Homework: Web3.0 and Tokens

Ethereum 101
#3740

Homework on Web 3.0, and Tokens - Questions

  1. What are the benefits of web 3.0 (decentralized internet)?
  • Its more decentralised as it can benefit from per to per using blockchain.
  1. What is a token?
  • A token is digital asset (fungible or non-fungible) created in a smart contract in a blockchain.
  1. How do you create a token on Ethereum?
  • You can create a token using smart contracts, codes and parameter like ERC20.
1 Like
#3741
  • What are the benefits of web 3.0 (decentralized internet)?

Anyone can compete with giants like Google and Facebook;
DApps.

  • What is a token?

Is an operational value, can be fungible and nonfungible

  • How do you create a token on Ethereum?

By using Smart Contracts.

2 Likes
#3742
  1. Web3 reward the content creators, rather than the plattform owners (i.e. fb, ig, etc)
  2. A token is a “cryptocurrency” built on ethereum (but not Ether) or similar blockchain.
  3. A token is created by using the ERC20 standard and by utilizing smart contracts.
1 Like
#3743
  1. What are the benefits of web 3.0 (decentralized internet)?

programmable money and monetizing protocols. Not only the apps grab all the value but also the protocols and blockchains they depend on

  1. What is a token?

A token is a entity build up on top of thee ethereum blockchain. Erveryone can program ne tokens based on standards like the erc20 to support their own use cases (gaming, finance etc…)

  1. How do you create a token on Ethereum?

By programming a smart contract

1 Like
#3744

Truls-Magnus Lokrheim - Homework Submission, Web 3.0 & Tokens

Question 1: What are the benefits of Web 3.0 {decentralized internet}?
Answer: When you contribute to the social network by; posting, liking. Your posts and likes are valuable to the network because these actions are determining which content is good or bad, through likes for example. On Web 2.0 the rewards were being awarded to the tech giants; Google, Facebook, etc. In contrast to Web 3.0, you, as the user and poster and liker, are being rewarded with cryptocurrency.

Question 2: What is a token?
Answer: A token is an individual cryptocurrency built upon a smart contract protocol; most commonly the Ethereum smart contract platform.

Question 3: How do you create a token on Ethereum?
Answer: Through the use of an E.R.C. either being fungible or non-fungible through the deployment of a smart contract following an E.R.C. standard.

1 Like
#3745

  1. A decentralized internet, Web 3.0), captures value for many users, while a centralized one captures value for the few shareholders of a few companies.

  2. A token is a derivative of a coin- in that it is a creation of value from an underlining value- in the case of Ethereum and other similar platforms this is done through a Smart Contract.

  3. Utilizing the Ethereum Standards one codes a Smart Contract- a fungible token utilizes ERC20.

1 Like
#3746

  1. What are the benefits of web 3.0 (decentralized internet)?
    Big corporations will not have the power anymore, instead users, creators and small businesses will be able to compete with big companies. Early users will be incentivized and so they will create a network effect.

  2. What is a token?
    A token is a smart contract built on top of Ethereum or another blockchain.

  3. How do you create a token on Ethereum?
    By deploying a smart contract on Ethereum using the ERC standards wether for fungible or non fungible token.

1 Like
#3747
  1. Decentralized internet
  2. it’s a smart contract with ERC20 standard
  3. Deploying a ERC20 smart contract on the ethereum network
1 Like
#3748
  1. What are the benefits of web 3.0 (decentralized internet)?

Basically now you can have economic incentives to incentivize people to be early adopters, which makes it possible for small start ups to compete with economical giants such as Google or Facebook.
Programmable blockchains, such as Ethereum and EOS, provide a pre-exisiting decentralised network on which a wide variety of decentralised applications (dapps) can be built and deployed;

  • Interoperability between dapps deployed on the same blockchain;
  • Blockchain technology brings enhanced data integrity, transparency, traceability, immutability and security;
  • High availability: dapps can operate 24/7/365;
  • Dapps can have their own token models, which act as drivers for their own economies. This enables a large part of the value generated to be passed to the contributors and curators of the ecosystem, instead of to a central corporation. This in turn fosters greater innovation.
  • Inflationary token models incentivise early adopters, which enables small start-ups to compete against large corporations which already dominate the market. This also fosters greater innovation within the ecosystem;
  • By removing the need for intermediaries, who manage and provide many of the Web 2.0 services we use today, markets should become more efficient, which in turn should reduce costs and lead to lower prices.
  1. What is a token?

It´s a smart contract that was made on a protocol layer Blockchain such as: ETH, EOS or NEO, which follows certain standards.

3.How do you create a token on Ethereum?

