Wow! Just watched this lesson and Ivan checked the price of BTC on the date of the lesson (Jun 1st, 2019) and it was $8584.32. I looked at the price today and it was $8584 Please see attached screeshot). We all know there is high probability that the price will eventually go up… Anyways, thought it was an interesting situation. Back to the HM –
1- In time, small startups in the system could have the opportunity to compete with giants such as Goole, FB, youtube. By being decentralized, it allows users to be rewarded for their content on a Web 3.0 DAPP, and that is something that can only be possible with blockchain
2- A token is a digital asset used by Dapps and/or smart contracts that are built on top of a platform such as Ethereum
3- By creating smart contracts. ERC20 if they are fungible and ERC721, ERC233 if they are not fungible (gaming)
The decentralised web creates a censorship free network which is much harder to surveil by authorities. There are no central weak points to attack or monitor, the data may be requested and retrieved from just about anywhere.
Another, even more important point is that by utilising monetary incentives web 3.0 may just be able to challenge the few global players basically controlling the current web. Decentralised projects like steemit and DTube will pay users for interaction and content creation. OpenBazaar, an Ebay like decentralised marketplace removes the middle man, thereby removing costs for users. Transactions are on a strict peer to peer basis.
A token is a program, also called a smart contract, that has been deployed to the Ethereum blockchain. They use the underlying Ethereum infrastructure to build their own, completely new applications. Most tokens are based on the ERC20 token standard which provides a common interface. For non-fungible tokens the standards ERC 721 and ERC1155 exist.
At the current time the program for a token may be written in either Solidity or Vyper, the two available programming languages for smart contracts. Before deploying the token to the blockchain the code needs to be compiled into bytecode. All nodes in the Ethereum network run an EVM which can read and execute such bytecode. Once a transaction containing the token has been included in a new block on the chain the token was created.
Q1: Web 3.0 allows for smaller companies to compete with data giants bc it gives them more transparency and the ability to incentivize not just the builder but users and developers alike.
Q2: A token is a form of currency that operates on a smart contract platform such as ETH
Q3: A token is made by making a smart contract on ETH’s platform using standards like ERC20 and others.
What are the benefits of web 3.0 (decentralized internet)?
The benefits of the Web 3.0 is that the value of decentralized applications would be captured at the protocol level. This gives the opportunity to smaller companies to compete against larger corporations, where early adopters are rewarded through the use of tokens.
What is a token?
Tokens represent any fungible and non-fungible goods that are created using a smart contract.
How do you create a token on Ethereum?
Tokens on Ethereum are created by writing smart contracts according to standards like ERC20.
What are the benefits of web 3.0 (decentralised internet)?
Web 3.0 (decentralised internet) would give the opportunity for smaller companies to compete with giant corporations such as Google, Youtube, Facebook etc… in a way that early adopters are incentivised to use a new platform as they will be rewarded with a higher number of tokens. Later in a platform’s life cycle when adoption increases, the value of those tokens will also increase as well.
What is a token?
A token is a digital asset (fungible or non-fungible) that is created using smart contracts and built on top of a blockchain network such as Ethereum, NEO, EOS, Tron, etc.
How do you create a token on Ethereum?
A token is created on Ethereum by writing a smart contract on the Ethereum blockchain network and adhering to the required ERC20 standards.
1. What are the benefits of web 3.0 (decentralized internet)?
Web 3.0 builds on 2.0. For instance, people use Facebook to interact with other people (posting pictures, content, etc.), but that interaction only goes so far. There is no vested interest for the average user. If Facebook goes away tomorrow, people will be upset they lost their content, but will flock to the next social media app (think MySpace).
Web 3.0 is different, giving people financial incentives to use, and promote the product. The more vested interest, the more people feel like they are a part of something. Just think if part of your portfolio was tied to how much you used facebook and how well it performed around the world. Wouldn’t you care more about it?
2. What is a token?
In this context a token is a digital asset. It can be fungible or non-fungible (NFT). Example of fungible is the Eth tokens I hold, and non-fungible is one of my Axies from the popular game Axie Infinity.
