Homework: Web3.0 and Tokens

Ethereum 101
#1409
  1. What are the benefits of web 3.0 (decentralized internet)?
    most of value is captured in protocol level.
    it breaks monopoly by incentivizing people to be early-adopter meaning new businesses will run.
  2. What is a token?
    program made on top of a coin (ETH) that can act as an new currency.
  3. How do you create a token on Ethereum?
    using smart contracts and following ERC20 standard tokens are made on top of ETH
1 Like
#1411
  1. What are the benefits of web 3.0 (decentralized internet)?

Web 3.0 captures value at the protocol level, it enables the emergence of decentralized websites and Dapps. It is basically an open internet, good products and services can encourage early and wide adoption through tokens rewards incentives.

Some benefits are: (https://blockdelta.io/advantages-of-web-3-0/)

(1) Ownership of Information and data. Information are only shared on permission/need or case-by-case basis.

(2) Access to information. User can have access to information as much as possible from anywhere in the world from various devices.

(3) Elimination of the Central Point of Control: No Government or entity will have the ability to kill services and sites and no individual can control the identities of others.

(4) The Permissionless Blockchain: Anybody can create an address and interact with the blockchain network. The digital assets and wealth can be transferred efficiently, quickly, cross-border, anywhere globally.

(5) Uninterrupted Service: The data will be stored on the distributed nodes to ensure redundancy and multiple backups will prevent seizure or server failure.

  1. What is a token?

A token is fungible or non-fungible digital asset that can be created on Ethereum or other blockchain networks, it usually landed up as a cryptocurrency to be traded.

It is usually launched during Initial Coin Offering (ICO) whose primary purpose is to raise funds through crowdfunding to finance a certain project initiative.

  1. How do you create a token on Ethereum?

A token can be created as a smart contract on thereum block chain. In order for the token to be compatible with ethereum wallets and any other clients that uses the contract, the smart contract is usually written using one of the token standards like ERC20, ERC721 and ERC233.

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#1412
  1. There is a reason for people to get involved within the system because there is a monetary reward for engagement
  2. A token is any currency built on top of the ethereum network that follows the ERC20 guidelines
  3. A token is created on ethereum by using ERC20 standard to be able to connect to the ethereum markets and wallets
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#1413

Excellent answers, It’s easy to understand. Please keep them like that :muscle:

Carlos Z.

#1414

Loved your answers. Great work. :clap:

Carlos Z.

#1415
  1. What are the benefits of web 3.0 (decentralized internet)?
    Benefits are that everyone can join the revolution of this industry and create business with no middleman. It will allow small compagnies to create business and compète with  giants 
  2. What is a token? A token is a digital asset build on ethereum that can be fungible or non fungible
  3. How do you create a token on Ethereum?
    A token Is create on Ethereum using a smart contract
1 Like
#1416

Thanks for the encouragement!

1 Like
#1417

  1. With web 3.0 value can be captured at the protocol level, can set up token rewards for interaction/attention given. Since protocols are open source you don’t need to trust web developers, you can verify code for yourself.

  2. A smart contract in which follows ERC20 standards or some type of standard depending on desired use case.

  3. On Ethereum fungible tokens can be created thru smart contracts utilizing the ERC20 standard. For creation of NFT’s standards such as ERC721 and ERC1155 can be utilized. Fungible tokens can be used for transacting value since they are all equal to each other 1:1 where as NFT’s can be used for creating unique items eg. digital artwork and video game items.

1 Like
#1418

  1. What are the benefits of web 3.0 (decentralized internet)?
    The primary benefits web 3.0 can bring to the world are transparency, fewer middlemen, privacy, data ownership & sharing, and incentivize creators.

  2. What is a token?
    a token is a cryptocurrency built on top of an existing blockchain.

  3. 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.

1 Like
#1419
  1. What are the benefits of web 3.0
    Web 3.0 captures the value. Instead of just applications taking all the profit. And allows for economic rewards.
    (decentralized internet)?
  2. What is a token? Currency created on and used in a dapp and smart contract.
  3. How do you create a token on Ethereum?
    ERC20 tokens.
2 Likes
#1420

  1. Web 3.0 allows for dapps and websites can offer financial incentives for user activity. It can also be independent of a centralised company.

  2. Its is a dapp. Programmable money or a smart contract.

  3. You need to write your smart contract to one of the accepted standards like erc20 standard to be accepted by the network.

