Homework: Web3.0 and Tokens

[Ouzo69]

Homework on Web 3.0, and Tokens - Questions

1. What are the benefits of web 3.0 (decentralized internet)?
   While web 2.0 failed to capture the value on a protocol (like http or tcp) level. Instead companies like Google, Facebook or WhatsApp captured all the value with their applications on web 2.0. With the involvement of cryptocurrencies things will get much different, because most of the value in web 3.0 is captured on a protocol level. Web 3.0 is a decentralized web deploying decentralized applications (dApps).
   Even today many people think that services like Google are free. But if you look closely you are giving away a very valuable asset to Google, whenever you use a service: Your personal data, what you like and what you dislike. Google knows all of it and Google ads will be customized on every user based on the available information and this particular user’s Google searches. By placing the ads exactly on a users point of interest, this user may purchase some goods after clicking on one of these ads. So one should always remember: Google is not for free!
   Many web 3.0 models reward users for creating content. Or they pay you for providing your valuable data and don’t use these data without your consent. In this way value can be provided to the people, who really deserve it.

2. What is a token?
   On a technically level a token is a cryptocurrency build on top of an underlying smart contract platform like for example Ethereum, EOS, TRX or NEO.
   The most basic definition of a token is that it constitutes a unit of value issued by an organisation. But you can classify the tokens based on their use case:

Utility Tokens
Utility tokens grant holders access to a company’s future product or service. Holding these tokens a user has benefits in the ecosystem of this token. For example if you hold Binance tokens, you can use these tokens to pay your trading fees at Binance exchange at a discount. Use cases bring value to a token.

Payment Tokens
For these tokens the payment for goods or services is the primary use. In this respect payment tokens are similar to classic crptocurrencies like Bitcoin or Litecoin. However they may offer additional features like low transaction fees, fast transactions and easy of use in combination with a mobile app.

Security Tokens
Security tokens are similar to traditional shares because their value is derived from a tradable external asset. These tokens are regulated and like traditional assets without the paperwork.

3. How do you create a token on Ethereum?
   A token on the Ethereum should be created using a token standard like ERC20 (for basic functionality), ERC712 (for NFTs), ERC223(ERC20 with added functionality), ERC777 (ERC20 with advanced functionality), ERC1155 (for managing multiple token types) or ERC1337 (standard for recurring subscriptions).
   But besides the technicals the token economics is of great importance. A model rewarding token holders for using the services or contributing content to the platform can foster its adoption. Many reasonable use cases will bring value to a token. Another very important thing is the community supporting the token.
   For example Justin Sun bought Steemit Inc. and tried to gain control of the Steem network. Many Steemians disagreed and the fight with Justin Sun finally lead to a hostile takeover of the social media network by Justin Sun. But this was not the end! The Steem community implemented a hard fork to push out Tron CEO Justin Sun.The new fork, dubbed “Hive,” will focus on decentralization and run independently of the existing chain.

[jdbarrancs]

1. The benefits of web 3.0 is that the protocol has value, instead of the big companies having all the value like it happened with web 2.0. Early adopters are incentivized to help build it and make it grow. Incentives are a huge positive since everyone wants to make money, doing it this way could mean a faster than expected growth.

2. A token is a dapp or smart contract built on top of the Ethereum Network that is given a digital asset with value. It can be a fungible token or a non fungible token (NFT).

3. You create a token on Ethereum with Solidity programming language, creating a smart contract or dapp and using the standard ERC20 for fungible tokens and ERC721 or ERC1155 for non fungible tokens.

[Dimitar_Stefanov]

1. The value is that smaller companies will have a way to compete with the current giants.
2. A token is a cryptocurrency that is underlying a specific coin.
3. Using smart contract with a standard such as ERC20.

[Julia]

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

The protocol itself is valueable

2. What is a token?

A smart contract built on top of the ethereum blockchain

3. How do you create a token on Ethereum?

By creating a smart protocol using the blockchain

[dragos_andrei_87]

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

• The major benefit is that on Web 3.0 everyone will make money, the Technical Platform on which the Smart Contract are being created and also the Smart Contracts.
• Another benefit will be removing of third parties by creating Programmable Money through Smart Contracts.
• It can not be Censored.
• It is Unstoppable.

2. What is a token?

A token represents the money created on a Smart Contract. It is called a Token because the Technical Platform on which the Smart Contract was created on, has its own “money” called Coin.
Smart Contract = Token
Technical Platform = Coin

3. How do you create a token on Ethereum?

By creating a Smart Contract.

