Homework: Web3.0 and Tokens

Ethereum 101
#321

The value is also captures on the network. So innovation moves faster.

#322

  1. With web 3.0, the protocol itself will be what captures the most value unlike web 2.0 where a few corporations like google and facebook captured most of the value, not the protocols like http. This is because there are so many coins and tokens that are depending on Ethereum and built as smart contracts on top of Ethereum. There is no application or smart contract on Ethereum that is worth more than Ethereum. You can also create interesting economic models like the Steemit network where when you contribute to the social network by posting and liking, you capture some value. This value has been captured by google and facebook with web 2.0. Steemit makes it so the user gets the value so they get rewarded which is based on inflation with requires a cryptocurrency. With this, small companies and startups will be able to compete with giant corporations because of the network effect where usually there is little benefit to being an early adopter, but with Steemit it will be like Bitcoin mining where at the beginning where not many people are using the network you get more reward for using it as an early adopter.

  2. A token is a cryptocurrency that is built on top of a blockchain like Ethereum.

  3. You can create a token on Ethereum by using a smart contract.

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#323

What are the benefits of web 3.0 (decentralized internet)?
Smaller companies can get the oppertunity to compete with giants like Google ,Facebook and whatsup
on the net. Early birds can get a better return on time invested.
What is a token?
Tokens are a digital asset created based on ETH
How do you create a token on Ethereum?
Tokens can be created as a smart contract on ETH providing certain conditions are met.

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#324

  1. What are the benefits of web 3.0 (decentralized internet)?
    One of the benefits is it is likely to be more user-centric, for example user activity/participation can be rewarded directly to the user.

  2. What is a token?
    A token exists on platforms that are non native. For example Ethereum is a native blockchain and has its own currency - ETH, which is called a coin. Whereas TRON built on the ethereum blockchain would create and can use its own tokens.

  3. How do you create a token on Ethereum?
    Adhering. to the ERC-20 standards and using the program language solidity you can create a token on the ethereum blockchain.

#325
  1. IF we can reach critical mass on a public blockchain, it will be possible to create decentralized platforms owned by the many, not the few.
  2. A token is a “coin”, but build on top of Ethereum. Tokens are used in applications. They have easy interchangeable properties with each other.
  3. You build it with ERC functions (mostly ERC20)
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#326
  1. What are the benefits of web 3.0 (decentralized internet)?
    It will offer new applications in the market the ability to compete with the big guys like Google and Facebook by rewarding early adopter, these early adopters get rewarded by contributing to the application and thereby building it’s value.
  2. What is a token?
    It’s an application built on a smart platform like Etherium or EOS
  3. How do you create a token on Ethereum?
    By applying the FT standard ERC20 and defining the smart contract through a series of logic and functions
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#327
  1. It would be possible for small businesses to compete with the giants such as Google. Early adopters can be rewarded with tokens.
  2. A smart contract on the Ethereum blockchain.
  3. You can write a smart contract in Solidity using an ERC standard.
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#328
  1. A decentralized internet gives the ability for smaller businesses to compete with large corporations. Early adopters are financially incentivized (tokens) to use a new platform.
  2. A token is a digital asset/cryptocurrency that is developed using a smart contract (token either fungible or non-fungible).
  3. Token can be created using a smart contract on Ethereum.
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#329

Tron is not build on Ethereum, but is basically a Chinese copy of Ethereum with different consensus (DPOS). So you can also code smart contracts on Tron and create tokens.

#330

1.What are the benefits of web 3.0 (decentralized internet)?
That the value is captured in the protocol. Economical incentives

2.What is a token?
It is a digital asset created by a Smart contract

  1. How do you create a token on Ethereum?
    You create a Smart contract and buy the naitive Coin
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#331

  1. What are the benefits of web 3.0 (decentralized internet)?
    A. Smaller companies can compete with the larger companies like Google, Facebook, Whats up. etc.

  2. What is a token?
    A. A token is a cryptocurrency/digital currency that can be built on the Ethereum platform. DAPPS built on the Ethereum can also have their own token. As they increase in value ETH could also increase in value.

  3. How do you create a token on Ethereum?
    A. DAPPS built on the Ethereum platform can create their own tokens using smart contracts.