A token can be created by using Solidity to program instructions for a SC which follow the ECR20 standards. Then through a special application one has to compile those codes to byte code so the EVM can read it and command the CPU to execute it. Most importantly it has to follow the ECR20 standards so it can be executed and validated by all nodes in the network.

3 Likes
#3749

  1. Benefits of a decentralised internet are that the community is not manipulated by a central authority and the economic benefits are captured by the whole community.

  2. A token is a representation of an asset or commodity which is built on top of another blockchain.

  3. Dapps build on top of Ethereum use the ERC20 standard to create tokens to distribute to the ICO investors.

1 Like
#3750
  1. The opportunity for smaller business and individuals to compete with large corporations, early adopters are incentivized to use a new platform as they will be rewarded.
  2. A token is a programmable digital asset built on top of a blockchain protocol such as Ethereum.
  3. A token on Ethereum is created by means of a smart contract and coded in accordance with specific token standards such as ERC20.
1 Like
#3751
  1. What are the benefits of web 3.0 (decentralized internet)?
    Compared to web 2.0 where the protocols have captured no value (no one is paying the inventors of http), on the blockchain (web 3.0) the value is captured mostly on the protocol level. All tokens etc are build on top of Ethereum, when engaging with dapps on the blockchain, you need ETH to compensate the network.
  2. What is a token?
    A token is a cryptocurreny or crypto asset that can have multiple functions in decentralized exchanges or in blockchain gaming. A token is mainly used to describe any other currency than Bitcoin or Ethereum (referred to as coins), but technically they are also tokens.
  3. How do you create a token on Ethereum?
    By coding a smart contract for it (for that you need a node, Ether, and a MetaMask account)
1 Like
#3752
  1. Small companies can create their own whole ecosystem. In the early adopter face tokens are cheap so users are incentiviced to use it and the company can compete with larger companies.
  2. A token represents a certain amount of value of a specific blockchain. Either fungible or non fungible, created through a smart-contract.
  3. Smart-contracts, programmed on top of the Token Standard Interface.
1 Like
#3753

  1. What are the benefits of web 3.0 (decentralized internet)?
    The value of web 3.0 belongs to everyone who uses the web, not only to big corporations as in web 2.0

  2. What is a token?
    it is a smart contract

  3. How do you create a token on Ethereum?
    You create a smart contract and Dapp.

1 Like
#3754
  1. There seems to be a great amount of benefits that accompany Web 3.0, to mention a few:
  • Interest in early adoption for dApps, due to token rewards, which is an incentive itself for people to be more active on any given platform anyway.
  • the decentralized system shows high likelihood for being able to compete with big brands like Google, Facebook or WhatsApp - and create a environment in which the user - not the company - earns the money, that companies make for utilizing our data for free (protocol value :muscle:)
  • There is a huge variety of interesting new ways and inventions that can be build on Web 3.0, what to speak of all the previous functions

  1. A token is a Smart Contract build on top of the Ethereum or other networks, that can be utilized for various functions. It’s function in the case of the ETH-network is fuelled by GAS, which is a direct link to the original fungible currency ETH and it’s network. Tokens can be fungible or non-fungible.

  2. A token is created by building a Smart Contract on top of the Ethereum network or other Blockchain networks (following the same or compatible Token Standards).

1 Like
#3755

Nice love the detailed answer!

#3756

1. What are the benefits of web 3.0 (decentralized internet)?
Decentralization benefits small start ups and let’s them compete with resources that otherwise would only be accessible to large companies.

2. What is a token?
A token is a smart contract built on top of Ethereum.

3. How do you create a token on Ethereum?
You use a smart contract and code them according to ERC20 standards.

1 Like
#3757

  1. Less concentration of power in the hands of a handful of companies leading to a more open internet.

  2. A smart contract that implements the ERC20 standard on Ethereum.

  3. Deploy a smart contract implementing the ERC20 standard.

1 Like
#3758
  1. Small companies have the possibilities to do the same things like the big players could do until now. Building complex applications, etc.
  2. A token is a smart contract executed on another blockchain.
  3. You have to create a smart contract/code on the ETH blockchain.
1 Like
#3759

Web3.0 is a decentralized web with many benefits and opportunity’s for small companies that gives them the opportunity to compete with the large companies like google and facebook where there centralized power rules. Web3.0 gives also credit and reward for the protocol like in eth, were in web2 there is a monopoly and companies build on the protocol toke all the credit.
another thing is investers / early adopters get reward with tokens that increase in value if the project keeps growing.

2 & 3.
A token is a digital asset, it can be a fungible or non fungible. it is created with a smart contract build on the blockchain( like eth)

1 Like