Homework: Web3.0 and Tokens

Ethereum 101
#1108

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

Transparency, fewer middlemen, privacy, data ownership and sharing, incentivise creators

What is a token?

It’s a cryptocurrency built on top of an existing blockchain such as Ethereum. It constitutes a unit of value or utility to an organisation and accepted and supported by a community in the blockchain. Tokens can be either fungible or non fungible but need to follow the same standards as other similar tokens

How do you create a token on Ethereum?

Tokens are created via a smart contract using Solidity. Also need to choose an ERC standard for your token

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#1109

  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 permits users and early adopters to gain direct value. Value is decentralised and not centralised as in web 2.0

  2. What is a token?
    A token is a cryptocurrency build on top of coins such as Ethereum that share the same programming standards.

  3. How do you create a token on Ethereum?
    You create a token on ethereum by using the ERC20 protocol and building the token with the same standards on top of it.

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#1110

1 payment incentives to early adopters making a small business grow . This means that small players can attract new users for the payment incentives
2 a token can be fungible or not fungible created on the Ethereum platform or other block chain the not fungible token are mainly used in games the fungible token in smart contracts
3. You can create a Token in Ethereum using simple codes

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#1111
  1. The web 3 is a more advanced stage of the internet with following advantages: more privacy (it’s decentralized, fewer middlemen, the data are owned by the creators and users, they are incentivized, the earlier the more
    The value goes to the dApps on the protocol and the protocol as such and also can be captured by the user
  2. A token is a monetary value on a dApp with smart contract built on a blockchain like Ethereum,
  3. With building a smart contract according e.g. ERC20 standard a token can be created.
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#1112

3. How do you create a token on Ethereum?

Yes, with simple code sir, but that simple code mean’s to design an ERC-token standard Smart Contract.

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

Carlos Z.

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#1113

Thanks Carlos for the information

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#1114
  1. What are the benefits of web 3.0 (decentralized internet)?

Decentralized applications that can be powered by cryptocurrencies and which can compete with large corporations.

  1. What is a token?

A token is a cryptocurrency which is built with smart contracts provided by a blockchain platform like Ethereum.

  1. How do you create a token on Ethereum?

By creating a smart contract that respects a standard protocol like ERC-20.

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#1115

  1. Incentives for early adopters, no middle men with direct peer to peer

  2. A token is a representation of a network/economy that is built on top of another ie Ethereum

  3. By using the ERC20 coding on Ethereum

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#1116
  1. The benefits are that protocols will be rewarded rather than merely apps. The whole process of web 3.o is decentralized without any one entity monopolizing the process.
  2. A token is a smart contract that operates on top of the Ethereum network.
  3. A token is created on Ethereum by creating a smart contract with a set of standardized functions within the smart contract. They are ERC20 standard.
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#1117

1 Democratization of business opportunities and Internet industry monopoly reduction

2 A cryptocurrency built on top of Ethereum

3 By building a smart contract on top of the Ethereum blockchain

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#1118

Homework on Web 3.0, and Tokens - Questions

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

A decentralized internet makes possible decentralized apps (dApps). The dApps gives the value of content to the actual creators and consumers of content, instead of middlemen (big companies).

  1. What is a token?

A smart contract can represent it’s own currency. These are not “coins” because they are built in an underlying system (f.ex. ETH), but are called “tokens”.

  1. How do you create a token on Ethereum?

Tokens can theoretically be programmed in many different ways on Ethereum, so standards have been developed to make it easier for exchanges and wallets.

ERC20 has been developed for fungible tokens (each token is equal). Non-fungible tokens (NFTs) are used when each token has different attributes. F.ex. items in games. Standards for NFTs are ERC721 and ERC1155. These standards are used in the Solidity programming language, that can be used (among other things) to create tokens on Ethereum.

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#1119

What are the benefits of web 3.0
decentralized internet would provide possibility to break up todays monopoly position of companies such as amazon, facebook and google. Ivan mentined steemit as an example to where value of protocol goes directly towards the users instead of the application which happens today. Facebook gets free money by users engagement, liking, disliking spending time on platform. Decentralized internet would provide opportunities for start ups to challenge and take market shares.

What is a token?
Tokens are fungible and Non fungible tokens. Fungible tokens are identical and non fungible tokens are often used in games in which a token can represent a shield, weapon, armour; there is a need for the tokens to be non-identical. Tokens are developed by utilizing smart contracts on top of Blockchains such as coins BTC, ETH, EOS, TRON. Tokens are BSV, ETC, BAT, VET etc.

How do you create a token on Ethereum?
Tokens are created simply by developing a smart contract with set of instructions about the token, supply, total supply etc.

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#1120

  1. What are the benefits of web 3.0 (decentralized internet)?
    R: Decentralised internet allows creation of decentralised APPs and decentralised websites and these can reward good content creators and consumers.

  2. What is a token?
    R: A token is a cryptocurrency used by a small application built in top of ethereum.

  3. How do you create a token on Ethereum?
    R: By building a smart contract/application on top of ethereum which represents its own cryptocurrency.

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#1121
  1. Value at the protocol level. Value doesn’t go to the middleman.
  2. Token in crypto usually refers to coins build on top of Ethereum.
  3. You write an ERC<INSERT_TOKEN_STADARD> compatible contract.
2 Likes
#1122

  1. The benefits of web 3.0 is that anyone can have the opportunity to make money on the internet and compete with large corporations.

  2. A token is programmable money that can be created using a smart contract.

  3. You can create a token on ethereum by programming a smart contract.

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#1123
  1. small companies now have the opportunity to compete with big companies
  2. A digital asset on the Ethereum blockchain like the erc-20 tokens
  3. a token can be created by creating a smart contract and implementing it on ethereum blockchain
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#1124
  1. Web 3.0 enables smaller businesses to compete with large companies by incentivising early adopters; as well as providing value to the protocols, not just the applications using the protocols.
  2. A token is a fungible/non-fungible asset created by a smart contract and adheres to a particular standard e.g. ERC20.
  3. A token is created by using a smart contact that follows a certain standard and then carried out by the EVM.
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#1125

What are the benefits of web 3.0 (decentralized internet)?
A good summary is also here: [https://www.hiveblockchain.com/blockchain-101/what-are-the-benefits-of-web-30/]
Transparency, fewer middlemen, privacy, data ownership and sharing, incentivize creators

What is a token?
Its a crypto currency represented by a smart contract. Smart contracts then run on a platform which could have a native crypto currency also referred to as a coin.

How do you create a token on Ethereum?
By creating a smart contract for it. To be able to use the token on alreayd available infrastructure, you will have to write the smart contract according to a standard depending on the uses cases of the token.

1 Like
#1126
  1. What are the benefits of web 3.0 (decentralized internet)?
    The benefits of web 3.0 are more privacy, better security, more innovation on the internet, giving the users the ability to earn incentives for using the platforms instead of giving the companies money, and most importantly destroying the monopoly of the big companies like google, facebook, etc.
  2. What is a token?
    A token is money that is programmed with a smart contract on platforms such as ethereum.
  3. How do you create a token on Ethereum?
    Smart contracts using the standard like ERC20.
1 Like
#1127

  1. What are the benefits of web 3.0 (decentralized internet)?
    It gives opportunities to smaller companies and/or communities to be able to compete with larger corporations, especially with an attached token economy.

  2. What is a token?
    It’s a digital asset that’s developed using a smart contract.

  3. How do you create a token on Ethereum?
    By programming a smart contract and deploying it on the blockchain.

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