Homework: Web3.0 and Tokens

Ethereum 101
#1188
  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 significantly alters how value is created where instead of only applications built on the web capturing value, Web 3.0 allows protocols to capture value and grow in value based on the amount of users that use the network, network tokens and smart contracts/dapps. Value added inflation also changes the relationship between users and content creators and distributes value more equitably.
  2. What is a token?
    Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain.
  3. How do you create a token on Ethereum?
    A token is created on Ethereum using a smart contract that follows the ERC20 standard for fungible tokens or ERC721 and ERC1155 for non fungible tokens.
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#1189

Ans.1)
The benefits of web 3.0 present early adopters the ability to contribute, which enables them the opportunity to receive payment for work done in tokens. In essence, it becomes an open economy where payment distribution is directed to those individuals or groups who create/produce value for that network. This removes the value capture monopoly giants which exist today in web 2.0. Large players like, Google, Facebook, Amazon, Whatsapp etc. Now as this new shared economy begins to evolve upon the web 3.0 protocol, It will gather momentum and bring into play the network effect, increasing inflation, which in turn, further increases value towards the contributing parties. The early adopter parties are rewarded well for their contributions and paid in tokens, an exchange of value, upon that network, for their contributions. Over time as competition increases, the value for contribution drops but the token value increase due to greater use case scenario.
Ans.2)
A token is a smart contract built on top of the blockchain network (ethereum, EOS, ADA, NEO, Tron etc.) to perform fungible or non-fungible processes. Thus, it is a way to programme the value of an asset for records and executable distribution of value transfers.
Ans.3)
You create a token on the blockchain, like ethereum, by creating a smart contract using the convention standard, like ERC20 and other ERC smart contract convention standards.

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#1190

  1. The use of tokens provides an incentive to early investors and adopters/users.

  2. A token is a smart contract representing a digital currency built on a block chain.

  3. Implement one of the Etherium Token Standards e.g. ERC20.

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#1191

  • What are the benefits of web 3.0 (decentralized internet)?
    the possibilty to create an economic environnement with a project and own crypto currency & token to make it live and prospering

  • What is a token?
    an economic concret digital part of a project with a value, could be fungible or non fungible

  • How do you create a token on Ethereum?
    A token can be create with a programming code on ETH (using standards ERC20 or others…) through smart contracts

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#1192

  1. There is value captured at the protocol level. Small companies should have an equal chance to compete.

  2. It’s an app built on an existing coin.

  3. It can be created as a smart contract on etherium.

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#1193

  1. What are the benefits of web 3.0 (decentralized internet)?
    In Web 3.0, value is being captured at the protocol level - unlike Web 2.0 where all value is being captured by the “apps” that run on it like Google, Facebook etc.

  2. What is a token?
    A token is a smart contract built on top of a platform like Ethereum, Eos etc, that represents its own cryptocurrency. Tokens are thus digital assets programmed in the language of the platform.

  3. How do you create a token on Ethereum?
    ERC20 is the most common standard for programming and deploying tokens on the Ethereum platform. ERC 20 tokens follow a standard protocol and are thus identical to each other (fungible) that allows all external constituencies like exchanges and wallets etc. to support them seamlessly. Ethereum also supports other non-fungible standards like ERC721 and ERC1155 (used in gaming).

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#1194
  1. What are the benefits of web 3.0 (decentralized internet)?

Decentralisation means that there will be fewer middlemen and larger organisations making money out of the information they have gathered. Economical dynamics will come into play with user interaction on, for example, liking posts, commenting on platforms such as Seemit and the value of the interaction going to the user not to large org such as Google. There will be greater transparency as there are the distributed ledgers whilst uses of cryptography helps privacy with the ability to secure and track your personal data. Incentive for creators, they can connect direct to customers, breaking down national and social barriers.

  1. What is a token?

They are programmable digital assets. They are made of smart contracts or Dapps that run on Ethereum or other blockchain networks. There are two types, fungible, such as a cryptocurrency that are interchangeable and non-fungible, an example of which is assets in a game (such as CryptoKitties).

  1. How do you create a token on Ethereum?

You would create a smart contract (small piece of coding) written in Solidity (or Viper), it would be using the appropriate standards such as ERC-20 or ERC777. You then have to spend ETH (Ether) coins in the form of gas to execute the smart contract.

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#1195

Homework on Web 3.0, and Tokens – Questions

1.What are the benefits of web 3.0 (decentralized internet)?
Web 3.0, capture the value. Own and new economical models where the users contribute and get rewarded.
Steemit, has a coin and users gets rewarded when posting and sends likes, and it’s valuable for the network to know whats is god or bad and whats fogs like to read about to raise the popularity to get more people on the network

  1. What is a token?
    ETH is a crypto currency coin, and all curency build with smart contracts on top on ETH are called token.

