Homework: Web3.0 and Tokens

Ethereum 101
#2896

Homework on Web 3.0, and Tokens - Questions

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

On a decentralized internet the protocols used on the blockchain to build dapps also accumulate financial value.

What is a token?

A token could be a reward for performing actions on dapps it could also be a form of payment that dapps would accept. The token would represent the dapps form of payment system.

How do you create a token on Ethereum?

A token is created through the dapps that are created on the Ethereum network meaning that investing in a token that is built on the Ethereum network could add value to Eth.

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#2897

  1. What are the benefits of web 3.0 (decentralized internet)?
    It switches how the “money flows” and who gets rewarded. Currently Facebook, Twitter, Instagram are the ones getting paid and not really the users. In web 3.0 we can change that around and have an economy tied to different Apps,

  2. What is a token?
    A token is a smart contract running on an existing blockchain like Ethereum. Following the ERC20 standard if it is created on Ethereum.

  3. How do you create a token on Ethereum?
    You follow the ERC20 standard you write your smart contract using Solidity.

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#2898

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

It brings the possibility for smaller, decentralised players to accumulate mass adoption and to compete with the bigger players. Thus the overal benefit is the fact that current centralised giants might lose their share to these smaller players. It also might bring new economic models on the scene, for users it might be getting incentives for their engagement instead of just selling their info and attention for free.

What is a token?

Token is a cryptoasset, created as a smart contract built on top of smartcontract platform.

How do you create a token on Ethereum?

On ETH token can be created by writing smart contract in Solidity, using ERC20, or in case of NFT ERC1155 or ERC721 standarts

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#2899 
1.	What are the benefits of web 3.0 (decentralized internet)?

  • it provides an opportunity for diverse monetization that could potentially go to more in the community not just to the top/ monopolies.

  • More entities have a chance to compete and survive, be profitable
    -It incentivises early adoption

  • allows for the creation of various digital eco-systems, new models, new currencies limiting the complete domination of monopolies

    1. What is a token?

  • are a type of cryptocurrency that represent an asset or specific use and reside on their specific blockchain.

  • built on top of a platform such as in the case of Ethereum being the platform that provides for the creation of other ERC20 tokens

  • Tokens can be fungible (built on same standard and are exchangeable amongst one another) or non-fungible (unique and non-exchangeable)

    1. How do you create a token on Ethereum?

  • Tokens are created on Ethereum through Smart Contracts

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#2900

  1. What are the benefits of web 3.0 (decentralized internet)?
    Transparency, Fewer Middlemen, Privacy, Data Ownership & Sharing, Incentivize Creators.

  2. What is a token?
    A digital asset on top of a blockchain.

  3. How do you create a token on Ethereum?
    using the ERC20 standard.

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#2901

In the early stage you have the early-adopters that are being incentivized with tokens to participate. Meaning they get a higher number of tokens in the beginning. Once mass-adoption started it will decrease, but the value of the token itself will go up. Other benefits of using web 3.0 is the increased transparency and cutting of the middle man. Hence also small players can create real-world benefits (dapps) that will be working on the bc (e.g. ethereum).

A token is a fungible or non-fungible asset based on ERC-20 standard or ERC 720/1155 that is based on a block-chain,e.g. Etherum.

With a smart contract you can create a token.

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#2902
  1. It gives the potential to capture value instead of the big giants taking it all. Offers incentives to new users. Cuts out the middle man.
  2. A token is a smart contract acting as a cryptocurrency/asset on Eth or another blockchain.
  3. You create that token using the ERC20 standard to create your own smart contract.
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#2903

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

The benefit of web 3.0 is that the protocol (Ethereum) mostly captures the value, unlike in web 2.0 where the Internet protocol (https, tcp) has no value and value is given to apps developed based on this protocol (Facebook, Google). Also since it is decentralized, there will be no entity that will have monopoly over the value of Ethereum, and in the future, this will definitely shift wealth from the richest 1% to those who adopt this technology.

2. What is a token?

A token is a digital asset developed using smart contracts on the Ethereum blockchain or any other blockchain which can be Fungible (Same value for every token) or Non-Fungible (Unique). Each token can have its own use case, incentives, and economy.

3. How do you create a token on Ethereum?

You create a Token on Ethereum through Smart Contracts and choose to follow some standards like ERC-20, ERC-721, and ERC-1155.

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#2904
  1. What are the benefits of web 3.0 (decentralized internet)?

With web 3.0 you will be able to communicate with blockchains and that means that you also will be able to incentivized financially the users of your smart contract or dapp. This will be very useful for the mass adoption of your project, because everybody want’s do win money. Web 3.0 being decentralized will be good for everybody, because everybody can use, you don’t have a central entity to dictate the rules.

  1. What is a token?

A token represents a value of a smart contract running on one blockchain network like ethereum for instance.

  1. How do you create a token on Ethereum?

You can create a token on Ethereum by use a language program like Solidity or Viper and use a standard like ERC20.

1 Like
#2905

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

The benefits in the web 3.0 came from different aspects. The first aspect is that the protocol of the blockchain companies are the principal benefited from the building of applications, smart contracts and token on top of their system. The second aspect is that every token, smart contract and dapps depend on the blockchain system so they will need to use the coin of the blockchain in their functionality. The third benefit of the web 3.0 is the decentralized system so there is no central entity that will do whatever they want with the ecosystem. The four aspects are the creation of different ecosystems on top of the Ethereum blockchain. The creation of an ecosystem it’s possible by the creation of new cryptocurrencies on top of the Ethereum Blockchain.

