- Benefits of web 3.0 include rewards based system for users
- Token are programmable, self executing codes based on the concept of smart contracts and/or Dapps which is built on a blockchain (such as the ethereum network) and allows for the processing and management of transactions occurring on the blockchain.
- By using existing industry accepted standards such as ERC 20 (which is the standard for fungible tokens creation) or other non fungible token (NFT) standards such as ERC 721.
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There are a number of benefits to web 3.0. For instance, web 3.0 captures value in the protocol so investors in the ethereum coin for instance can invest in and profit from the expansion and use of the network. Another benefit of web 3.0 is that it allows for experimentation and innovation in a way that can benefit the participants unlike web 2.0 which uses participants as a product and an unpayed resource.
A token is a website or a protocol that creates a space or an ability to create smart contracts that are then run on the ethereum network.
Anyone can create a token on ethereum simply by making smart contracts that uses the ethereum protocols such as ERC20.
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- people are incentivized to be early adopters. remove the middlemen in many cases. no central authorities that gain profits.
- token is a smart contract built on a ETH blockchain
- create a smart contract and use the ERC20 standard.
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1.) The ability to control what you have with a kind of privacy not found in traditional finance.
2.) Tokens can be fungible or nonfungible depending on type of ERC coding and are created through a smart contract.
3.) Tokens are produced through a smart contract on the Ethereum Main net.
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Smaller companies can compete with bigger companies by capturing the value from the protocol level.
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It is a smart contract that has been built on top of a blockchain, and allows for it to hold and transfer value
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You can create it by coding, creating a smart contract
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- What are the benefits of web 3.0 (decentralized internet)?
.The benefits are that the smaller company’s can compete with the larger ones buy being incentivised on a protocol level. - What is a token?
.A token is a store of value that is built on top of a blockchain. - How do you create a token on Ethereum?
.By creating a smart contract with solidity on Ethereum.
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A decentralized internet reduced the ability for a few large players to control the space.
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A token is a representation of a smart contract
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Creating a smart contracts allows for the creation of tokens.
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- What are the benefits of web 3.0 (decentralized internet)?
Web 3.0 will help small company to attract more users by giving them the chance to get financial rewards.
even though the internet is decentralized now because nobody owns the internet but still all centralized services support things like web hosting, cloud computing, social media, search engines, email, DNS services, etc is centralized web 3.0 will give the chance for Dapps to replace some of these services.
another benefit for web 3.0:
- increase info. linking
- efficient searching
- better marketing
- efficient web browsing
- effective communication
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What is a token?
a token is a cryptocurrency built on top of an existing blockchain. bitcoin and Eth are cryptocurrencies while Rep is an Ethereum-based token. -
How do you create a token on Ethereum?
a token can be created as a smart contract in Ethereum blockchain.
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Homework on Web 3.0, and Tokens - Q/A
1. What are the benefits of web 3.0 (decentralized internet)?
Answer:
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Web 3.0 enables many small startups and companies to be able to compete with the Googles, Facebooks, YouTubes, WhatsUp, and the limited monopoly of companies.
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Web 3.0 decentralization enables companies to create their own cryptocurrency tokens and begin to reward users for their contributions, such as for Likes, Posts, Comments, etc…
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Web 3.0 allows companies to create their own Economic Model
2. What is a token?
Answer:
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Tokens run on top of the Ethereum network (all cryptocurrencies that run on the Ethereum network are tokens).
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There are different types of tokens but the most popular token is a Fungible token
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ERC 20 standard is Fungible, meaning all tokens of this type are all the same in value
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ERC 721 /1155 NFT Non-Fungible Token is used in games and these tokens are , not the same in value i.e. Armor Shield vs Energy Token, etc…
3. How do you create a token on Ethereum?
Answer: A token is created using Solidity programming language where standards like ERC 20 smart contracts are coded to the specifications needed to create a coin. ERC 20 standards establish consistency and make it easier with less friction to create a token.
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- It is safer, not disreputable. You can transfer value easily.
- It is built on the top of a platform, blockchain like Ethereum.
- With the ERC20 standard.
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- One of the benefits is the fact that value of the protocol can be captured and monetised; as opposed to web 2.0, where value is captured on apps level.
- Token is a representation of a smart contract/an asset on blockchain.
- Tokens can be created on Ethereum by using smart contracts.
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- What are the benefits of web 3.0 (decentralized internet)? 3.0 makes it possible for smaller companies or individuals to compete with huge monopolies. Creators and end users are connected w/o a middleman 2. What is a token? A token is a cryptocurrency used to exchange value in smart contracts. 3. How do you create a token on Ethereum? By using a smart contract.
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- What are the benefits of web 3.0 (decentralized internet)?
The benefit of web 3.0 is that the protocol can capture value. - What is a token?
A token is a currency that has been created on top of eth (or other platform that offers this capability) which is the coin. - How do you create a token on Ethereum?
By creating an app (dapp) on ETH that has it’s own currency. The currency of the dapp is a token.
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- Decentralized Internet allows people to engage while earning for themselves. The earnings are not just limited to the owner of applications.
- A token is an asset made using smart contracts.
- One can create a token on Ethereum by using smart contracts.
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The benefits of web 3.0 (decentralized internet) are there is opportunity for protocols to gain value instead of only the applications (Google, Facebook). You’re also able to create your own cryptocurrency.
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Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain.
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Step 1: Contract code,
Step 2: Create Ethereum wallet with MetaMask
Step 3: Get Ropsten Ethers
Step 4: Edit the contract code
Step 5: Deploy Contract Code on Remix
Step 6: Publish and Verify Contract
Step 7: Add token to your wallet
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- What are the benefits of web 3.0 (decentralized internet)?
- Transparency
- Fewer middleman
- Privacy
- Data ownership & sharing
- Incentive creators
- What is a token?
A token is a representation of a smart contract thaht follows a standard, based on a existing blockchain (fungible or non fungible)
- How do you create a token on Ethereum?
Create a smart contract which implements one of the supported interfaces (ERC20, ERC721 …)
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Benefits of web 3.0 are incentives for early adopters to use the decentralized programs being developed and compete with the bigger giants like google and facebook who have a monopoly on the internet now.
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A token is a digital asset built on top of a blockchain network like Ethereum.
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A token can be created on Ethereum as a smart contract using ERC20 standard.
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1.What are the benefits of web 3.0 (decentralized internet)?
we have a lot of decentralize websites and dapps being developed,
there is a different websites in the internet that now can have their own cryptocurrency and also the small company will be able to compete with the giant companies.
2.What is a token?
on the top of Ethereum we can build smart contracts that represent their own cryptocurrency, while all cryptocurrency on top of that are tokens.
3.How do you create a token on Ethereum?
by building a smart contract on the top of ethereum.
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- Web 3.0 decentralization gives more accessibility for more actor to have a part of the pie.
- A token is built on a smart contract platform and is a unit of measure that is governed by a smart contract.
- Tokens can be created in Ethereum by creating a smart contract.
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Homework: Web3.0 & Tokens
- economic incentives are decentralized to all the users therefore value capture is for the many vs. web2.0 where value captured is by centralized companies, or the few.
- a token is a smart contract or digital asset that has hard coded utilities or features and can be used on a smart contract platforms like ethereum
- you write the smart contract (token) using the programming language solidity.
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