Homework: Web3.0 and Tokens

Ethereum 101
#2735

  1. What are the benefits of web 3.0 (decentralized internet)?
    Benefits of decentralized internet is that a value belongs at a protocol level. Not a company who uses the protocol. This will lead to more competition.

  2. What is a token?
    Token is a smart contract economics that is created on top of Ethereum network.

  3. How do you create a token on Ethereum?
    By using ERC-20 standard.

1 Like
#2736

  1. The benefits of Web 3.0 are the democratization and monetization of new web based protocols, making it possible for the masses to profit and have equity in the data/apps and social media spaces of tomorrow. Defacto centralized control of the internet by a few power players, is not a good thing. Web 3.0 can address that, while also building micro-economies that incentivize the building of communities.

  2. A token is a coin/currency developed by a smart contract/dapp, built on top of Eretheum.

  3. A token is created using the ERC20 standard in dapp programming for smart contracts, which ensures universality as far as wallet communications for example (fungible tokens). Or, tokens can be created using ERC721 or ERC1155 to create NFT (non-fungible tokens), primarily used in the gaming space.

1 Like
#2737
  1. What are the benefits of web 3.0 (decentralized internet)?
    Trustless, unstoppable, more rewarding to the masses, more incentives for the usage.
  2. What is a token?
    In is a digital asset created by a smart contract on the ETH blockchain
  3. How do you create a token on Ethereum?
    By deploying a smart contract on the ETH blockchain
1 Like
#2738

  1. What are the benefits of web 3.0 (decentralized internet)?
    A) Allows small business to compete with larger corporations. Cuts out middleman.

  2. What is a token?
    A) Cryptocurrency of a smart contract that’s built on top of the Ethereum network.

  3. How do you create a token on Ethereum?
    A) A token can be created by a smart contract using the ERC20 standard for example.

1 Like
#2739
  1. The developers of protocols that were critical to Web 2.0 such as HTTP and TCP were not able to benefit economically. Instead the developers of applications such as Google and Facebook benefitted greatly. In Web 3.0 that developers of Ethereum for example are able to benefit from those applications that are built on top of Ethereum. This can be confirmed as the market cap of Ethereum is much greater than the tokens for the applications built on top of Ethereum.
  2. A token is a crypto currency that serves as a transaction unit on its own blockchain. They are created using the standard templates like that of the Ethereum network.
  3. To create a token on Ethereum you start with Metamask, a wallet for Ether. After Metamask is set up, you start working down the fields. You define your token name, symbol, supply, price, and decimals. You can finally create a token sale though a service such as Coin Launch.
2 Likes
#2741

  1. The benefits of Web 3.0 are that there will be an even playing field allowing for smaller companies to operate efficiently on the internet instead of just a few large companies continuing to have the monopoly such as Google, Facebook and Whatsapp.

  2. Tokens are small applications built on top of another blockchain using a smart contract such as an ERC20 token built on top of the Ethereum Blockchain.

  3. To create a token on the Ethereum Blockchain we are to use the ERC20 token standard.

1 Like
#2742
  1. It captures value on the protocol level and not just application level.
  2. A smart contract that is build on a blockchain network such as Ethereum
  3. By building a smart contract on the Ethereum network based on the ERC20 standard.
1 Like
#2743

  1. None, or less centralized concentrated power and less vunerability

  2. digital asset on a blockchain

  3. by using smart conracts on top of Ethereum

1 Like
#2744

  1. Monopolies are more difficult to happen, weath is distributed more equally throughout the network.

  2. a token is a new currency build on top of the ethereum network. It can respresent the currency for a Dapp.

  3. With the ERC20 token standard.

1 Like
#2745

  • What are the benefits of web 3.0 (decentralized internet)?
    -> it is decentralized (thank you captain obvious ^^’ ) and the stucture of the network is ‘physicaly’ a part of the value

  • What is a token?
    -> An ‘artifact’ build on a blockchain

  • How do you create a token on Ethereum?
    -> It is programmed in Solidity but you’ll have to ‘pay Ethereum’ to deploy it.