2 Likes
#1421
  1. Benefits include allowing small businesses to grow (allowing the protocol to have value instead of the applications), transparency, and decentralization
  2. A token is a fungible or nonfungible digital asset
  3. A token is created on the Ethereum platform by using a smart contract governed by rules
1 Like
#1422
  1. Smaller companies can grow because their early adopters now have incentive to promote the new platform. Protocols will be able to receive money and the security of the network as a whole will increase.
  2. A cryptocurrency built on top of a current coin.
  3. By programming a smart contract into Ethereum using the ERC20 rules
1 Like
#1423
  1. The benefits of web 3.0 are
  • Everyone can benefit from it
  • It is decentralized which means there will not monopoly
  • It is incentified
  1. A token is a digital currency charged by ethereum blockchain for creating a smart contract on ethereum.

3)A token can be created by implementing smart contract on ethereum blockchain using the standard provided

2 Likes
#1424

  1. There is very little chance for monopoly firms to control the internet. Privacy for users of the internet will be increased

  2. a token is a software application /digital asset built on top of ethereum / EOS / Tron etc

  3. By using Viper or Solidity to create a smart contract

1 Like
#1425

  1. It’s a more fair web where small companies can start competing with giant companies and it makes the whole sphere more equitable and create decentralized apps etc.

  2. It’s a sort of a digital asset or can be used as a digital asset,/cryptocurrency or a token that can have any sort of value.

  3. By coding a smart contract creating erc-20 tokens.

1 Like
#1426

  1. What are the benefits of web 3.0 (decentralized internet)?
    Answer: Benefits of web 3.0 (decentralized internet) include returning value to early adopters of particular dapps through the token economy that is built into decentralized internet. Web 3.0 creates a network effect where it provides economic incentives to incentivize people to be early adopters in order to compete with tech giants that monopolize the internet currently. This allows power to be returned to users because it is decentralized and the giants no longer will hold the power and control over the applications and networks that users ultimately create value within.

  2. What is a token?
    Answer: A token is a fungible or non-fugible programmable digital asset in the form of a smart contract that is built on top of a blockchain network.

  3. How do you create a token on Ethereum?
    Answer: In order to create a token on Ethereum, a smart contract would need to be written in solidity through the ERC20 standard.

1 Like
#1427

Homework on Web 3.0, and Tokens - Questions

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

• Cryptocurrencies that allow people to participate in the protocol layer by actually owning a piece of it via cryptocurrencies. In Web 2.0 the protocol is i.e. https, HTTP, TCP, etc, which does not hold monetary value. The equivalent of apps i.e. Google, Yahoo, Facebook, WhatsApp, and Amazon, etc. is where the value is but the average person cannot take ownership as with Web 3.0 i.e. owning ETH as part of the protocol. With monetary incentives anything is possible. With economic incentives, the average person can compete with giants such as Google, Facebook, WhatsApp, etc. And, everything runs on Gas paid for with ETH, thereby giving value for anyone owning ETH.

  1. What is a token?

• A token is what is built on top of the protocol i.e. smart contracts on top of Ethereum.

  1. How do you create a token on Ethereum?

• Via smart contracts.

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#1428

Response:

  1. Having a decentralized internet (web3.0) benefits society as a whole since it spreads the economy among the participants and not big companies.
  2. A token is a smart contract (dapp) that is built on top of a blockchain protocol such as ETH (EOS, ADA, DOT, COSMOS).
  3. On ethereum, tokens are created using solidity to write up the SC and inputting the required functions (supply of token) so that all participants see the transparency of the contract. Creating a whitepaper to further explain what the intention of your token can further help others into deciding whether they support your SC or not.
1 Like
#1429

  1. What are the benefits of web 3.0 (decentralized internet)?
    Some of the benefits of Web 3.0 are decentralized finance, products being built on platforms that allow use cases for all companies (big and small). There are many benefits. From healthcare companies using these platforms to track their supplies of medical tools to product tracking for corporations such as Wal-Mart. Web 3.0 has given the world an opportunity to take more ownership of our money as well. Instead of storing finances in a bank one could store their wealth in a cryptocurrency off-line wallet through a stable coin if they decided to.

  2. What is a token?
    A token is created on another blockchain (such as Ethereum) through a smart contract whereas a coin has its own blockchain.

  3. How do you create a token on Ethereum?
    Through a smart contract using the ERC20 Standard. If an NFT were to be created than person would use the ERC721 or ERC1155.

1 Like