Homework: Web3.0 and Tokens

Ethereum 101
#3720
  1. What are the benefits of web 3.0 (decentralized internet)?

This new version of the internet gives smaller entities the ability to compete with large companies that currently have majority control over the popular internet. One example of this in Web 3.0 is how new platforms reward early users with tokens that appreciate in value as the platform gains adoption.

  1. What is a token?

A token is a cryptocurrency that is fungible or non-fungible, and is developed by way of smart contract on a particular blockchain.

  1. How do you create a token on Ethereum?

On Ethereum you can deploy a smart contract to create a token.

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#3721

  1. What are the benefits of web 3.0 (decentralized internet)?
    Unlike Web 2.0 where the inventors/owners of these technologies (HTTP, TCP, etc.) has captured $0 value as nobody is paying them for use of these protocols, but instead are paying the companies for their APPS that run on top of these protocols, Web 3.0 is the protocol where the value is captured. For example, Ethereum is the protocol that so many tokens are dependent upon.
    Web 3.0 gives you the ability to create applications on top of the Blockchain. You can program these applications or Smart Contracts (small programs running on Ethereum Blockchain) to hold money, but more IMPORTANTLY to program the logic to get the money back out.
    For the 1st time ever, we have the ability to handle money independently without an intermediary (no government or Central Authority can shut it down). Web 3.0 IS UNSTOPPABLE, where Smart Contracts are Programmable Money that is borderless, timeless, and with no Holidays so it is working 24/7/365.

  2. What is a token?
    We can build Smart Contracts on top of the Ethereum Blockchain, and the Smart Contract can represent its own cryptocurrency (aka “Token”). Here is how we differentiate between a “Coin” and a “Token”.
    Ethereum is the Coin, while all the Smart Contracts are a cryptocurrency “Token”.
    When a Smart Contract runs on the Ethereum Blockchain, it needs the ETHER token. People running these Smart Contracts need to purchase the ETHER token in order to buy GAS to process this transaction.
    There are different types of Tokens.
    The most popular type of Token is a Fungible Token. A Fungible Token is indistinguishable from each other (they all are treated as the same). They are all identical and have the same value. ERC-20 is really the Fungible Standard.
    But, there are also NFTs (Non-Fungible Tokens). NFTs are used in games. For example, in a game you might have different items that are unique (e.g., sword, armour, knife) that are not equal to each other, and have different IDs, different properties,and different market prices.
    To deploy items that are unique in the NFT space, you would use ERC-721 or ERC-1155.

  3. How do you create a token on Ethereum?
    ERC-20 defines how we program a new Token.
    It is very important that the new Token complies with ERC-20 standards, so that all Exchanges and Wallets will support this new Token.
    ERC-20 Token Standards ensure there is a standard way to program (e.g., naming conventions and parameter conventions) to deploy Tokens on the Smart Contract platform. With ERC-20, this is how we reach EFFICIENCY. An economy is efficient when you have less friction. We DO NOT want to add friction (e.g., everybody has their own structure).

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#3722

1.) here stays the value in the blockchain and its more for the people. In web 2.0 there goes al the value to the big copmpanies.

2.) a Token is something that is created on the ethereum blockchain with the erc20 standard.

3.) with a smart contract.

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#3723
  1. What are the benefits of web 3.0 (decentralized internet)?
    The protocols can capture value. Its more imutable. You have more ownership of your content. You can bring your content to other web 3 Dapps more easily. You can be part of the economy of the web 3 site you are using.
  2. What is a token?
    Its a currency deployed on top of the ethereum network.
  3. How do you create a token on Ethereum?
    You follow the ERC 20 standard, then deploy it on ethereum as a smart contract. You will have to pay gas to do so.
2 Likes
#3724
  1. What are the benefits of web 3.0 (decentralized internet)?
    Allows value to be captured by the protocol instead of by the applications only
  2. What is a token?
    A token is a cryptocurrency that is created on a dApp or smart contract that is run on any given protocol
  3. How do you create a token on Ethereum?
    creating a token on ethereum takes gas to create a dapp, NFT, smart contract, that is coded using the ERC20 standard.
2 Likes
#3725

1.A benefits of a decentralized internet is self-sufficiency, whereby a DAPP is a self-contained ecosystem, not dependent on anything external to the DAPP

  1. A token is a medium if exchange if it is fungible and a medium of value if it is non-fungible. The features of a token are dictated by the underlying smart contract.

  2. Ethereum allows for the creation of tokens by way of smart contracts (as determined by small bits of code) that are designed to comply to an agreed upon standard and residing inside a DAPP. The standardization of the smart contracts allows for interchangeability of tokens between different DAPP’s if said tokens are fungible, or for storing a valued asset by in the form of an NFT otherwise.

2 Likes
#3726
  1. It allows to capture value on the protocol level
  2. A token is a digital asset on Ethereum or another blockchain implemented through a smart contract
  3. You write a smart contract, typically adhering to the ERC20 standard or one of the NFT standards
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#3727
  1. What are the benefits of web 3.0 (decentralized internet)?

Value accrues to the protocol layer and creators avoiding the possibility of a monopoly by a tech giant, like Google

  1. What is a token?

A token is a representation of value created on a protocol. E.g smart contract/ERC 20 tokens created on Ethereum.

