Homework: Web3.0 and Tokens

[Pat100]

The benefits of web 3.0 give the platforms who provide the tools to create applications or content to benefit monetarily from the process. Also creating an incentive for early adopters as those who support projects early on can increase their value of holdings from adoption. Thus giving smaller business a chance to compete with larger institutions based of innovation and use case, not just pure financial domination.

Tokens can be Fungible or non fungible and are digital assets created on various blockchains

Tokens are created using smart contracts.

[FunsyH]

1-. it makes possible to be an early adopter of the tech and be rewarded which one can compete with the actual giants in the industry.

2. a token is a fungible or nft created on the Ethereum or other blockchain.

3. It can be created using a smart contract via one of Ethereum’s standard

[knersus]

1.It is an environment/ecosystem/economy where early adopters get incentivized more,makes I possible for smaller start ups to compete with the bigger giants,as the network expands inflation gets less and less.
2.It is a programmable digital asset like a smart contract that is built on a protocol
3Use the ERC20 standard to create a smart contract on the Ethereum network that is made possible by the EVM.

[maria_b]

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

Ownership of Information or Data: Users own and control their own data with the security of encryption.
Access of information: Users can access their data from anywhere, i.e. smart phones (these can collect data sent to computers and vice versa), cloud applications being accessible any time and anywhere too.
Elimination of the central point of control: With the Blockchains Ethereum there is no intermediaries and the trusted platform provides full encryption of data, where rules are unbreakable. This means companies like Apple and Google, governments and any other entities will no longer be in control of the user data. Additionally, governments will not have the ability to kill services and sites, and no individual can control the identities of others.
The Permissionless Blockchain: Users can create an address and interact with the Blockchain network without facing restrictions i.e. gender, income, orientation, geographic areas, social factors and so on, their digital assets can be transferred quick and from anywhere in the world.
Uninterrupted Service: Nodes in the Network will have full and multiple backups, the data is stored to ensure seizure or server failure.

2. What is a token?

A Token is created on an existing Blockchain, i.e. as Ethereum. Tokens built on the Ethereum Blockchain are ERC-20 standard Tokens, these are Smart contracts and these can be Fungible or non Fungible Tokens (ERC-721 or ERC-1155)

3. How do you create a token on Ethereum?

By coding a Smart Contract and deploying it on the Ethereum Blockchain, following ERC-20 standard for Fungible Tokens and the (ERC-721 or ERC-1155) for non Fungible Tokens.

[Peter_Vongpaseuth]

1. The benefits are less central server problems, Decentralized websites and Dapps
2. A token is currency created through an Ethereum smart contract on top of the Ethereum Blockchain with the change of token changed within the code.
3. In order to create a token on Ethereum is to build a smart contract with the name of the token changed to the name you want to give for that token within code and the code has to meet the Ethereum Token Standards.

[PeterSh12833203]

1: Web 3.0 benefits:
-DAPPs (Decentralized applications), virtually infinite number of possibilities & uses.
-Small companies/startups will be able to compete with big corporations like Facebook, Google etc.
-Value is given to the protocol itself, unlike previous web versions. Early adopters get rewarded, alongside supporters of early startup companies.

2: A token is a decentralised programmable asset, developed using a smart contract on protocols such as Ethereum, EOS, etc.

3: Through creating a smart contract by utilising the ERC20 (Ethereum) standard.

[Matty_G]

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

You can build niche economies through Dapps by creating tokens and incentivizing users of your product. Allows for greater competition among the existing monopolies.

2. What is a token? A token is a programmable digital asset or smart contract built on the Ethereum blockchain

3. How do you create a token on Ethereum? You must purchase ETH to build a smart contract with the ERC20 programming language and pay the gas fees.

[Durkey_Turkey]

1. What are the benefits of web 3.0 (decentralized internet)?
   Takes the power away from monopolies on the internet and rewards the users for engaging in the system.
2. What is a token?
   A smart contract that runs on Ethereum or Eos or some similar chain to those 2.
3. How do you create a token on Ethereum?
   By writing a smart contract on Ethereum using erc20 (fungible) protocol.