3. How do you create a token on Ethereum?
A token is created on ethereum by producing a smart contract using ERC20 standards.
Those that are engaged at the beginning are incentivized to innovate and create the businesses that will thrive in the environment. Currency is now a llayer that operated on the protocols that (blockchain) that operate on the internet. P2P as a rule, not the exception; eliminating the need for third party intermediaries.
A token is a fungible or non fungible (NFT) digital asset that operates on blockchain.
The most fluid and easy way is to copy the open source code for ETH and edit that with the specificity to make a new token with security features and use cases that solve a current or future issue.
Quite close sir, but the application is the entire experience that an smart contract can offer to the users, also you may get confused with the term “coin”, Ethereum is a blockchain protocol platform, Ether(ETH) is the native currency or coin to give a value to the platform, a token its a digital asset with an unique use case for an smart contract that reside on the blockchain; You can think as Ethereum (Ether native cryptocurrency) as the blockchain protocol used to develop smart contract within their own token, like DAI, MakerDAO (MKR token).
If you have any doubt, please let us know so we can help you!
Hope this gives you a clear view of the subject, keep learning!
Hello sir, thats not entirely the most easiest way, the Ethereum code is open source, but it’s an entire platform that create a protocol for different kind of use cases, if you copy the Ethereum code, you are practically creating a fork over that code, and it will be really complicated to edit it to your needs.
The most easiest way is to design/create an smart contract within the Ethereum blockchain and following one of the ERC token standards.
Hope this gives you a clear view of the subject, keep learning!
If you have any doubt, please let us know so we can help you!
It enables new web applications to be built on the blockchain. due to the fact that they are decentralised reduces fixed implementation costs as resources are shared by network participants. It enables implementation of money (via tokens) as a layer on the internet. Provides peer to peer payment of incentives thus excluding middle men that did not even contribute to the network or process. By creating this this direct incentive to participants it enables potential rapid growth enabling these new firms compete with bigger firms monopolising their sector who do not incentivise participants on their platforms
A token is a code reflected as a crypotcurrency or digital asset (fungible or non fungible). It may be normally developed using a cryptocurrency and it monetises activities on the network and is used to provide incentives to participants
Using a smart contract implemented by adopting a token standard e.g. ERC20, ERC721 or ERC233
The benefits of Web 3.0 is that websites can now be decentralized and create their own economies and cryptocurrencies that can compete against mega-corporations such as Google because of the network effect.
Tokens are fungible or non-fungible digital units of value built off the Ethereum platform.
Tokens can be created by the use of smart contracts which are simple codes based off standards such as ERC20, ERC721 or ERC1155.
web 3.0 allows for the creator or the protocol to capture value instead of the big giant applications that is built on the platform. In web 2.0, application giant like google captured all the values while in web 3.0, ethereum for example is a platform where many other applications is built on it and everyone benefits if the the application is successful. So web 3.0 creates a win win situation for all.
A token is a cryptocurrency or digital asset built on etheruem network.
Tokens are created by writing smart contracts on Ethereum network that is read and authenticated by EVM.
More competition for the big centralized corporations.
High availability as Dapps/Smart contract can run 24/7 356 days a year
Censorship resistant, if deployed in the blockchain a smart contract cannot be stopped in any way.
Possibility to create a total new internet thanks to the cryptocurrencies, users can get rewarded from a specific product/project instead of being forced to give to a third party centralized entity all for “free”. Example with brave browser as a user you earn money (trough BAT token ERC-20) when viewing ads and you can choose which content creator deserve to be paid, as a content creator you can receive the earnings sent from the normal users without having to send a part of the earnings to a third party centralized entity. With Youtube , for example, being centralized if you are a content creator, youtube keeps a very big amount of the earnings from the advertising and from the superchat, if you are a normal user you even get 0 earning while visualizing ads.
Tokens are basically smart contracts that works on top on another smart contract platform, in case of Ethereum most common tokens are the ERC-20 tokens. They have many uses and purposes, for example:
Toll: A token can act as a gateway to a Dapp. Basically, in order to access the Dapp, you will need to hold the tokens.