  1. What is a token?

t’s a cryptocurrency built on top of the Ethereum blockchain. They are created from smart contracts and have to follow a specific structure in order to be able to interact with differents cryptocurrencies.

  1. How do you create a token on Ethereum?

A token it’s created from smart contracts and could be two types of tokens. The first one are fungible tokens, which means that all tokens are the same and have the same value. These types of tokens have the same standard, in order to interact in an efficient way with the entire ecosystem. The standard is ERC-20. The second type of tokens are Non Fungible Tokens, which means that there are unique items. This type of token also has a standard, in order to be more efficient and simplified the transactions in the network. There are two types of Non Fungible Tokens: the ERC721 and the ERC1155.

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#2906

  1. The benefits of web 3.0 would be near limitless. An example would be that supply identification can be verified through the blockchain, or users of a certain platform may not be deplatformed as there can be a rule written to prevent such actions. Prevention of central authority abuse is a main benefit of web 3.0.

  2. A token is a fungible or non fungible digital asset. Such tokens can be programmed within the system that allows it. In Ethereum’s case ERC20.

  3. A token on Ethereum can be created through a smart contract.

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#2907
  1. Incentivizes users instead of big corporations
  2. Tokens are build over coins using their baseline technology
  3. We can create smart contract which will interact with EVM
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#2908

  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 brings transparency and allows everyone to participate. It puts the power in the hands of the users instead of a centralized entity who controls everything. Because most of it’s value is captured on the protocol level, it provides financial incentives for early adoption. This allows new projects to grow and promotes competition.

  2. What is a token?
    A token is a cryptocurrency that is built on top of a blockchain to represent a particular asset, or to reward users of dapps.

  3. How do you create a token on Ethereum?
    By programming a smart contract on the ethereum blockchain that follows a standard such as ERC20.

1 Like
#2909
  1. What are the benefits of web 3.0 (decentralized internet)?

It gives power back to the people not not allowing the giants to take conrol

  1. What is a token?

A token is a smart contract that runs on the etherum blockchain. That is sort of like a currency.

  1. How do you create a token on Ethereum?

Use ERC20 procedures and create a smart contract

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#2910
  1. Financially incentivize early adopters for helping new projects grow.
  2. A token can be a fungible or non-fungible digital asset that uses Ethereum or other blockchains as a platform.
  3. A token is created on Ethereum using simple code, otherwise known as smart contracts.
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#2911

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

The power of the internet is shifting from large corporations back to developers and small business. Privacy, security and innovation are at the forefront and almost anyone can capitalize on these opportunities.

  • What is a token?

Representation of an asset or utility. Typically a layer two of an existing coin.

  • 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, ERC721 and ERC233
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#2912

  1. Protocols can finally gain value, and as more dapps are being built on top of protocols, the protocol value gets increased as well. Early adopters to these protocols and application are highly incentivise to test and use the platform.

  2. A token is a digital asset that is created using a smart contract, and can be either fungible tokens or non-fungible tokens.

  3. Via a smart contract.

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#2913
  1. Web 3.0 has a value built in.
  2. Token is a smart contract build in some ecosystem for example Etherum, Polkadot, Cardano
  3. Create a smart contract on ethereum and use ERC20 standard
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#2914

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

  1. Ownership of data
    End-users will regain the complete ownership and control of their data and have the security of encryption.
  2. Access to information
    Information will be accessible anywhere in the world.
  3. Elimination of central point of control.
    Achieved through fully encrypted blockchains.
  4. Permissionless blockchain
    Anyone can interact.
  5. Uninterrupted service
    A reduction in suspended or denied accounts due to no single point of failure.

2. What is a token?
Crypto tokens, which are also called crypto assets, are special kinds of virtual currency tokens that reside on their own blockchains and represent an asset or utility. Most often, they are used to fundraise for crowd sales, but they can also be used as a substitute for other things.

For example, one can have a crypto token that represents x number of customer loyalty points on a blockchain that is used to manage such details for a retail chain. There can be another crypto token that gives entitlement to the token holder to view 10 hours of streaming content on a video-sharing blockchain. Another crypto token may even represent other cryptocurrencies, such as a crypto token being equal to 15 bitcoins on a particular blockchain. Such crypto tokens are tradable and transferrable among the various participants of the blockchain.

3. How do you create a token on Ethereum?

  1. Step 1: Contract code. …
  2. Step 2: Create Ethereum wallet with MetaMask. …
  3. Step 3: Get Ropsten Ethers. …
  4. Step 4: Edit the contract code. …
  5. Step 5: Deploy Contract Code on Remix. …
  6. Step 6: Publish and Verify Contract. …
  7. Step 7: Add token to your wallet.
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#2915

  • What are the benefits of web 3.0 (decentralized internet)?
    monetizes the internet gives incentives for user input, building of smart contracts into the webs via dapps this type of technology is now accessible to all not just the big giants.

  • What is a token?
    token is a unit of value built into a smart contract using the etherium network, it can be fungible or non fungible

  • How do you create a token on Ethereum?
    create a smart contract on the etherium network which interfaces with the EVM and creates tokens and gives them to specific addresses.

1 Like