[Dornfelder]

1. What are the benefits of web 3.0 (decentralized internet)?
   One notable benefit of a decentralised web is that the value accrues at the protocol level, as opposed to the application layer, as is the case in web 2.0 (where the tech giants have captured the lion’s share). This allows for alternative economic models which can bring a whole host of benefits, ranging from decreased transaction costs to censorship resistance and a more equitable distribution of value created.

2. What is a token?
   A digital representation of something/anything on a blockchain. It can be fungible or non-fungible and most commonly represents an asset.

3. How do you create a token on Ethereum?
   A token can be created on Ethereum by means of a smart contract. There are various token standards, most notably ERC-20 (which is fungible), ERC-721(non-fungible), and ERC-1155 (multi-token standard, i.e. both fungible and non-fungible properties).

[belinox]

1. It will decentralize data and increase privacy, therefore also decentralizing power.
2. It is a digital asset built on top of smart contracts in the blockchain.
3. By deploying a smart contract describing this token economy like minting, incentives, burning etc

[Cookie1]

1. A decentralised blockchain protocol allows individuals to connect to an internet where they own their own data and can be compensated for it, bypassing third parties that own and profit from the data and have the capability to censor and exploit the individual.
2. Any cryptocurrency or denomination of one that resides on its own blockchain and can be used for multiple purposes, such as trading or smart contracts (Ethereum).
3. With Solidity.

[bennytuesday]

1. Web 3.0 is incredible due to protocols gaining value, not just applications.

2. A token is a digital asset created from Smart Contracts.

3. You create a token by following the ERC20 Token Standard and developing a Smart Contract.

[lanwan]

1. economic value goes to users and protocol vs a few companie as in web 2.0

2. smart contract that runs on top of ethereum or blockchain platform

3. programming via solidity via erc20 standard

[Abdul_123]

1. small businesses can compete with larger businesses. Early adopters would be incentivized to use a new platform since there could be less users and so more rewards are available for them in tokens compared to when the platform becomes more popular later on (e.g. Bitcoin).

2. A token is created on top of a cryptocurrency. It can be fungible i.e. uses the same token standard e.g. ERC2O, or it could be non-fungible i.e. uses a unique token standard e.g. ERC1155. They would usually be developed using a smart contract or DAPP on the ethereum network.

3. To create a token on top of ethereum, you would need to use a smart contract and follow the a specific standard e.g. ERC20, so that token is supported straight away on exchanges and wallets.

[OmeOmy]

1. What are the benefits of web 3.0 (decentralized internet)?
   Less monopolies like facebook and Google, better opportunities for smaller businesss.
   Incentive for early adopters.

2. What is a token?
   A token is a digital asset developed using smart contracts based on the Ethereum and other networks.

3. How do you create a token on Ethereum?
   By creating smart contract.

[Given]

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

It is transparent. Value of the protocol gets distributed more fairly than internet 2.0. Adopters are incentivised to use it.

2. What is a token?

A cryptocurrency that can be used for a corresponding dapp.

3. How do you create a token on Ethereum?

By creating smart contracts that builds upon the Ethereum network.

[jose]

What are the benefits of web 3.0 (decentralized internet)?
Transparency, No middlemen, More privacy, Data ownership and economic incentives for creators

What is a token?
A token is a cryptocurreny derived from the smart contract issued in a Blockchain.

How do you create a token on Ethereum?
Through a smart contract.

[hyperToken]

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

• The benefits are that smaller companies can compete with the giant by rewarding the users instead of the application. Web.3 made it possible to have financial access due to ETH, e.g., metamask.

2. What is a token?
   You can create your own token on top of the ETH blockchain, using smart contracts of Dapps. A token is built on top of an existing blockchain, while a coin is already running on its own blockchain.
3. How do you create a token on Ethereum?
   As mentioned before, you can create it using Daaps or smart contracts

[Carla2210]

1. Smaller companies can compete with larger corporates likes facebook and google. There are incentives / reward to use the platform.

2. A token is built on the Ethereum platform

3. You create a token on the Ethereum platform with a smart contract using the ERC20 standard

[blainemholt]

1. Creation of micro economies is possible along with being rewarded for being an early adopter and start ups being able to compete with the giants of Web 2.0

2. A token is a currency built on top of the Ethereum platform

3. Create a smart contract / dapp that also has it’s own currency within.