Homework: Web3.0 and Tokens

Ethereum 101
#862

Homework on Web 3.0, and Tokens - Questions

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

  • you can create decentralized Dapps with 1 or more smartcontracts.
  • Early adopters can create value for the network and incentivized by tokens and get rewarded
  • Small startups have more change to compete against the big giants (google/facebook)
  • censorchip is eliminated because of decentralisation
  • Web 3.0 is a semantic web or data driven and will adjust to the need of the user

What is a token?

  • a programmable digital asset
  • abstraction of real live ‘things’
  • can be programmable money

How do you create a token on Ethereum?

  • with a smart contract complient to the ECR20 standard (or the newer onces) you can create a token
  • also depends on which standard you want to use, fungible (ECR20) or non fungible (ECR721, ERC1150)
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#863

  1. One of the benefits is the ability to invest in the protocol as an early adopter. The decentralized applications allows the users of the dapps to potentially earn rewards for their contributions as users. It will disrupt the current monopolies hording all the wealth on internet 2.0.

  2. A token can be either fungible or non-fungible and is a digital asset created as a second layer on ethereum or other blockchain dapp.

  3. Tokens are created with smart contracts and coding.

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#864

  1. What are the benefits of web 3.0 (decentralized internet)?
    decentralised internet capitalises on it coding with the integration of a token economy, unlike V2.0 with http and java which has been capitalised by major centralised apps such as FB and Google. Decentralised internet allows for the creation of dapps- dapps are able to create their own ecosystems smaller starting participants can attract new users and compete with large monopolies by offering real financial rewards to their users unlike V2.0 which monetised it to charge its users fees.

  2. What is a token?
    A token such as a `ERC20 token is a fungible “coin/contract protocol” that is built upon another decentralised network such as Ethereum. it has the same protocol as the native token, by mimicking it this allows for seamless interaction and communication to and from each token and network.

  3. How do you create a token on Ethereum?
    Im not 100% sure yet :sweat_smile: but from what surface level I have learnt, a smart contract with a ERC20 protocol can be written creating its own network through rules and functions that share the same coding function structure as Ethereum (Solidity/Viper) so that it can interact and communicate with the native coin Ethereum.s The tandard ERC20 for fungible ones and e.g. ERC721/ERC1155 for non fungible ones often used in gaming.

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#865

  1. Early adopters are rewarded more heavily for taking the risk and helping to build the community.

  2. A token is like a coin but is usually built upon the Ethereum network’s blockchain rather than a standalone blockchain.

  3. With a dapp or smart contract using the ERC20 standard and built on the Ethereum blockchain.

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#866

1: WEB 3>0 provides the capability of competing with the big monopolies Google FB WhatsApp etc by giving social media platforms the ability to reward users for their contributions by paying them with tokens

2: A token is cryptocurrency created using etheriun eos or similar blockchains

  1. By creating a smart contract using the token standard like Ecr20.
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#867
  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 is the future of decentralized internet. This change will bring about capturing value at protocol levels, where current large companies that use protocol captures all these values. Now it’s becoming a reality where smaller companies can compete with larger corporations. However, early adopters are incentivized to invest in these smaller companies due to the high reward at early stage. In terms of security access, web 2.0 is less secure than the upcoming web 3.0 because of private key access and avoid censorship.
  2. What is a token?
    A token is built on top of smart contract platform like Ethereum. Tokens can either be fungible or non fungible assets.
  3. How do you create a token on Ethereum?
    A token can be created on top of the base layer of Ethereum using Solidity for ERC-20 smart contract.
1 Like
#868
  1. What are the benefits of web 3.0 (decentralized internet)?
    creates an environment where the tokens built on ETH for example can capture the value of the netwokrs created whereas before the facebooks -utubs-googls used to capture the value and not necessarily give back much. This not giving back does not contribute to the growth of the network
  2. What is a token?
    It is an asset built on the etherium blockchain that allows for Tx to be made with specific directives(smart contracts)
  3. How do you create a token on Ethereum?
    With a smart contract using solidity/erc20 protocol
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#869

1 - The web 3.0 is an environment that allows protocols and applications built on top of them generate and capture value, without big entry barriers, so as new ideas can be relatively easily end affordably implemented, and be massively adopted.

2 - A token is a smart contract made under a set of standard specifications.

3 - Theoretically you just need to know Solidity and code it, but for adoption it would be better to follow a standard.