  1. How do you create a token on Ethereum?
    Using smart contracts on ERC 20 or ERC 115 depending on whether it’s fungible or non-fungible.
2 Likes
#3728

  1. Web 3.0 is decentralized internt that allows the protocols to gain value instead of only the application in Web 2.0 setting

  2. a token is a smart contract that is build on the blockchain. a token can be fungible using ERC 20, or non fungible using ERC 1155 or ERC 721

  3. A token can be created by smart contract on a coin.

2 Likes
#3729

  1. The advantages of a Web 3.0 (decentralized Internet) are clear in the control of information money and influence. A decentralized Web makes it hard to control news media, contents, opinions, money, information…, because many players control the market and the net not only a hand full, therefor nobody can censor persons, groups, information etc.

  2. A token is a smart contract that is created on another platform and coin. For example a token can be created on Ethereum that uses Ether as a coin. So without Ether and Ethereum the token can not exist.

  3. You program a currency as a smart contract on the Ethereum Platform.

2 Likes
#3730

  1. The benefits of web 3.0 is the ability to have decentralized websites and compete with monopoly tech giants by incentivizing users with tokens.

  2. A token is a digital asset that lives on top of the ethereum network.

  3. You can create a token by creating a smart contract for it.

2 Likes
#3731

  1. What are the benefits of web 3.0 (decentralized internet)?
    It’s become even more obvious in the last couple of years, with an important election in my country, that it’s downright dangerous for only a few companies and even a few individuals to hold control over the information people can learn about, or what people can say or hear from others. If a few people (e.g, Facebook, Twitter, Google) can control that they can effectively control a population, and this was painfully demonstrated in 2020.
    They can also go a long ways towards controlling commerce, as Amazon has been found doing.

  2. What is a token?
    A token is a programmable digital asset; they are useful on certain Dapps as a required currency needed to use a blockchain like Ethereum or others.

3 How do you create a token on Ethereum?
I read the link about using Metamask to generate a wallet, which will hold a smart contract, program it, then use a program like Remix IDE Solidity compiler and debugger to deploy the contract onto the Web.

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#3732

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

  • Creation of web economy
  • Creation of automatic smart contracts
  • Trustless based system with the motto “Don’t trust, verify”
  • Creation of new companies based on

2. What is a token?

It is a “coin” or more like a representation of an asset (Fungible tokens/Non-fungible in the case of NFT’s) built on top of another blockchain with the help of a smart contract (in the case of Ethereum and other blockchains).

3. How do you create a token on Ethereum?

With the use of coding powered by a script language.

4 Likes
#3733 
1.  benefits of web 3.0 (decentralized internet):

Transparency, Trustles, Self-governing, Permissionless, Fewer Middlemen, Privacy, Data Ownership & Sharing,
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.
2. Programmable digital asset crated on smart contract platform.
3. A token can be created on Ethereum using a smart contract

1 Like
#3734

  1. What are the benefits of web 3.0 (decentralized internet)?
    It gives smaller companies a fair chance of succeeding with their project and getting adoption by the userbase. It won’t be controlled by the big players. Early adopter are incentivized. It also improves security and privacy by being decentralized.

  2. What is a token?
    A token is a digital fungible/non fungible asset build on top of a smartcontractplattform like Etherium or Polkadot. For Example: Polygon Matic is a Token which is deployed on the Etherium Network.

  3. How do you create a token on Ethereum?
    With some ETH in your wallet, your tested code and some time :slight_smile:

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#3735 
1. Privacy data and own by themself.
2. A token is the smart contract representing a cryptocurrency built on top of the blockchain.
3. Create by using a smart contract with ERC-20 or ERC-721 standard.
1 Like
#3736

1. What are the benefits of web 3.0 (decentralized internet)?
It gives smaller companies and startups an opportunity to compete with the big tech companies and rids the internet market of monopolies.
2. What is a token?
A token (fungible or non-fungible) is a part of the code written inside of a smart contract which can be transacted between addresses.
3. How do you create a token on Ethereum?
You write a smart contract using either the ERC20, ERC721 or ERC1155 standard.

1 Like
#3737

  1. Web 3.0 puts the value in the developers and participants of the network instead of centralized entities.

  2. A token a digital asset built on smart contract technology.

  3. You can write smart contracts using solidity to create a token.

1 Like
#3738

1.What are the benefits of web 3.0 (decentralized internet)?
No one company will hold the monopoly like with web 2.0 and users can be incentivised or rewarded once an ecosystem/Dapps are created.
2.What is a token?
A Token is digital currency that’s developed on the blockchain.

3.How do you create a token on Ethereum?
By using Smart Contracts and ERC=20 Token being the Standard.

1 Like
#3739

1. What are the benefits of web 3.0 (decentralized internet)?
The benefits of Web 3.0 is the fact that the value is retained on the protocol level. This puts the power back in the hands of the people. It also allows small companies to compete on the same level as major corporations and direct peer to peer interactions. No need for middle men.

2. What is a token?
A token is a cryptocurrency or nft that is created on another native currency such as Ethereum.

3. How do you create a token on Ethereum?
You can create tokens by coding them into existence.

1 Like