Homework: Web3.0 and Tokens

Ethereum 101
#1128
  • What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 will allow the transfer or value or property over the internet using items such as Ethereum Tokens etc
  • What is a token?
    A token is a formation of a unique subset that runs on the Ethereum Netowork.
  • How do you create a token on Ethereum?
    You can use the protocol established under the ERC 20 standards to create this token.
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#1129

  1. There are less key players that are controlling the entire web

  2. A token is a smart contract’s representation of value of an asset

  3. By programming a smart contract that uses the ERC 20 Standard

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#1130

1/ A decentralised internet offers a number of advantages;-
I) An opportunity for smaller businesses to compete with the large corporations
II) Increased fairer competition
III) less manipulation by the central controlling authority
IV) Less censorship
V) Trustless
VI) Control over data ownership
VII) More privacy
VIII) Fewer middlemen leading to more direct communication
IX) An ability to offer early adopter incentives (i.e. token rewards)
2/ A token is digital unit of value or utility, created by a smart contract build on top of a web 2.0 blockchain (smart contract platform) like Ethereum, EOS or Cardano. The token will have a fixed supply and may represent a monetary currency or physical objects (a cryptocurrency, asset or security).
3/ Anyone can create a token on a blockchain, by deploying a smart contract in accordance with the specific standard, such as ERC20 on Ethereum.

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#1131

  1. What are the benefits of web 3.0 (decentralized internet)?
    It eliminates the middlemen (i.e. Microsoft, Google etc.) bc it is peer to peer system. Early adopters will be awarded with tokens.

  2. What is a token?
    A token is either a fungible or non fungible asset created on a blockchain platform (i.e. Etherium)

  3. How do you create a token on Ethereum?
    A token has been programmed using simple codes.

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#1132
  1. In the environment of Web 3.0, it will be possible for the creator of a technology to benefit financially from its use by others, allowing small businesses to equally compete with corporations, as any success boosting the use of its corresponding token and its price.
  2. Token is the product of a smart contract to be built on top of the ethereum blockchain
  3. In order to create a token, a smart contract has to be programmed using the ECR-20 standards
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#1133

What are the benefits of web 3.0 (decentralized internet)?
Early-adopters of a service can be rewarded with tokens, incentivicing them to promote the usage of the service. Assuming the incumbants will not create tokens of their own, it is then possible for start-ups to disrupt the incumbants.

What is a token?
A cryptocurrency implemented as a SC.

How do you create a token on Ethereum?
Write a SmartContract, using Solidity, implemented according to the one of the following specifications: ERC-20, ERC-721, ERC-1155

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#1134
  1. Competition, incentives, peer to peer
  2. Digital asset on a blockchain
  3. Smart contracts
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#1135
  1. Web 3.0 users capture value by contributing to the network, rather than that value being routed to a small handful of companies.
  2. A token is an incentive offered to contributors of applications that run on top of the network.
  3. You must create an application and implement the ERC20 interface.
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#1136

  1. The benefits of web 3.0 is it incentivises earlier adopters to the platform and gives smaller businesses the opportunity to compete with larger businesses.

  2. A token is a fungible or non fungible programmable digital asset. It can represent value on the blockchain.

3.A token is created by implementing a smart contact on the network.

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#1137

Web 3.0 has the advantage of being decentralized. Thanks to that fact, it is not dominated by web giants but many small companies or individuals can successfully contribute and compete with big companies.

A token is a crypto currency unit of value that incentivizes the users of the dapp or its holder.

Tokens are created by smart contracts on ethereum network.

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#1138

  1. Some of the main benefits of Web 3.0 are:
    A. Value will be captured at the protocol layer, meaning that there will be new ways of doing things going forward. Greater efficiencies, aka cutting out the middle man, etc.
    B. Money is programmable now and can be sent through the Internet in a peer-to-peer fashion.
    C.

