Homework: Web3.0 and Tokens

Ethereum 101
#1570
  1. What are the benefits of web 3.0 (decentralized internet)?

Protocols make money based on how many apps are built on top. It incentivises people to build new great protocols.

Gives power from corporations to people.

  1. What is a token?

Tokens are issued by products built on top of a protocol.

  1. How do you create a token on Ethereum?

By creating a smart contract.

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#1571
  1. A lot of platforms are more valuable the more people use them. The problem with this is that this enables companies to grow super large and get a monopoly. With the decentralized internet, people can get rewarded for their contributions, without all the money going to big corporations. This also makes it easier for small companies to start and compete with larger corporations because early adopters can now be financially incentivized to join and actively participate. This will cause competition to be reintroduced in this scene and truly the most value giving companies will succeed.
  2. A token is a digital asset which can be used to make a small economy within a platform.
  3. By making a smart contract which stores the data of transactions and wallets.
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#1572
  1. We can monitizes engagement in our networks instead of letting just the large companies monitize our engagement. It levels playing field.
  2. A token is a smart contract built on a network like ethereum that represents value.
  3. You deploy a smart contract.
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#1573

  1. It gives incentives to early adopters, and gives credit to users versus the browser.

  2. A token a fungible or non fungible asset used on blockchain.

  3. A token is created on Ethereum using ERC20.

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#1574

  1. What are the benefits of web 3.0 (decentralized internet)?
    This can level the control over the internet. Tech giants were in complete control with web 2.0, but web 3.0 is allowing for a more inclusive evolution of the internet. There are also incentives for early adopters.

  2. What is a token?
    A token is a cryptocurrency that is built on top of a smart contract platform.

  3. How do you create a token on Ethereum?
    You can create a token on Ethereum by using one of the ERC standards such as ERC20 to deploy a smart contract on the blockchain.

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#1575

[quote=“filip, post:1, topic:8447, full:true”]
Homework on Web 3.0, and Tokens - Questions

  1. Global financial inclusion and unique opportunity for creating new unique
    use cases to help resolve real world problems. Network effect !!! this also
    eliminates/reduces middlemen with interference of any digital token transaction
    by using smart contracts.

  2. A token is a fungible or non fungible programable digital asset.

  3. Use the ERC20 standard to create a smart contract.

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#1576

  1. 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.

  2. A token is a cryptocurrency/digital asset (fungible or non-fungible) that is developed using a smart contract (ethereum, EOS, Tron, etc.)

  3. A token can be created on Ethereum using a smart contract

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#1577

  1. Some of the benefits of Web 3.0 are decentralised websites and dApps which take authority out of a central point, early adopter financial benefits, and capturing value on a protocol level.

  2. Tokens are coins programmed on smart contracts.

  3. To create a token on Ethereum you use the ERC20 standard.

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#1578

  1. No middleman who takes all the benefits. Incentive as a reward for network users. All data is decentralized which gives you bigger privacy standards.

  2. It is a crypto asset which is built on the top of the platforms like ETH, EOS, NEO,

  3. Create a smart-contract on the ETH or other platform which creates its own coin.

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#1579

Web 3 is the foundation of a decentralized internet. Moving power away from corporations with a monopoly on the market such as Facebook and Alphabet. It allows anyone to create services that reward early adopters with tokens for engagement. Putting the power and money in the user. The value of the rewards will decrease as the user engagement rises. This ensures fewer middlemen and transparency.

A token is a cryptocurrency running on the network or another cryptocurrency. It is dependent on that crypto’s network (such as ethereum). Normally ERC20 or ERC721 for NFT’s.

Anyone can create a token via a smart contract they can deploy to the ethereum network. However not everyone can create a quality product, that takes effort.

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#1580
  1. able to gain monetary value in the protocol and not just the applications.
  2. A token is a smart contract with a dapp and web functionality
  3. Create a smart contract use the erc-20 standard.
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#1581

  1. Web 3.0 has the benefit that earlier adopters can be incentivized to join are new project in a way that was not possible previously. This can allow a small start-up project to quickly gain momentum and compete with large established companies.

  2. A token is an asset on the Ethereum network which can be either fungible or non-fungible.

  3. A token is created with a Smart Contract written using the appropriate standards (ERC-20, ERC-721 etc).

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#1582
  1. The technology is monetised. The people creating the infrastructure get rewarded unlike for creators of http and so on. The network affect allows small businesses to compete with google and Facebook.
    2.Tokens are smart contracts that represent their own currencies. Cryptocurrencies based on coins are tokens.
  2. Create smart contracts and choose a token standard standard such as ERC20.
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#1583

3. How do you create a token on Ethereum?

Indeed sir, but a smart contract never stores transaction data nor wallet data.
In any case it will store relevant internal data about the operations of the smart contract or an address balance/funds/operations.

Transactions are recorded in the blockchain, when you trade eth to dai in uniswap, uniswap does not store the transaction (trade eth to dai), that transaction store in the blockchain, uniswap will save some operations that you made in their platform (like approving uniswap’s contract to manage your eth or dai funds).

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

Carlos Z.

#1584

Very useful indeed, thanks for the clarification!

So the smart contract is just a piece of code which has certain rules and instructions which enable it to interact with the blockchain. It does not store transactions or wallets, it just stores the data it needs to interact with the blockchain.

Right?

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#1585

Much better now :nerd_face:

Carlos Z.

#1586
  1. Startups/Small companies have more possibilities to compete with larger companies through revarding early adopters.
  2. Tokens could be fungible and non fungible assets on Ethereum blockchain
  3. By using smart contracts
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#1587

1. What are the benefits of web 3.0 (decentralized internet)?
Better incentives for smaller companies and startups. It has a network effect; It incentives early adopters. The value grows as the number of users grow. This in contrast to web 2.0 where the value or incentive decreases as the number of users grow because it gets saturated.

2. What is a token?
A token is a funglible (ERC20) or non-fungible programmable digital asset (ERC721) on Ethereum.
Other smart contract platforms can also have their own tokens in their ecosystem.

3. How do you create a token on Ethereum?
Using smart contracts and ERC20 standards.

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#1588

  1. More opportunity to democratize the web allowing for smaller platforms to have their share of traffic and attention.

  2. A token is another form of currency built on top of Ethereum.

  3. Using smart contracts and prominent token standards like ERC20, ERC721 and ERC233

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#1589

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

Protocols and based technology can capture the value rewarding early adopters as well and producers and creators removing the middlemen. Transparency and data ownership.

What is a token?

Is a digital asset that represent the value of the service or app and is used to create a microeconomics within the ecosystem that has it own dynamics.

How do you create a token on Ethereum?

By following the ERC standards to create fungibles or non-fungible tokens.

1 Like