Homework: Web3.0 and Tokens

Ethereum 101
#1268

Homework on Web 3.0, and Tokens – Questions

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

Answer:
With Web 3.0 you have different websites on the internet that now can have their cryptocurrencies and have their economical model that is built on Smart Contract platform witch give us a whole different dynamic on the internet. These give small companies the ability to be able to compete with giant corporations.

  1. What is a token?

Answer:
There are several types of tokens, but the most popular type is called Fungible Token and the standard for the Fungible Token is called ERC20
But there is also a non-fungible token called NFT which is commonly used in Games.

  1. How do you create a token on Ethereum?

Answer:
You can create a token by executing a smart contract by using one of the tokens standards such as ERC20 (standard) or ERC721 and ERC233.

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#1269

  • What are the benefits of web 3.0 (decentralized internet)?
    R: You can earn by using the protocol, different from Web2.0

  • What is a token?
    R: It is the “coin” that gives the right to participate into the ecosystem of a certain protocol. Which drives to economical incentive while using.

  • How do you create a token on Ethereum?
    R: Using a development language/platform such as Ethereum, EOS, NEO, etc and following standards such as ERC-20.

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#1270

  • What are the benefits of web 3.0 (decentralized internet)?
    in Web3.0 internet, the protocol level is where most of the value (monetization) is captured, e.g. Ethereum.

  • What is a token?
    When dApps needs to execute their transactions, they need tokens (Ether)
    A token is needed to execute Smart Contracts. Without a token (Ether) you wont be able to pay gas.

  • How do you create a token on Ethereum?
    All i was able to grasp from the training is that tokens are built as smart contracts, small applications.
    I didnt grasp any steps to create a token in Ethereum. Can anyone share if by chance they did?

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#1271

  1. Eliminate the monopoly that is currently in place where only 3 or 4 companies have all the control over the space and making all the profit. Early adopter are incentivised to use the platform and promote is so that they can be rewarded with tokens and as the user-base/demand grows they will make more money as the token price increases in value.

  2. A token is a fungible or non-fungible asset which is built using smart contracts on top of the ethereum blockchain or other similar blockchains.

  3. Using smart contracts

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#1272

Great answers, here are some resources to read in order to dig a little bit more on the Steps or the creation process of a ERC20 token

Hope you find this useful.
If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#1273

o A network protocol valuable for its users is also reflected in its token value by user demand. For Web 2.0, the network is used for transport only and the application gains all value from users appreciating it value.

o The token is a digital asset that is the representation of an item or an amount. The rules of the implementation decides on total balance, minting and destroying of the token.

o By writing a smart contract that at least implements the functions defined in the ERC20 standard interface.

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#1274
  1. The value can be captured by the protocols built within web 3.0. Also, new economic incentives such as tokens can be used to attract early adopters of these protocols. This gives startups/small companies the opportunity to compete with giant companies.
  2. An economic incentive that can be used to capture value. Token helps attract early adopters for dapps.
  3. By using the ERC20 programming standard.
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#1275
  1. The benefits of a decentralized web is that users have ownership over their own data and posts, and can get rewarded as individuals for their contributions instead of all profits going to a company. It destroys the concept of a few companies monopolizing the web.
  2. A token is a cryptocurrency that is derived from a coin such as ethereum.
  3. The token creation system is built into the ethereum ecosystem, and you can do it by making a smart contract with the Solidity programming language.
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#1276

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

anti monopoly, proprivacy, highly secure data ownership inetroperability and permissionless blockchian.

2.What is a token?

Tokens represents any form of economic value that has some inbuilt anti counterfeiting measures in order to prevent people from cheating the system.
eg paper money,coins ,stock certificate,flight tickets id cards ,property sale deed .

Cryptographic tokens refers to assets and/or access rights that are collectively managed by a network of computers, a blockchain network, or other distributed ledger.Cryptographic tokens represent a set of rules, encoded in a smart contract – the token contract written on top of blockhain protocols.
They can be fungible tokens (ERC 20 STANDARD) and non fungible tokens(ERC 721 STANDARD)This standard has made it easy to create a token that represents any type of collectible, artwork, property, or personalized access rights, just to name a few examples. These non-fungible tokens have special properties that make the token unique, or that are tied to the identity of a certain person, and therefore represent less fungible or non-fungible assets and access rights.

