Homework: Web3.0 and Tokens

Ethereum 101
#3640

  1. Some of the benefits are allowing the creators of the protocols to benefit from the profits of dapps or smart contracts built on their network. Early adopters and users can benefit by being incentivized rewards from using these networks while competing with centralized giants like Facebook, Google etc.

  2. Tokens are smart contracts that deploy cryptocurrencies or projects on a blockchain network.

  3. By purchasing an Erc20 token you can deploy other fungible cryptocurrencies or projects using a standard code erc20 code standard. Non fungible erc721 or 1155 would be purchased to deploy unique one of a kind projects like avatars, art etc…

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#3641

Homework on Web 3.0, and Tokens – Questions

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

  • Opportunities to be created and money to be made at the protocol level of the internet (and not just the applications it can produce, compared to what happened with Web 2.0)
  • Lower barriers to entry, which give underdogs (i.e small businesses/startups) a greater chance at disrupting industry behemoths from monopolizing certain markets (i.e Google, Facebook, Amazon, etc.)
  • While it was usually never a good idea to be an early adopter based on network effects theory, with Web 3.0 it pays to adopt a new service/application early while promoting it to others --> incentivized to use new platforms as they will be rewarded with tokens which later one may pay off in spades if a certain decentralized app gains mass adoptions and propels its price up (additionally, dApps like Steemit reward their users for contributing to the decentralized social network while giants like Facebook and Google take this valuable data essentially for free)
  • Greater transparency (decentralized from central authorities and/or major corporations dominating certain markets online)
  • Fewer intermediaries
  • Individuals can create their own cryptocurrencies/tokens and economic models based on dApps built on smart contract platforms (like Ethereum, EOS, NEO, etc.)
  • Control over data ownership and sharing of information (no middlemen; can connect directly with consumers)

2. What is a token?

A token is a unit of value created via the use of a smart contract that is built on top of a smart contract network (Ethereum, EOS, NEO, etc.). Every aspect of it (its total number of units, how quickly its supply is programmed to increase to control for inflation, etc.) is programmed/specified directly into its smart contract that contains all instructions related to it.

3. How do you create a token on Ethereum?

On the Ethereum network, a token can be created with a smart contract built on top of it.
The ETH network is used as the underlying infrastructure while different ERC standards (such as ERC 20 to create fungible tokens or ERC 777 to enable connections with common wallets.

The smart contract is then executed by the EVM and validated by blockchain nodes.

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#3642

  1. What are the benefits of web 3.0 (decentralized internet)?
    The decentralized Web 3.0 will likely open up possibilities we never thought possible with Web 2.0. Decentralizing gives users more control over the content they see & interact with, creating a community through interactions.

  2. What is a token?
    A token is a representation of a smart contract app & its value.

  3. How do you create a token on Ethereum?
    Anyone can create a token on Ethereum by following the ERC20 standard.

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#3643
  1. Ability to compete with Big Tech via decentralized websites and Dapps.
  2. a non fungible (NFTs) or fungible digital asset built on Ethereum
  3. Create a token by using protocol ERC 20 Standard to create smart contract and tokens
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#3644

  1. There are many benefits in Web 3.0, among those:

    • Increased privacy because users are owners of their data
    • Uncensorable webs
    • Posibilties for new economies where middleman are removed, allowing users to earn money

  2. A token is a cryptocurrency that is developed in top of another blockchain using smart contracts. This differs from native asset or coin, such as Eth or Bitcoin that are the main currency of the network.

  3. You can create a token in Ethereum by deploying a smart contract. Preferibly one following the standards.

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#3645

1 - Ownership of Information or Data;
Access to Information;
Elimination of the Central Point of Control;
The Permissionless Blockchain;
Uninterrupted Service.

2 - token are units of value that blockchain-based organizations or projects develop on top of existing blockchain networks.

3 - Creating a Smart Contract using ERC20 standard protocol

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#3646
  1. The benefits are in rewarding the protcol and the users for the use of the internet.
  2. A token is a smart contract running on a blockchain and following the token convention for that blockchain.
  3. You write a smart contract in solidity and follow the ERC20 token convention.
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#3647
  1. What are the benefits of web 3.0 (decentralized internet)? More decentralization = less centralized power of the internet. Good thing in my opinion. Easier for smaller “internet companies” to challenge the big giants.
  2. What is a token?
    A token is a type of digital assets on the blockchain.
  3. How do you create a token on Ethereum?
    A token in ethereum is created through the use smart contracts.
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#3648
  1. Cut out the middlemen & more transparency (due to implementation blockchain principles). More value (for creators and contributors) as seen with the Steemit example.
  2. A digital asset built upon a blockchain using a smart contract.
  3. You can create a token using a smart contract.
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#3649

1: Web 3.0, being a decentralized internet, can allow for processes and applications to be run independent of any centralized authority. Granted, there are rules and protocols established to incentivize participants to follow the rules, but this allows for dapps and other tools, such as DeFi, to flourish.

2: A token is a cryptocurrency that a smart contract represents, built on the Ethereum blockchain. Transactions are conducted on the blockchain with Ether, but then are converted into the given token/specific cryptocurrency.

3: Tokens are made through developing smart contracts on top of Ethereum, within the ERC20 standard.