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#332
  1. The people who develop protocols reap the value as opposed to the companies that create applications on top of the protocols.
  2. A token is a ward which may or may not be based on a crypto coin.
  3. Use one of the ERC standards to create your own token.
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#333

Thank you.

I found it difficult to describe what a token actually is.

Even after reading several articles and definitions, I still just see them coins but, built using an underlying blockchain.

I’ll read more.

Regards

Perveez

#334

  1. Being decentralized means that there should be no central organizations, entities or companies controlling or monopolizing the entire network. Due to its decentralized nature, users also have a higher degree of control over their identity, content and actions on the web. The content itself isn’t owned by any particular entity but instead shared by the network. Also, due to token economics, users are rewarded by their active participation in the network and for contributing for its viability.

  2. A token is a contract that runs on top of an existing blockchain and represents either a fungible or non-fungible digital asset that may be used as a medium of exchange inside the project’s ecosystem.

  3. A token is created in the Ethereum network by writing a smart contract that implements the ERC20 standard.

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#335
  1. What are the benefits of web 3.0 (decentralized internet)?

The benefits of a decentralized are too numerous to truly note here. However, one of the primary benefits discussed in the video is that it allows value to be captured at the protocol level rather than the application level. Allowing all value to be captured at the application level has allowed web 2.0 to become heavily monopolized. Monopolization leads to abuses, poor quality and low economic liquidity over time and should not be allowed. On the other hand, allowing value to be captured on the protocol level in a decentralized way allows for proper incentive structures to be designed into the system.

  1. What is a token?

A token is essentially a smart contract created on the Ethereum block chain. It is one that contains addresses and balances. The token represents value in some way.

  1. How do you create a token on Ethereum?

You can create a token as a smart contract on the Ethereum blockchain.

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#336
  1. Web 3.0 enables value to be captured at the protocol level and allows niche economic models to be developed.
  2. A token is a system of value such as a coin needed to pay for example the Gas necessary to execute a smart contract in Ethereum.
  3. A token is created through simple code in a smart contract on Ethereum.
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#337

  1. Benefits of web 3.0 revolve around creating incentives for adoption of new platforms and also creates value for the underlying protocol.

  2. A digital asset created from a smart contract of Ethereum.

  3. Tokens can be created on Ethereum by using smart contracts and the ERC20 standard.

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#338

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

  2. What is a token?

  3. How do you create a token on Ethereum?

  4. In one word, “Tokenomics”. With tokens having value, smart contracts often give early adopters incentives by allowing them to accumulate tokens before mass adoption is reached. Thus allowing them to gain value overtime. This gives web 3.0 a clear path on how to challenge the monsters of the industry because the public will realize they can add wealth by interacting with smart contracts and then stay due to the benefits

  5. A token is created by smart contracts to use as it’s own way to pay for its services and thus creates value based on demand and supply. The supply of the token is clearly stated within the smart contract’s code and the demand is based on its own services use to the public or institutional.

  6. A token is created by programming a smart contract that interacts with the Ethereum network.

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#339
  1. Web 3.0 allows applications to become smarter, more private, and more decentralized. Some of the main benefits are:
  • More transparency (no need to trust in major corporations, we can inspect the code behind the platforms we use and follow our own data instantly);
  • Fewer Middlemen ( enhance connecting service providers directly with consumers);
  • More privacy (more secure store of users data);
  • Data Ownership & Sharing (users really own their profile and associated data);
  • Incentivize Creators (money as a layer on the internet through cryptocurrencies).

  1. Tokens are fungible or nonfungible cryptographic assets that can represent physical assets, reputation or other specific use and reside on their own blockchain.

  2. We can write a smart contract using Solidity language and following one of the ERC standards.

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#340
    1. A benefit of Web 3.0 is that value is captured in the protocol. The decentralisation means that there is no group in control of user data. Because data can be stored on distributed nodes there is no single point of failure.
    1. A token is a denomination of value that represents a digital resource that can have either an intrinsic value (BTC, ETH), or asset backed to represent a claim on a redeemable asset.
    1. One way is to follow the 7 steps on this link; https://blog.goodaudience.com/building-your-own-ethereum-based-ecr20-token-in-less-than-an-hour-d4d4c7a14b1e
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