  2. A token is a cryptocurrency that is built on top of “platform” layer like Ethereum et al

  3. A token is created using ERC20 standard within smart contracts.

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#1139

@MegaTron Welcome to forum :grinning:

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#1140

Web 3.0, and Tokens

  1. What are the benefits of web 3.0 (decentralized internet)?
    The internet currently has a lot of centralized websites, such as the big tech giants in social media. Web 3.0 offers a new type of internet, with economical incentives to participate. Getting involved with cryptocurrency projects will benefit users, especially when, they are early, by accumulating more rewards and being at the structure of the project. Steemit for example rewards users for their engagement within the Steemit network, which in turn, can reward a user with the native Steem cryptocurrency. Another example of being early as a user in web 3.0, is investing in the protocols. Before web 3.0, protocol did not return any value back if it was invested in. With the new decentralized internet, investing in a protocol, can return value, if there is a community of users and a solid use case for the protocol. When supply is needed and demand is wanted, the value will increase. In web 3.0, there is also a better chance to compete with the social tech giants, who have currently captured the value. In this new web 3.0 economy, the users are incentivized to interact with the networks on the blockchain to receive rewards. In web 2.0 this is not quite the case. In web 2.0, there is a business model with targeting consumers with ads and profiting from the ads and purchases from the ads. Our data is also sold around the web to other parties to send us ads. In web 3.0, more incentives to interact with platforms are available such as posting content, commenting on posts, reading posts or having your money work for you by giving you a better return then most banks on a savings account. The new technologies like Bitcoin and Ethereum, which both use blockchain, are what is moving web 3.0. All together, there is more control from a user and the user can control what they want to interact with, which can lead to many different economical incentives for participating.

  2. What is a token?
    A token is considered a cryptocurrency, which is a digital or virtual currency, that is encrypted, using cryptography. A token is also code, that was built on top of a smart contract platform, such as Ethereum or EOS. A token typically starts out as an ERC-20 token, which is built on top of the Ethereum network. A token also has value. That value, depends on what others are willing to pay for it. In the days of the 2017 bull market, new tokens were very popular with dealings of ICO’s (Initial Coin Offerings). Tokens can have different features and use cases, such as a currency or a smart contract. Tokens can also continually run on top of Ethereum, or migrate to a ‘coin’ and run their own native blockchain, such as Ethereum. An example of a token is Chainlink (LINK) and an example of a coin is Stellar (XLM). Both can be said to be considered altcoins, which are alternative to Bitcoin, but true altcoins, will have their own blockchain. Tokens are easier to create, than altcoins, considering the time to create an altcoin, requires making a blockchain from scratch, or modifying codes from a protocol. Many different tokens are created to this day.

  3. How do you create a token on Ethereum?
    A token can be created by anyone. To build a token, you will need to start by copying code from a standard token interface. Tokens can be made to run as smart contracts as well, which gives the token many different functions. There are a few steps to consider doing, when creating a token.
    Step 1: is as mentioned earlier, copying code from the standard token interface, which could be code from different ERC standards. ERC-20 is a very common standard for creating a token.
    Step 2: Create an Ethereum wallet
    Creating an Ethereum wallet, will allow you to receive testnet Ether for deploying your code. The address that is generated, will be the owner of the contract. MetaMask is a wallet, which carries not only the transactions on the mainnet, but also has several testnets compatible with running token code.
    Step 3: Get testnet Ether’s
    The testnet Ethers, will enable you to deploy the code for the contract. Two testnets within MetaMask that can assist with deploying the contract are: Ropsten Test Network and Rinkeby Test Network. A faucet can be used to acquire the testnet Ether. When your walet address, that was created is inputted into the faucet, you will receive the testnet Ether.
    Step 4:
    Edit the code of the contract
    A text editor such as Atom can be used to assist with the editing process. When editing in the text editor, change certain lines of code to your needs such as; the token name, symbol, contract address, decimals and total supply.
    Step 5: Deploy contract code
    For this step, a compiler is needed to change the code from Solidity to Bytecode. Remix as mentioned in other links, is one option to compile the Solidity code on the browser and run/deploy the contract. MetaMask is used during this process to process a ‘gas fee’ to run the contract. In time your MetaMask wallet will display the initial transaction. The Ethereum testnet explorer is able to view the transaction.
    Step 6: Publish and verify the contract
    There are a few steps to do on Etherscan testnet blockchain explorer to verify the contract such as pasting your contract code and filling out details about the code, such as the compiler version and contract name and address. After steps 1-6, your contract should show the Bytecode (which is used by the EVM (Ethereum Virtual Machine) and the ABI (Application Binary Interface).
    Step 7: Add the token to your created wallet
    Adding your token to your wallet, consists of, going to the custom token tab, pasting your contract address and adding the symbol and decimals, which should then show your initial supply and transactions.