[Phyllis]

1. Web 3.0 allows for a level of decentralization with Dapps that can be explored through many different types of programming projects such as Steem. It also gives early adapters incentive to join because they can invest in tokens that are used for Gas and will become more valuable as more people adopt the platform

2. A Token is the currency used on top of the Ethereum platform to act as payment for Gas to carry out functions on a Smart Contract

3. Tokens are created through Smart Contracts to a certain standard (ERC20/223/777) to be able to all interact with one another on the EVM

[joshcross]

1. Web 3.0 aims to democratize the internet, allowing small businesses to compete with global corporations by incentivizing earl adopters. It will shift control of information from corporations back to individuals. It also can have money as a base layer for use in smart contracts.

2. A token is a programmable digital asset on a smart contract platform such as ETH, EOS, NEO, Etc.

3. You choose a name, symbol, max supply, number of decimals, & starting token price. Then use a tool to make an ERC-20 token with these details & broadcast it to the blockchain.

[ajcapo90]

Answers

1. Web 3.0 is an idea of internet decentralization, in which value is captured by the protocol level. In this democratized space small company could finally compete with huge industry by economic incentivize early adopter.

2. A token represents the coin created on a smart contract platform (ETH, EOS, NEO…).

3. I need to create a smart contract. I can create fungible token with ERC20 standars, or non fungible token (for gaming) with ERC721 or ERC1155.

[diogozas]

1. The web 3.0 uses a decentralised internet through platforms like ethereum enabling to build decentralised applications (dapps) that are trustless, permisionless (everyone can take part and join the network) and there is no central control, as consensus needs to be reached. There is an incentive from early adopters to help the community to grow.

2. It is a dapp representing a cryptocurrency built on top of ethereum or other smart contract platform such us NEO, EOS or Cardano and many others.

3. It is created using a smart contract in ERC20 format (fungible), none fungible using ERC721 or ERC233.

[Sebastiano_Fanini]

1. on web 3.0 the value is mostly on the protocol

2. a token is a digitl asset ( fungible or not)

3. for example coding wtih ERC 20

[David]

1. What are the benefits of web 3.0 (decentralized internet)? The benefit is to breakdown the monopolies such a google and Facebook. Having an efficient way to trade on the internet with crypto currency
2. What is a token? A token is a standard written on the Ethereum protocol. A smart contract can represent a token. There are ERC20 token standards , which is fungible. Also, NFT’s which is a non fungible token used in games , such as ERC 721 and 1155.
3. How do you create a token on Ethereum? You can create a token with a smart contract.

[ge-ek]

1. That the user is rewarded instead of big companies such as Google, Facebook etc. for using a network, because their contribution to the network is valuable. Also atm we don’t get paid for our data which we hand over to big corporations. That should also change with a digital identity
2. A token is build on top of ETH using a smart contract.
3. A token can be created by implementing a smart contract such as ERC20 on top of ETH for example.

[vale]

1. Decentralized web, smart contract, dapps, reliable storage since data is distributed(IPFS) and etc.
2. A token is a programmable digital asset on a smart contract platform such as ETH, EOS, etc.
3. By creating a Smart Contract.

[begood]

1. You gain liberty, no more centralized shiiiit; power is shared, leveraged and distributed. Incentives to those who brings value to the network is finally being implemented. Creator of protocols (Blockchains) can now earn and share “money”.

2. a token is a fungible (ERC20) or non fungible digital assets (NFTs) programmed on Ethereum or other blockchain.

3. By creating a SC (smart contract) on top of Ethereum blockchain.

[Gagnon]

1. What are the benefits of web 3.0 (decentralized internet)? The decentralized internet allows smaller companies the opportunity to compete and capture more of their value creation than the large corporations that dominated web 2.0 (Google, Facebook, etc).
2. What is a token? A token is a digital asset created on a blockchain that can be fungible or non fungible.
3. How do you create a token on Ethereum? Tokens are created by writing a smart contract. There are different standards with the most common being ERC20.

[BTCHustler]

1. What are the benefits of web 3.0 (decentralized internet)?
   Provides smart contracts and Dapps ( Decentralized Applications ) and also centralize applications. The protocol level is what captures the value.

2. What is a token?

Digital currencies built on blockchain networks.

3. How do you create a token on Ethereum?

Programming/creating a smart contract on the network.

[gdoujaiji1]

1. Startups can create smart contract and Dapps projects that compete with big tech companies.
2. Token is a programmable digital asset.
3. By utilizing the standard ERC20 Ethereum smart contract.

[AdrianF]

1. In a web 3.0 the value is captured at the platform level (Ethereum). This also allows anyone to build on top of this platform and create a new token
2. a token is a form of digital asset used on the Ethereum platform or other similar platforms
3. By using the ERC20 standard

[Proniss]

1. you can earn tokens based on actual value from content.

2. a digital asset built on a preexisting blockchain

3. ideally using the the ERC20 standard

[ZePhYr]

1. decentralized Users are able to capture some of the value created instead of leaving it
   for the centralized corporations.
2. a token is a Programmable digital asset which can be stored or transfered over the
   internet.
3. A token can be created on etherium using the ERC-20 standard of programming.