Homework: Web3.0 and Tokens

Ethereum 101
#682

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

Reduced ability to centrally control the network and should prevent monopolies. rewards users for being early adopters. Personal control of data and privacy.

2. What is a token?

A digital asset that can be traded within a dapp. can be fungible or non-fungible.

3. How do you create a token on Ethereum?

You can create a token by programming a smart contract/dapp on the Ethereum blockchain. It is generally advisable to follow the ERC20 standard for fungible assets and ERC721 and/or ERC1155 for non-fungible assets, as these allow interaction with current software and infrastructure.

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#683

*The main benefit of web 3.0 is to destabilise the current main providers of internet services such as Google, Facebook, Instagram and WhatsApp. These big providers are all linked and have the authority to control the information that we see. By having a decentralised internet there is more opportunity for other providers to come to the fore and thus offering more choice to the customer.

*A token can be a currency, smart contract or other that has been built from the Ethereum network.

  • A token can be created from the Ethereum platform observing the rules of ERC-20 code to create a smart contract or currency.
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#684

  1. What are the benefits of web 3.0 (decentralized internet)?
    a) A decentralised Internet gives start ups and other companies the ability to achieve their vision without having to worry about larger companies sinking them. A decentralised internet gives early adopters an incentive to use the new platform and be rewarded in tokens, although possibly cheap, will be forecast to increase in price while the number of tokens available decreases and other people adopt the platform. There are fewer middlemen and increases transparency due to it all being within a smart contract.

  2. What is a token?
    a) A token is fungible or non fungible digital asset created on Ethereum or other blockchain networks.

  3. How do you create a token on Ethereum?
    a) A token can be created by implementing a smart contract using one of the token standards like ERC20, ERC721 and ERC233

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#685

Homework on Web 3.0, and Tokens - Questions

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

  • money to the protocol level
  • more competition against web giants
  • easy to start new businesses

What is a token?

  • digital asset.

How do you create a token on Ethereum?

  • by smart contract
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#686

Users can earn instead of paying for applications.

Token is cryptocurency build on etherium

By writhing a smart contract.

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#687
  1. Early adopters are incentivized to use new platform.
  2. Is a cyrpto either fungible or non-fungilble that is used on Ethereum or other networks.
  3. Created as a smart contract with Ethereum.
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#688

Web 3.0 enables the average Joe with a creative idea to complete at the same level as the Web 2.0 giants like Facebook and Google. The concept should result in an exponential growth in innovations as the monetary incentive taps into the brains world-wide, not just silicon valley.

Tokens are digital assets that are both fungible and non-fungible

They are created as a smart contract on an ethereum platform

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#689

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

    It incentivizes people to become early adopters in websites so they can gain users and decentralize the control of a few companies over the internet which will increase security.

  2. What is a token?

    It’s a cryptocurrency/digital asset made from a smart contract on ethereum.

  3. How do you create a token on Ethereum?

    By using the ERC20 smart contract, making it a fungible token. There are also non fungible tokens made from ERC 721 or ERC 1155 smart contracts.

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#690
  1. The smart contracts that are at the heart of the internet 3.0 allow for the transparent definition and trustless operation of contractual economic relationships. That is to say, in the world of the internet 3.0, trust in individual or institutional integrity is replaced by trust in the blockchain-based immutability of objectively existing computer algorithms. Moreover, the internet 3.0 also promises to provide a means by which the near-monopoly of the giant social media companies of the internet 2.0 can potentially be broken. For it enables the formation of alternative virtual social networks in which early adopters are financially incentivized to become network promoters—and as these networks grow, by means of this promotion, so grows their value, and so grows as well their power to compete with the giants of the internet 2.0. Finally, the decentralized nature of the internet 3.0 allows for the creative energies of a vast multitude of content creators to be released and to be financially rewarded.
  2. A token on the Ethereum blockchain in essence is a currency on top of a currency. It is a currency that relies for the settlement of its operational costs on the underlying Ether currency of the Ethereum blockchain.
  3. A token on Ethereum is created by using the functions specified in the ERC20 standard to write a program that defines the token’s purpose and general characteristics.
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#691
  1. decentralized website - application on top of a protocol
  2. token is at the end a smart contract
  3. following ERC 20 standard
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#692

— My answers —

  1. Web 3.0 inherits all the benefits of a decentralized system, plus allows small start ups to compete more easily with established companies and services; in addition, users can be proportionally rewarded with part of the website’s revenues.

  2. A token is a digital asset created with smart contracts.

  3. It can be hard coded in a smart contract or dapp, preferably by using one of the standards provided by the Ethereum protocol.

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#693

There is more transparency as we dont need the intermediaries and use peer to peer connections. Also it encourages early adopters because they are rewarded more in the beginning for the content with smaller users of a “service”.
It is a cryptocurrency deployed as a smart contract on a smart contract platform such as Ethereum, EOS, NEO and others.
We choose a standard we need for our token (fungible ERC20, non-fungible ERC721 and ERC1155) and write a smart contract with all the properties we want the token to have (such as max supply, divisibility, etc). Also we need some Ether in order to pay in GAS to deploy the smart contract, how much it depends on a complexity of a smart contract.

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#694
  1. Small players are able to create their own economic model and cryptocurrency by which users can be rewarded for their contribution.
  2. It’s a fungible or non-fungible digital value which is based on the top of a smart contract plattform like Ethereum.
  3. Token can be created by implementing a smart contract on the top of Euthereum by using the standard ERC20
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#695
  1. More financial compensation on protocol level
  2. A layer built on to of a protocol
  3. Smart contract
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#696
  1. It allow the value to be captured on the protocol level.
  2. A token is a digital asset or utility that its build on top of a blockchan using a smat contract.
  3. A token is created using a smat contract and inheriting one of the token standars from the given smart contrat plaftom such as Ethereum.
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#697

  1. Web 3.0 offers an opportunity to reclaim value from some of the large corporations that currently dominate the Internet. Through decentralized applications that are built on blockchain, powered by cryptocurrencies, and are governed by a software protocol rather than corporations, web 3.0 supports new services/platforms that, among other things, provide direct incentives for participating in value creation on the network.

  2. A token is a digital asset that is native to a smart contract and is typically intended to facilitate some kind of activity that is required for a specific use case. Tokens can be fungible (each token is the same as every other token - they are not distinguishable from one another) or non-fungible (each token is unique and carries a different value or property).

  3. Tokens are created on Ethereum via a smart contract (a program that runs on top of the Ethereum blockchain).

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#698
  1. The benefit of web 3.0 is you can capture value at the smart contract/programing level.
  2. A token is a reward for a smart contract that can pay people for cotent.
  3. Create a smart contract that has a use.
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#699
  1. Security, Transparency, and Inclusion without the need for intermediaries.
  2. a digital currency built on top of a blockchain that can have fungible or non fungible ( i.e. in gaming use cases) characteristics.
  3. program code
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#700
  1. In web 3.0, value can be captured on the protocol level. Also, smaller companies can gain traction and early adopters using economic incentives.
  2. A token is a unit of currency. It can be fungible (ERC20) or non-fungible (ERC721 ERC 1155). Tokens are issued on top of the Ethereum platform and have a fixed supply.
  3. You can create an ETH token using a smart contract.
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#701

  1. Decentralized net levels the playing field, allowing independent creators to compete with large companies and distributing rewards to users and creators as opposed to it all being collected by third party agencies.

  2. A token is a fungible or non-fungible asset based on a smart contract

  3. Using a smart contract

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