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#3650

1. Transparency

The benefit of distributed ledger technologies and decentralization in Web 3.0 is that you can follow your own data and inspect the code behind the platforms you choose to use. You don’t need to trust a major corporation. In fact, there may be no corporation at all behind the platform you’re using. (Most major blockchain platforms are being developed by nonprofits.) This hearkens back to the early days of the internet and the original ethos of a free and open forum for exchanging ideas.

2. Fewer Middlemen

Decentralization promises to connect providers directly with consumers. No central authority will take a cut of the profits from an electronic transaction. We won’t be able to eliminate all middlemen using blockchain technology. We will still need reasonable regulation and systems for monitoring fairness, but we will see a shift toward decentralized and trustless networks over centralized institutional control. For example, it’s possible to imagine a blockchain replacement for Airbnb where hosts and guests can connect directly without an intervening service. Even large-scale marketplaces, like a decentralized replacement for eCommerce platforms like Amazon, are possible and under development.

3. Privacy

The number of data breaches and misuses of user data over recent years should give consumers pause when thinking about how they share information online. One major advantage of blockchain and recent advancements in cryptography is that you can secure and track your personal data on the Web. Privacy is important whether we’re talking about civil liberties or identity theft.

4. Data Ownership & Sharing

Have you ever thought about how tedious it is to fill out registration forms online? With Web 3.0, you’ll likely have one personal profile that works across numerous platforms. You’ll own your profile and associated data that you won’t need to give away to corporations. However, if you choose to, data will be easier to share, its accuracy can be verified, and you’ll even be able to sell your data to advertisers or brands.

5. Incentivize Creators

Connecting consumers directly with producers has the added benefit of making it easier to become a producer. Without middlemen and gatekeepers, people around the world can start businesses and find customers directly on Web 3.0. Digital currencies and distributed platforms are breaking down national barriers and social prejudices. All you need is a good idea and someone who is willing to pay you to execute it.

  1. A crypto token is a virtual currency token or a denomination of a cryptocurrency** . It represents a tradeable asset or utility that resides on its own blockchain, and allows the holder to use it for investment, utility or economic purposes.

  2. A token can be created in Ethereum by using smart contracts on a particular standar like ERC20(fungible), ERC721(non-fungible) or ERC 115(non-fungible.

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#3651

1). The benefits of web 3.0 is that we now are giving the Value to the Protocol. Facebook, Google etc are the ones making the biggest :moneybag: off of Web 2.0 … The people who invented HTTPS:// aren’t the ones making the :moneybag:

Here in Web 3.0 we have taken the power back and given the value to the protocol.

2). A token is fungible or non fungible item (digital asset, crypto) that is built on the ETH network.

3). A token is created on the ETH network by writing code with some mandatory things written in ti such as balnceOf and totalsupply.

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#3652
  1. What are the benefits of web 3.0 (decentralised internet)?
    Answer: Web 3.0 makes it possible to build decentralised economies. Where the protocol captions value in comparison to Web. 2.0 where the value is captioned by few big players such as google, FB, etc. (Monopoly)
  2. What is a token? A token is a smart contract that has been built on a protocol layer blockchain, ETH, NEO, EOS, that follows a set of standards, most commonly ERC-20, that allows it to hold and transfer value.
  3. How do you create a token on Ethereum?
    Answer: Using solidity which is a simple code that allows you to create smart contracts with a fungible token.
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#3653
  • What are the benefits of web 3.0 (decentralized internet)?
    It removes a centralized authority and gives the community to the ability to manage and organize how the applications should be operated. It also is advantageous to be an early adopter for incentives as the the rewards with decrease with increased adoption.
  • What is a token?
    It is an asset, tied to a network. It is used for a multitude of things where smart contracts are used.
  • How do you create a token on Ethereum?
    They are created using smart contracts.
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#3654
  1. Web 3.0 gives the protocol value and the means for early adopters to earn rewards by using the protocol.
  2. A token is currency created by a smart contract on top of any smart contract platform like Ethereum.
  3. You use Solidity to program a token smart contract. However, ERC20 is the standard for programming token on Ethereum. There are other standards like ERC721 and ERC1155.
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#3655

  1. the value is captured where it comes from, there is no monopoly from a few companies that make all the money, it also gives small companies a chance, whoever gives value to the network, what is valuable is judged by network, gets rewarded by network.

  2. A Token is build using a smart contract on top of the underlying network. Eth-Network has ERC20 Tokens that can be built on top of eth. there are fungible and non-fungible(unique) Tokens.

  3. coding a smart contract on ethereum using the ERC-Standards.

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#3656

  1. Web3 incentivizes the platform itself rather than the apps as compared to web2.

  2. A token is a smart contract containing the account addresses and the balance.

  3. Tokens are created via smart contracts in 'Ethereum.

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#3657
  1. Ability to cut out the middle man!
  2. It’s just a standard that’s “minted”.
  3. You can use any of the standards like ERC20 and then you mint it.
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#3658

  • What are the benefits of web 3.0 (decentralized internet)?
    A: Small companies will be able to compete with larger more established ones.

  • What is a token?
    A: is a program built on Ethereum

  • How do you create a token on Ethereum?
    A: create a program running on Ethereum

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#3659
  1. Web 3.0 benefits individual users instead of big tech companies. Everyone can get rewards in the case of posting contents. The network cannot be shut down. No censorship.
  2. A token is a currency created as a result of a smart contract on top of the blockchain network, like ethereum.
  3. In a smart contract, token standards like ERC20 for fungible and ERC721 for non fungible
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