1 Like
#870
  1. The internet wont be as ‘owned’ by a few monopolies like Google, Facebook etc. Therefore it will be more democratic and there will be more freedom and opportunities. Early adopters have an incentive to earn big rewards.
  2. A ERC20 token is another name for an ERC20 smart contract running on the ethereum network. Its basically like creatign your own currency but its exchangeable for ETH. There are of course other types of tokens that run on other blockchain networks. Some are NFT, some are FT
  3. You implement the ERC20 standard… which is like an interface in programming.
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#871

  1. The benefits of Web 3.0 include value capture built into the protocol level and by definition no big centralized monopolistic players as defined Web 2.0

  2. A token is an cryptocurrency built on top of a blockchain such as Ethereum

  3. A token can be created on Ethereum with smart contracts

1 Like
#872

  1. The benefits of Web 3.0 are : pro privacy and anti monopoly - centralised corporations will no longer control your data, highly secure - hackers will not be able to hack data without compromising themselves, data ownership - data will be end to end encrypted and user can choose what data they wish to share, interoperability - users will be able to access data through held across multiple platforms and finally permissionless blockchain - everybody who wishes to access Web 3.0 will be able to by creating an address.

  2. A token is programmable money which can have whatever use case you desire.

  3. You create a smart contract using the ERC20 Standard.

1 Like
#873
  1. What are the benefits of web 3.0 (decentralized internet)?

Web 3.0 creates the opportunity for people to be incentivized in participating on peer to peer platforms such as Steemit. In the past on web 2.0, big tech applications captured the value. In the case of Web 3.0, the protocols are the one primarily capturing the value. Early users of platforms, such as Steemit, can be rewarded for their participation with cryptocurrency, specifically Steem, The value of the Steem can increase based on the growth of usage, giving even more benefit to adopters and participants.

  1. What is a token?

A token is a smart contract that can be represented as a cryptocurrency. Tokens can be fungible (ERC20) or non fungible (ERC721 or ERC 1155)

  1. How do you create a token on Ethereum?

You can create a token by deploying a smart contracted, coded with the Ethereum protocol standards of ERC20, ERC721 or ERC 1155. ERC20 tokens are fungible meaning they can easily communicate with tokens created with the same standard. ERC721 and ERC 1155 are non fungible tokens so one token can only be used for specific purposes designed for it.

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#874

  1. decentralized internet is pretty much the only way for new players to compete with giants such as google, facebook, etc. This is because web 3.0 will allow the early adopters of various networks to benefit from their early adoption, since they will be able to reap financial rewards by creating content. Decentralized platforms are also theoretically impossible to shut down (although practically speaking, they will still have some figurehead, against whom action can be taken by governments)

  2. A token is basically a smart contract that’s made on ethereum in order to create a new cryptocurrency. It adopts the ERC20 code standard so as to ensure interoperability with existing exchange and wallet infrastructure.

  3. There are websites that can create ERC20 tokens for you quickly

1 Like
#875
  1. What are the benefits of web 3.0 (decentralized internet)?
    It financially incentives early adopters to invest in smaller companies in order to compete with larger ones (Google, FB). Early adopters by using new start-ups will receive greater value in buying coins of these start-ups at the beginning and if they become popular more people buy coins and the value of the coin goes up. Early adopters make $$ having bought coins early.DAPPS decentralized from each other by trying to build own incentived economies, models, use cases.
  2. What is a token?
    A store of value in the form of cryptocurrency for use in digital platforms/environments
  3. How do you create a token on Ethereum?
    Theoretically, you can create a token many ways using Solidity, using the ERC20, ERC721, ERC1155 standards for continuity so all platforms support them Tokens are Fungible (of same value), and NFT’s of different value for different items in gaming platforms.
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#876

Excellent answer sir! really well documented! keep it like that please! :muscle:

Carlos Z.

1 Like
#877

Excellent answer sir! really well documented! keep it like that please! :muscle:

Carlos Z.

#878

3. How do you create a token on Ethereum?

Quite close sir, but you create a token by programming an smart contract with the ERC20 Standard features. (thats the one who define how to build a token, or the rules you must follow to).

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!

Carlos Z.

#879

Excellent answer sir! really well documented! keep it like that please! :muscle:

Carlos Z.

#880

3. How do you create a token on Ethereum?

Yes sir, but that is not the correct answer to the question, could you please re design it a little bit?

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#881
  1. Web 3.0 describes tthe evolution of the internet toward a more democratic space where value is shared more by the majority than captured by the few. This is largely because of the emergence of Dapps & the tokenisation of assets & business that permit users to own a share of the value in a company or product.
  2. A token is a block of code that runs on the Ethereum platform with the ability to control smart contracts as well as transfer value.
  3. Tokens are created according to specific protocols such as ERC20, ERC721 etc. These protocols define coding parameters that ultimately govern how the token will function.
1 Like