Voting Rights: The tokens may also qualify the holders to have certain voting rights regarding the future of a project.
Value Exchange: This is one of the more common roles of tokens within the ecosystem. Tokens can help create an internal economic system within the application.
User Experience Enhancement: The token can also enable the holders to enrich the user experience inside the confines of the particular environment. (An example is BAT token , more details in the previous answer)
Currency: Can be used as a store of value which can be used to make transactions both inside and outside the given ecosystem.
In simpIe and not technical form, if you want to create an ERC20 token (most common token in Ethereum) you have to Develop a Smart contract (the most common used language today is Solidity) by following The ERC20 standard, which consist on following 6 mandatory rules and if necessary for the creator, 3 optional rules. Once written all the required code in solidity you will have compile in bytecode so that the smart contract can be read from the Ethereum Virtual Machine.
The 6 mandatory rules/funcions are the following :
totalSupply : this function allows an instance of the contract to calculate and return the total amount of the token that exists in circulation.
balanceOf : this function allows a smart contract to store and return the balance of the provided address. The function accepts an address as a parameter, so the balance of any address is public.
approve() : with this function the owner of the contract authorizes, or “approves”, the given address to withdraw instances of the token from the owner’s address.
transfer() : this function lets the owner of the contract send a given amount of the token to another address.
transferFrom() : this function allows a smart contract to automate the transfer process and send a given amount of the token on behalf of the owner.
allowance() : this function allows to transfer the number of allowed tokens when an action is executed on the contract.
The 3 optional rules/functions are:
Token Name : state the name of the token , many popular tokens include it so that popular wallets like Mist and MyEtherWallet are able to identify them .
Symbol : used to identify a token, this is a three or four letter abbreviation of the token, just like BTC, ETH , BCH , ADA etc
Decimal (up to 18) : used to determine to what decimal place the amount of the token will be calculated. The most common number of decimals to consider is 18.
What are the benefits of web 3.0 (decentralized internet)? >> everyone is able to compete with the big companies if there is a good idea many people follow. There is no single entity who makes the rules, it is the network who brings privacy, security and new products
What is a token? it is programable money based on smart contracts like Ethereum or NEO
How do you create a token on Ethereum? Based on the existing token standards (ERC20, ERC721…) by creating smart contracts with a kind of process or logic behind
A decentralized internet gives an opportunity for a smaller company to compete with monopolists like FB or Google. No middle man in the system. Early adopters are gonna be rewarded with the higher number of tokens.
Token si digital asset created on blockchain networks. Tokens can be fungible or nonfungible.
Tokens can be created by writing smart contracts using one od the token standards like ERC20, ERC721, and ERC233.7
What are the benefits of web 3.0 (decentralized internet)=
With web 3.0 all users will share the value created by interent, in web 2.0 all the value is attracted by monopolies, in web 3.0 users will have economic interest to partecipate. Moreover, little companies will have the possibility to compete with bigger.
What is a token?
A token is a programmable smart contract that is built over an existing blockchain
How do you create a token on Ethereum?
Basically you have to write a smart contract using the language of the platform (i.e. Solidity) and an existing standard of the Ethereum platform, i.e. ERC20
What are the benefits of web 3.0 (decentralized internet)?
3.0 provides the opportunity to create value over the internet using decentralized apps. and has the potential to create new ways to make money for everyone rather than the few companies that monopolize the internet now.
What is a token?
A token is a cryptocurrency/digital asset (fungible or non-fungible) that is developed using a smart contract (ethereum, EOS, Tron, etc.)
How do you create a token on Ethereum?
A token can be created on Ethereum using a smart contract
Web 3.0 will allow monetization at the protocol layer unlike Web 2.0 when the http layer was unable to monetize itself. This caused the programs that utilized the protocol layers to make all the profits (Google,Facebook, WhatsApp).
A token is a smart contract (or dapp) that is built on top of ethereum. The tokens have their own cryptocurrency and their own value. Since they are reliant on ethereum, any of their successes will lead to ethereum’s success.
You can create a token on ethereum by creating a smart contract on the ethereum blockchain.
