of incentives). Every user is able to make money just by participating (the amount of money of course depends on the dapp and their economic model). This will fundamentaly change the way internet is seen by now and create a whole new economy.

More benefits come along with the blockchain-technology like trustlessness, immutability, availabilty and security.

2: What is a token?
In ethereum, technically a token is a smart contract. Tokens can be created on top of the ethereum network and can be used as currency for specific use cases. So dapps can create tokens and therefore create an economic model.

3: How do you create a token on Ethereum?
You can create a token by implementing a smart contract which complies to a specific standard. The ERC20-Standard is the standard for fungible tokens. For an ERC20-Token you would create a smart contract which implementes all the functions defined in the ERC-20 standard (balance(), approve() etc.).

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#2286
  1. The most value accrues to the protocol (network) not the apps. The apps create their own economic model/system and tokens.
  2. A token is a smart contract or decentralized app on the Ethereum network. ETH is the native token on the network.
  3. By programing a smart contract using ERC20, then buying ETH to pay for your gas in using the ecosystem.
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#2287

1 level playing field smaller operators can compete with larger players

2 digital asset created through a Smart contract

3 Token created through a smart contract use token standard such as erc20

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#2288
  1. What are the benefits of web 3.0 (decentralized internet)? - Value can be obtained through investing in the protocol.
  2. What is a token? It is a smart contract written to perform a set of instructions based on certain conditions in the code.
  3. How do you create a token on Ethereum? You use a programming language (I think it is with javascript on Solidity) to write a set of instructions
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#2289

1.It is an incentive to be early adopter because of the reward decrease over time but the value increase.
2.A token is a fungible and non fungible asset created on the blockchain.The tokens can have equal value when they are fungible and different values when non fungible.
3.The tokens are created via smart contracts in different format and it is set to be fungible or non fungible.

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#2290

  1. Democratization of the internet, transparency, data privacy, network security, shared economy…

  2. A token is a fungible or non-fungible digital asset that runs on a blockchain network and is used as an incentive and medium of payment to use smart contracts of a particular DApp on the network.

  3. Coding smart contracts using Solidity language following one of Ethereum network’s standards (ERC-20 for fungible tokens / ERC-721 for non-fungible tokens / ERC-1155 for both fungible and non-fungible tokens)

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#2291

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

  • Decentralisation means giving the power to each one in the network
  • Gives smaller Companies the possibility to compete against giant ones
  • Web 3.0 has a money/ currency layer

2. What is a token?
A Token is a smart contract/ Value on a Blockchain (Mostly Ethereum). Tokens can be devided into ERC20 (fungible) and ERC 721 (non fungible).

3. How do you create a token on Ethereum?
You crate a smart contract in solidity according to the token standards.

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#2293 
  1. What are the benefits of web 3.0 (decentralized internet)?

Protocols are able to capture the financial benefits, WEB2.0 (HTTP) didn’t capture any benefit, instead google, FB, twitter did. But in web3.0 the protocols always does captures financial gains.

  2. What is a token?

A token is build maybe on a platform such as Ethereum. Programmable digital asset. A smart contract with a database

  3. How do you create a token on Ethereum?

with code and There are standards : ERC20 - create a smart contract.

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