  2. How do you create a token on Ethereum?

By deploying and using a smart contract build on top of ETH

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#1196
  1. Web 3.0 enables newcomer on a market to compete against well established companies.
  2. Tokens are cryptocurrencies overlaying Etherum.
  3. We create token on Ethereum by making smart contracts with a set rule of a standard (ERC20 or ERC721…)
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#1197
  1. What are the benefits of web 3.0 (decentralized internet)?

Rather than the current situation where centralized authorities can manipulate contributor’s data and receive the largest percentage (or all) of monetary value gained, Web 3.0 will offer the transparency of an open and decentralized forum for exchanging ideas, ensuring contributors capture the bulk (or all) of monetary value as well as maintaining ownership of their data. Basically, Web 3.0 is the future of the internet, where applications become smarter, more private, and more decentralized.

  1. What is a token?

Basically, “coins” are currency (native currency) on their own blockchain whereas “tokens” are built on existing blockchains and have various use cases. Some tokens are currencies whereas as some are “utility tokens” used to access a product or service. Other use cases for tokens can include:
-Security tokens - representing shares of a company
-Asset tokens - backed by real world assets (i.e. gold or real estate)
-Stablecoins - representing currencies, (i.e. the US Dollar or Euro)
-Non-fungible tokens (NFTs) - represent things that are unique like art, baseball cards, and in-game items ("virtual real estate” or unique virtual pets)

  1. How do you create a token on Ethereum?

Tokens are implemented as smart contracts and executed on the Ethereum Virtual Machine (EVM) in a decentralized manner, and in many cases, quite simply, by following the specifications standard (standardized set of commands), such as the ERC20 token standard.

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#1198

Excellent answers sir, well documented! Please keep them like that :muscle:

Carlos Z.

#1199

Excellent answers sir, well documented! Please keep them like that :muscle:

Carlos Z.

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#1200

#1web3.0 bank/chat connecting all together dapp…

#2tokens type of cryptocurrency that represents an asset or specific use and reside on a blockchain ( ico) initial coin offering

#3 token creation on eth-block using ecr-20 =fungible= standard =compatible

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#1201
  1. Web 3.0 promotes decentralization. Decentralized implies no trust required; all actors are incentivized towards positive outcomes and decentralization implies no central point of control . Where current monster organizations,like Google, FB and WA have monetized Web 2.0 with centralized (controlling) organizations, Web 3.0 better distributes wealth migrating it away from centralized control into the hands of those networks generating value in many ways via the network effect.
  2. Token is a unit of measure or exchange to tally the inputs and outputs from smart contracts.
  3. Program the functional details of the token in Solidity . Functional details would include maximum population, issuance/inflation rate, burn rate and conditions, token name, token symbol , integer units and decimal points to display in the contract along with all necessary smart contract commands.
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#1202
  1. Not one conglomerate is profiting off of everybody else which increases peer to peer activity. Promotes privacy, security and innovation. Underlying protocols will be able to generate money unlike in Web 2.0.
  2. A token is a cryptocurrency built on smart contracts that has a specific code and utility.
  3. By using smart contracts and programming the desired parameters.
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#1203
  1. ability of crating dapps (decentralize applications)
  2. its a currency in spaces like Ethereum
  3. by using Solidity application
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#1204

  1. In a decentralized web ecosystem all businesses and individuals are empowered through ownership of their own wealth.

  2. A token is a smart contract built on top of a smart contract platform such as Ethereum, Cosmos, Cardano, etc… A token can act as a currency and has other abilities.

  3. A token is created on Ethereum by using one of Ethereum‘s tokens standards. i. e. Erc-20, etc…

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#1205

  1. Benefits: value is captured at protocol level like Ethereum grows as smart contracts built on it succeed. Unlike in case of TCP where TCP did not gain value when apps succeed. Innovation has incentives involved for platform, users, protocol and dapps

  2. Token is the reward to run and promote the smart contacts economy. Early adapters gather more tokens and hence get rewarded with increased values of their token as dapps flourish.

  3. Token is digital asset created programmatically using smart contracts

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#1206

1- the web 3.0 gives the opportunity for small companies to compete with the big ones because they give to the early adopters tokens.

2- a token is a digital asset

3- You create a token on Ethereum using a smart contract with some standards for example the ERC20.

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#1207
  1. What are the benefits of web 3.0 (decentralized internet)?
    Privacy, Economic, Incentives, and the opportunity for smaller companies and individuals to compete with large corporations like Facebook and Google.
  2. What is a token?
    A token is a digital asset (fungible or non-fungible) represents value on a blockchain protocol
  3. How do you create a token on Ethereum?
    following specific standards such as ERC20.
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