3.How do you create a token on Ethereum?
Token in Ethereum is created by using the source code of smart code available in ethereum blockchain. To create a new token we just need to change the name of the token in this code.

The new smart contract created is then deployed in REMIX web browser which has an inbuilt Ethereum node running. You need to specify the name of the token, how many tokens to be created and the symbol of the token before pressing the deploy button in REMIX .Once smart contract is deployed on REMIX we can expand the contract and can interact with the function of the contract.
After testing on local Remix Ethereum node then we are in a position to test this in Rinkeby test network .Rinkeby is a test network to test your contracts before publishing to main network.

Deployment of a smart contract is considered as a transaction in blockchain. Therefore we need to pay Ether for minors to deploy our contract. We can get test ether from Rinkeby network to our wallet. A wallet can be created using a wallet provider software such as MetaMask.select the Rinkeby test network in MetaMask. Specify some amount of Ether for the transaction and press the Send button. Our contract will be deployed.
Once deployed the contract will have its own address. This address can be used to track our token in wallet applications.

Source code of our contract should be verified in order to listed in etherscan. The contract code should be submitted to etherscan for the verification. etherscan will compile the code and compare with the byte code deployed in network. We need to select the same compiler version that has been used to compile the code in Remix browser.
Deploying the contract is same as deploying it in Rinkeby test network. here we have to select main network and deposit real ether in wallet for transaction(deploying contract).

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#1277

1)It opens opportunities for smaller enterprise to compete with the giants(google,Facebook).It is more decentralized,more transparent compare to web 2.0.
2)Tokens are build on top of cryptocurrencies that supports smart contracts. For example,ERC20 standard.
3)there are two types of token. Fungible and nonfungible. Fungible token=ERC20…Nonfungible toekn=ERC 721/ERC1155

1 Like
#1278

What are the benefits of web 3.0 (decentralized internet)?
The main thing will most likely land somewhere around the trust aspect of society today. Web 3.0 will first and foremost have the effect of lesser corruption where different incentives from actors in todays society doesn’t have the whole networks longevity in mind. My thinking of why this different level of incentives and different motives in the actors exists is not only because some people is inherently selfish to an extreme degree, even if those of course exist as well. I think a lot has to do with the whole society is so complex that no one and I mean NO ONE can understand it fully, it is completely impossible for us humans with very restricted brains that can’t process every information amount up to that astronomical figure to understand this complex system we live in today on a global scale. With that said when we do not understanding this fully is where different incentives and motives is showing up in places where those in power is going to only understand their limited operational space and incentives, they doesn’t have the capacity even if they want to understand every other motives and space that they didn’t choose to pursue. The US election (almost every other countries election to a certain degree) is the most visual representation of this today with the president and his/hers political party is going to have a time frame and incentives to do as much “visual” good for the public in 4 years time so that they build up to possibly another election to win. They may very well want to do good for the American population as a whole but they have by the system very strong incentives to work in 4 years periods in almost everything they do. This when the whole network (the 300million Americans) will have incentives for the most part to have a healthy system not only in their lifetime but for their kids and even further than that. What web 3.0 do so beautifully is let all the network actors all have the same incentives and motives to a great degree compared to the current situation when we have different isolated centralized systems with different incentives and motives than actors outside the isolated system which creates conflicts and corruption.

Web 3.0 also moves the value captured from only centralized applications on top of the network protocol down to the actual actors in the network protocol itself and especially early adopter of the protocol. The early adopter is the people that has been an integral part of making this network happens so they should benefit the most until the network gets value by itself.

More benefits are the pure efficiency aspect of it when a decentralized internet will take away a lot of middlemen and make the communication between people even shorter, physically taking away obstacles will almost always result in more effective processes. I think our limited minds cannot really think of all that can potentially come when this efficiency will take place and what benefits we as a society can get out from that.