Based on my research, this was the best I could do to sum up all the information I have learned.
Question 3 was not easy to answer in one sentence. For me to understand how the token is created, the step layout is presented. Thanks to anyone who is able to read all of this.

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#1141

1. What are the benefits of web 3.0 (decentralized internet)?
the value from a coin where dapps are build on will increase. This means that the more dapps are built, the more value a certain crypto coin will get. It is also usable by everyone. Being decentralized makes it possible for everyone to make money.

2. What is a token?
A token is a contract that is build upon a crypto currencies that maps addresses and balances.
A token can be used to build smart contracts and applications on top of a current platform which allow those.

3. How do you create a token on Ethereum?
Writing with solidity language with the biggest standard ''erc20"

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#1142

1: Benefits of a decentralised Internet (Web 3.0) include a more competitive, incentivised market for consumers and businesses, allowing for start ups to get on the business ladder and could help protect online privacy and data.

2: A token is a programmable digital asset or smart contract that can be either fungible or a non fungible asset.

3: To create a token on Ethereum, you would use solidity and the ERC20 standard to create a smart contract with Dapps built in to allow for certain use cases for the token.

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#1143

1.- Enable to create dapp.

2.- It is a smart contract built on top of Ethereum that has its own economic deployed.

3.- By creating a smart contract using some standard such as ERC 20, ERC 721, ERC 1155, etc.

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#1144

  1. some benefits would be that smaller projects or startups could compete with giants like Google. so in a sense it levels the playing field. there would be no middlemen. maybe newer ideas, and business models, more excitement and transparency.

  2. a token is a digital asset created by a smart contract.

  3. you create a token on Ethereum by creating a smart contract using the ERC20
    standard

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#1145

1. What are the benefits of web 3.0 (decentralized internet)?
it enables decentralized applications (dApps). the value in Web 3.0 is captured in the protocol (ie. Etherium) - other than in Web 1.0/2.0 where the value is created on the application level (ie. Google, FB) and not on the protocoll (http etc…)
2. What is a token?
a token is a means of caputuring and communicating value on a smart contract (ie. balances, quantities, assets, reputation or other values).
3. How do you create a token on Ethereum?
by creating a smart contract (ie. on Etherium)

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#1146
  1. Value goes to the protocol.
  2. Is an ERC20 token used by projects on the Ethereum protocol.
  3. They are created through smart contracts.
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#1147

  1. The total benefits of web 3.0 is hard to grasp, but with decentralized programs or dApps in combination with innovative use of tokens you can incentivize people to identify great technology and value the opportunity to be an early adopter. In this way small start-ups on the web 3.0 might be able to compete with the tech-giants of today. The SingularityNET of artificial intelligence is a concrete example of really interesting innovation on the decentralized internet.

  2. A token is a pragrammable digital asset that might be fungible or non-fungible. For example it could be a digital currency in its own right, an item in a computer game or an abstraction for anything else; like a licence to a specific software.

  3. You use some of the Standards on Ethereum. Often ERC20 but it could also be ERC721 or some of the other Token Standards.

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