Homework on Web 3.0, and Tokens - Questions
It will be a real power for compete against big company monopoly. When we can create token economic model in a decentralizzed network through smartcontract, we have infinite possibility. For example, economic incentive for early tecnology adopter; or direct economic rewards for media content creators; or both in one solution!
A token is a programmable digital asset deployed in a blockchain with a smartcontract message. Token can be a rappresentation of abstraction, real financial value or utility in many way.
Editing and then deploying the contract code (ERC-20 standard for fungible tokens or ERC721 and ERC1155 for non fungible token) in the network through a wallet address. Now you can verify and publish your contract in the networkscan, like Etherscan .io. So you have your new token in your wallet (or other wallets if you have program it in the contract).
One of the main benefits is that small organizations such as start-ups can create their own economic/financial models that run independently from traditional finance. In this way they can incentivize early adopters and grow their community faster.
A token is a smart contract that contains the balance for the addresses that hold a value defined by the contract creator (ex. licenses).
The most convenient way is following standards such as ERC-20 or ERC-721.
1. What are the benefits of web 3.0 (decentralized internet)?
○ attract new users by offering real Incentives for adoption
2. What is a token?
○ A Token is built on smart contract platforms like Ethereum. Tokens are programmed money of fixed supply based on smart contracts.
3. How do you create a token on Ethereum?
○ A token can be created by implementing a smart contract using one of the token standards like ERC20 (for fungible tokens) or ERC721 and ERC233 for unique, non-fungible tokens.What are the benefits of web 3.0 (decentralized internet)? - One of the main benefits is that individuals or smaller companies will be able to compete at the same level as large monopolizing corporations. This is made possible by the fact that the protocol retains the most value over the Dapp which resides on top of the network. Essentially in Web 2.0 corporations are making money from the free information you provide them, early adoption does not return value to the user and as users increase it is the corporation that is rewarded. With Web 3.0 Early adoption is a huge benefit because it is easier to earn value in the form of tokens and as users increase so does the Dapp, token and network value. The user is rewarded. Happy days.
What is a token? - Is a cryptocurrency represented by a smart contract that resides on top of a network. Tokens are defined by different standards;
1.- The protocol has the ability to generate value. This incentive the early adopters to participate and make the network growth
2.- Is a digital asset programmable in a smart contract. The asset could be fungible or not fungible
3.- Created in ethereum using a smart contract with a ERC20 standard
The value is captured at a protocol level and it gives smaller business/startups an opportunity to compete with the bigger companies that currently hold a monopoly.
A token a separate form of currency used by a Dapp running on the ethereum blockchain.
When you create a smart contract using the ERC20 standard
1.Web 3.0 is able to capture value and return it to the participants. Web 2.0 value was collected just by the application companies.
2. Tokens are smart contracts built on top of another network like ETH that have their own currency value apart from ETH.
3.Token are created through smart contracts fueled by the main network coin i.e. ETH coin.
What are the benefits of web 3.0 (decentralized internet)?
smaller and startup companies have a way of competing with giant ones like Google or Facebook. Being an early adopter becomes valuable here. More privacy and also no fear of severe censorship from said giant companies in control
What is a token?
an asset as part of a dapp that is running on top of an already existing protocol (such that Ethereum as the main protocol has its coin, Ether, but smaller apps running on its protocol are going to “tokens”). may be fungible or non fungible.
How do you create a token on Ethereum?
by implementing smart contracts using an existing token standard such as ERC20. you will have to purchase Ether in order to execute these smart contracts. (which in turn likely raises the price of ETH, hooray for those of us HODLing ETH!!)
The main benefit of web 3.0 is that it captures the value on the protocol level. And it also allows for different Dapps to run on it, which will enable their users to earn rewards (tokens/money). Where on web 2.o the money goes to the giant corporations.
A token is a cryptocurrency applied by a smart contract built on top of a blockchain network.
To create a token on Etherium, you need to program a smart contract in the ERC20 standard.
What are the benefits of web 3.0 (decentralized internet)?
With a decentralized internet the value captured goes to the people that put value into the network.
What is a token?
A token is created on an already established network such as ETH, these ERC20 tokens are able to be traded and manipulated within DAPPs within the ETH network.
How do you create a token on Ethereum?
By making a smart contract to create ERC20, ERC721 or ERC1155 Tokens. Depending on the use case scenario.
Benefits of the web 3.0 is there are still few players that you compete with and you can adopt your platform and add its value.
Token is created on a smart contract platform and one of the major platform is ethereum.
Using the ERC20 you can create a smart contract and adopt it to what you want to do with it.
It brings Value to the protocol level, wich can be used to incentivise early adopters borough distribution for participation e.g.
A Token is a Crypto asset which runs on top of an existing network, eg. ETH, polka, etc.
A Token on ETH is created by coding a smart contract in Solidity, following the Standart for an ERC20 Token e.g. You need ETH for GAS to deploy and interact with your contract.