What is a token?
A token is a digital asset that resides on top of another blockchain. The token often represents something of value like currency or some other asset. It is a unit of measures in an ecosystem of its own but still exist on top of another already built ecosystem, often nowadays on the Ethereum ecosystem.

How do you create a token on Ethereum?
Firstly, you will need to use the programming language “solidity” or something else to be able to write and compile down to something the EVM understands which is bytecode. You should then preferably follow some token standards like “ERC20” when you create the token.

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#1279
  1. What are the benefits of web 3.0 (decentralized internet)?
  2. What is a token?
  3. How do you create a token on Ethereum?

Answers:-

  1. The benefits are the chance to improve the space further with new competition by generously rewarding early adopters in smaller companies to use these new platforms to increase their popularity therefore they can compete with these bigger corporations like facebook and googles.

  2. A token is another form of cryptocurency or digital asset that is built on top of ethereum via a smart contract generally under the ERC20 format.

  3. A token can be created by using solidity programming language to create a smart contract that is fungible on top of ethereum net work.

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#1280
  1. the web 3.0 has the potential to spead value across it’s users , not like in a centralized network where only a few get all the value
    2)a token is a unit created on top of a blockchain via a smart contract(as i understand it)
    3)buy eth an run a smart-contract where the parameters of the token needs to be set.
2 Likes
#1281

  1. Everyone can create their own decentralized applications where everyone can be incentivized by using it with its own token. This means that everyone can now compete with large internet companies like Google and Facebook. This will also reduces the need of intermediaries/middleman, so this means web 3.0 does have more privacy and at the same time it is transparent since it will run on the blockchain, this is a win-win solution to all specially to the ordinary people because all I see right now in the internet space is that much of the money is only being profited by these big centralized internet companies, that’s too much greed for them, this web 3.0 will make it now a fair space and free for all, this will be another way of giving every individual the more power to decide for himself what to do and at the same time incentivized him for doing what he wants and what he likes to do.

  2. A token is a digital asset that is built on top of Ethereum blockchain, or any other blockchains that run smart contracts.

  3. A token can be created on top of Ethereum by coding a smart contract using solidity programming language, and just follow the set of token rules and standards for which does your token belong it might be ERC-20, ERC-223 or other token standards and you just follow the step by step coding procedure and later on you will be amazed that you have now your token successfully built on top of the Ethereum blockchain. .

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#1282

It´s a programmed money with fixed supply if is created as an ERC20 token. :slight_smile:

#1283

Homework on Web 3.0, and Tokens - Questions

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

    A decentralized internet would give the opportunity for smaller companies to compete with large corporations like Facebook and Google. Early adopters are incentivized to use a new platform as they will be rewarded with a higher number of tokens than later in a platform’s life cycle when adoption has increased and the value of those tokens have as well.
    It can break the monopoly of tech giants.

  • What is a token?

    A token is fungible or non fungible digital asset created on Ethereum or other blockchain networks.

  • How do you create a token on Ethereum?

    A token can be created by implementing a smart contract using one of the token standards like ERC20, ERC721 and ERC233.

2 Likes
#1284

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

Carlos Z.

#1285

Amazing answers sir, Please keep them like that :muscle:

Carlos Z.

1 Like
#1286
  1. in web 3.0 the protocol can profit from mass adoption, it is decentralized
  2. token can be either fungible (ETH) or non-fungible (BTC, gaming tokens)
  3. token is created by smart contract
2 Likes
#1287
  1. Most of the values are captured at the user and protocol level which might give great benefits to the protocol’s investors also we can now create decentralized websites and dapps on web 3.0.

You can also build applications with built in economy ecosystems. This is possible because of cryptocurrencies. The built in inflationary systems are used as rewards to the users that contributed to the network.

  1. Tokens are smart contract cryptocurrencies that are built on top of a crypto coin such as Ethereum ERC20 fungible tokens. or none Fungible (nft) tokens such as
    ERC 721 or ERC1155 for game items.

  2. You can program tokens with Solidity codes on the Ethereum network.

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