Glenn_CostaRica
1. What are the benefits of web 3.0 (decentralized internet)?
Web 3.0 is the next step in the evolutionary process of the Internet. With Web 1.0, we enjoyed the capacity to consume content thanks to the invention of basic protocols and web pages. Pages, nevertheless, were static and rigid. You could see only fixed text and images on your screen (like an electronic version of a traditional magazine where content, once printed, could never change). Web 2.0 changed this and made content highly dynamic, basically thanks to scripting languages like JavaScript. Multimillionaire companies like Google, Facebook and Instagram exist thanks to these technologies. Web 3.0 is, however, disrupting the Internet even more. Web 3.0 represents the truly decentralized nature of the Internet. With 1.0 and 2.0, first of all, all the content is prepared, controlled and served by a centralized provider, from ‘one’ computer – or supercomputer --. This provider is able to filter content in a way that is beneficial only to certain people. For this provider, users might end up being “sheep” to exploit and to extract gains from only. The provider can even use users – and specially all the information collected about users – against users themselves. In many of the use-cases of Web 2.0, users do not earn much, but have to pay high prices for all services. Web 3.0 is changing this by annihilating the extreme levels of centralized power of servers as third parties, by distributing the role of these servers among all those who want and can provide computing power to sustain the network, or who somehow can participate in the network. In Web 3.0, decentralized networks can generate products, services, and even sound representations of legitimate value like cryptocurrencies native to the distributed nature of the Internet. In truly decentralized networks, virtually almost anyone can become a server or a provider, and no one should be able to monopolize the power over the network. Therefore, in Web 3.0, anyone can be an entrepreneur, anyone can invent, build and launch amazing ideas.
2. What is a token?
A token is a computer program that is implemented on top of an existing Blockchain, whose main purpose is to establish a unit of value and of exchange, in the form of a cryptocurrency.
3. How do you create a token on Ethereum?
In order to create a token on Ethereum, you must program a basic database and a set of functions to manage the data of the database, where the most important data consists of a ledger of balances of a unit of value, a currency, and holders of these units of value, while the functions must be those needed to update holders’ balances and payments. The best way to program a token, however, is to adhere to a Standard, like the ERC20 Standard, that establishes how to implement the database and how to structure and even name your functions. This will make your token fully compatible with all the software that has been created previouly for this very Standard. It will also help you save a lot of time in designing and testing your own newly invented functions which is, naturally, a lot less secure.