Homework: Web3.0 and Tokens

1: Different websites can have there own economical model on a smart contract plattform. That means that small companies can compete whit big companies like Facebook and Google, because of the possible economical gain there is an incentive to be an early adopter.

2: A token is a fungible or non-fungible programmable digital asset that represents value on the blockchain

3: I dont know. But it done whit a erc20 smart contract.

  1. What are the benefits of web 3.0 (decentralized internet)?
    Increased information linking, efficient searching and web browsing, better marketing, effective communication, more personalized information presentation to the user, and changed human interaction.

  2. What is a token?

A token is an encrypted string of data that points to data without containing the original data. It’s used as a unit of value.

  1. How do you create a token on Ethereum?

Through a smart contract

1 Like
  1. What are the benefits of web 3.0 (decentralized internet)?
    Will introduce Dapps and for many applications the users can be paid for their contributions.

  2. What is a token?
    It is a smart contract built on top of Ethereum or other smart contract.

  3. How do you create a token on Ethereum?
    Write a program on the ERC20 standard.

1 Like

1- Decentralized Internet allows to build decentralized application (Dapps) running on Smart contracts. This will allow to create incentives to early adopters by rewarding them for the usage of the applications in exchange for tokens
2- A Token is a coin build on Top of the Ethereum blockchain
3- To create a token, the code as to respect one of the ERC standards.

2. What is a token?

Its a digital asset with an unique use case for an smart contract. This assets can be programmed with conditions and instructions to follow some kind of use case. (Smart Contract)

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

Carlos Z.

  1. Transparency, safety, privacy, democratization.
  2. A digital asset and unit of accounting. They can be fungible or non-fungible.
  3. Via a smart contract that specifies a total sum of balances.
1 Like

Having both centralized and decentralized internet allows small companies to compete with the larger monopolies.

Tokens are built ontop of ETH (the coin). They are smart contracts built on the ETH network.

Built on ETH by way of a smart contract.

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

A decentralized internet gives the opportunity for smaller companies or even individuals to compete with large corporations like Facebook and Google. Early adopters are incentivized to use a new platform and create content and will be rewarded with tokens that will hopefully be worth more in the future as the adoption for the application grows.

  1. What is a token? A token is a cryptocurrency/digital asset that is developed as part of an overall DAPP

  2. How do you create a token on Ethereum? Using a smart contract

1 Like
  1. It makes possible that many start-ups will stand a good chance of compiting against company giants.
  2. A token is a fungible or non fungible asset created by a smart contract on Ethereum or another blockchain
  3. You can create a token using simple code in a smart contract.
1 Like
  1. In Web 2.0, only larger companies benefit in apps but in Web 3.0, even smaller companies can invest and gain money from dapps and cryptocurrencies.

  2. A token is a cryptocurrency using Smart Contract built on top of Ethereum platform.

  3. A token can be creater using ERC20 standards or in games with ERC721 or ERC1155

1 Like
  1. Using decentralized internet you have more of a chance to compete against big corporations.
  2. A token is a digital asset created on top of an existing cryptocurrency.
  3. A token is created on ETH using smart contract an ERC20 standard.
1 Like

1.The blockchain network and cryptocurrency provide an incentive model that benefit small players allow them to compete with large corporations by attracting new users with a real financial incentive to grow their business.

  1. a token is a token contract that runs on top of a blockchain network. There are fungible tokens and Non-fungible tokens. Non-fungible tokens are used to represent ownership of a digital or real asset. Fungible Tokens can be used as digital cash and or access a certain application, network, service on the network.

3.There’s a simple ERC20 token contract boilerplate code that requires very little change to create a new token.

  1. Open Metamask in a browser, select your test network and request some ether from your test network faucet.
  2. Get boilerplate contract from https://github.com/ConsenSys/Tokens/tree/master/contracts/eip20
    Copy and paste EIP20.sol & EIP20Interface.sol to Remix IDE (online Ethereum compiler)

Make some changes to EIP20.sol;

Rename contract EIP20 is EIP20Interface() ->contract yourtoken is EIP20Interface()
Rename function EIP20() -> function yourtoken()

Copy and paste EIP20Interface.sol with no change.

4.Click Deploy and run transactions from the sidebar

Environment->Injected Web3
Contract->select your copy of EIP20.sol
Deploy->Click the downward arrow on the side & fill in the initial amount, token name, decimal, Tokensymbol.
Deploy->this opens Metamask to request for GAS to deploy your contract. Click Confirm.

5.Check your tokens
Click transaction hash at bottom of the page.
Once successful copy contract address
add token from Metamask and paste contract address into the field (add custom token)
The wallet will show the balance of your new Token.

2 Likes

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

  • It rewards early adopters through its decentralization.
  • Small businesses can better compete with big corporations, because small business have better financial incentives for early adopters.
  • Better transparency through the use of blockchain.
  • It makes the web more efficient by removing unneeded third party’s and thus also removing friction.

2. What is a token?

A Token is any cryptocurrency that is build on top of a existing protocol.
For example any ERC-20, ERC-721 and ERC-1155 would be tokens build on top of Ethereum. ( But can also be build on top of other protocols like Polkadot for example )

ERC-20 Examples :

  • Chainlink ( LINK )
  • EOS (EOS)
  • TRON (TRX)
  • VeChain (VET)
  • ICON (ICX)
  • OmiseGO (OMG)
  • Zilliqa (ZIL)
  • Aeternity (AE)

3. How do you create a token on Ethereum?

By using a “Token standard” for creating a token on the Ethereum network. Like ERC-20 for example.

( When using different code then the standard it would become a coin/protocol of itself not a token build on Ethereum )

1 Like

Economic rewards to incentivize people to be early adopters and this is how small businesses might be able to compete with tech giants.

A type of crypto to represents an asset or specific use on it’s blockchain. Often used to raise money for crowdsales.

Create a smart contract by using the ERC20 standard on the Ethereum blockchain.

1 Like

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

Carlos Z.

  1. The benefits of Web 3.0 is that it-
    a. Allows smaller players a chance to compete with monopolies like google
    b. incentivises early adapters by rewarding them tokens that gradually get to be fewer so it’s like a real money driven democracy

  2. A token is the the crypto based off a true coin the is implemented through a smart contract

  3. A token is created on ethereum from smart contracts

1 Like

all players are equal, does not matter the size of company but quality of the code

basically smart contract, users give it value

by writing it as asmart contract

1 Like

1- Economies can be created
2- It is a like a coin that runs on top of a smart contract blockchains like Eth
3- You create a token by writing a smart contract (e.g. than uses a standard)

1 Like
  1. web 3.0 allows a direct interaction between users and protocols and by this it removes the middlemen (i.e. big monopolies such as Google or Facebook|
  2. token is a digital asset that is used within a specific dapp hosted on the Ethereum blockchain
  3. by creating a smart contract on the Ethereum network
1 Like
  1. Startups can create their own token giving early investors/adopters an economic incentive
  2. A token is a smart contract that can hold value Deployed on a blockchain protocol .
    3.By using the ERC standard or other standard to create a smart contract
1 Like