1 Like
#2746

  1. It is trustless, and does not rely on a single source of truth. This means data can be verified digitally without being stored on central servers.

  2. A token is a type of cryptocurrency, there are many types of token. On Ethereum there is ETH the native token of the network, ERC-20 (Fungible Tokens) and ERC-721 (NFTs).

  3. You would write a smart contract that defines a token and all the necessary methods and properties and write the code to mint the specified number of tokens you want to mint. You would then need to execute this smart contract.

1 Like
#2747

What are the benefits of web 3.0 (decentralized internet)?
A. reduces the monopoly creating a better free market.
What is a token?
A. A programable asset which can be run on the etherium blockchain.
How do you create a token on Ethereum?
A. Using the source code for ERC20.

1 Like
#2748
  1. What are the benefits of web 3.0 (decentralized internet)?

  • Web 3.0 will allow smaller companies to enter the game and compete with the tech giants through dapps.
    No longer will the tech giants be in control of everything. Everyone can compete to create the best application and earn profits.

  • Removal of middlemen or third parties will make anything you use cheaper.

  • Less censorship, less control and less suppression of speech and freedom

  1. What is a token?

A coin is a cryptocurrency that is native to its blockchain, Ether is the cryptocurrency coin used on the Ethereum blockchain.
Coins are used to pay fees, pay miners etc.

Tokens however do not have their own native blockchain. It’s created by a smart contract, built on top of a blockchain network.

  1. How do you create a token on Ethereum?

There are different steps but to summarize it briefly: Dapps create tokens by using token standards like ERC20.Create them through a smart contract.

1 Like
#2749

  1. What are the benefits of web 3.0 (decentralized internet)?
    With web 3.0 the internet and its value are moving from centralized platforms to decentralized applications which will decrease the power of many big players.

  2. What is a token?
    A token is a smart contract, which is a software application, which can be its own cryptocurrency

  3. How do you create a token on Ethereum?
    With a token standard like ERC20 since it is broadly accepted on exchanges and wallets

1 Like
#2750
  1. What are the benefits of web 3.0 (decentralized internet)? - the benefits go to the users, not to the giants that created a monopol more or less in the market. the economic model allows users to adopt the system early on, and by growing the network, the model grows, the users benefit, not as much as in the beginning, but still.
  2. What is a token? - a piece of code that contains instructions which are executed by the EVM and that runs on top of the ETH blockchain or other smart contracts platforms such us EOS or NEO.
  3. How do you create a token on Ethereum? - you program it using ERC20 or ERC721, it is a “native cryptocurrency” of a smart contract that runs on ETH blockchain.
1 Like
#2751
  1. Web 3.0 allows people to capture the value on the protocol level, via coin’s and tokens.
  2. A token is a programable digital asset.
  3. By using the ERC20 standard
1 Like
#2752

  1. It starts to incentivise new small business owners or early adopters to social network platforms for applications on the internet.

  2. A token is fungible or non fungible digital asset created on Ethereum or other blockchain networks.

  3. You create an ERC20 smart contracts to use for design and starting your own token.

1 Like
#2753

Web 3.0 being decentralized incentives early adopters, which in turn allows the developer to compete with the monopoly.

A token is a smart contract written on top of Ethereum via ER standards.

A token is simply a smart contract deployed to have monetary value.

1 Like
#2754
    1. Web 3.0 allows the value / reward to be captured on the protocol level, rather than only by the applications using the protocol.
    1. A token is a smart contract (small piece of code) running on the blockchain.
    1. On Ethereum you would create a smart contract following the ERC20 standard, which is then executed by the EVM.
1 Like
#2755

  • What are the benefits of web 3.0 (decentralized internet)?
    The creators like with Ethereum get money when somebody builds on their blockchain. It is decentralized. And incentives people to be early adopters because there are much more gains to made as an early adopter.

  • What is a token?
    It is programmed money (cryptocurrency, digital asset) for example on Ethereum network based on a smart contract. It can be fungible or non-fungible, fungible tokens are all the same but non-fungible tokens are not.

  • How do you create a token on Ethereum
    You can create a token on Ethereum network using a smart contract.

1 Like