Homework: Web3.0 and Tokens

Ethereum 101
#1630
  1. What are the benefits of web 3.0 (decentralized internet)?
  • Web 3.0 captured the value of the Protocol where Web 2.0 failed to. The decentralized nature creates opportunities for smaller business to compete the same way as Early adoptors are incentivized to use a new platform by offering intensives (financial rewards).
  1. What is a token?
  • A token is a currency built on top of an underlying protocol such as Ethereum. They are made up of Smart Contracts that contain addresses & balances. Tokens can represent a physical asset or digital object in a game built on Ethereum that has value.
  1. How do you create a token on Ethereum?
  • By implementing Smart Contracts on Ethereum using standards such as ERC20 & ERC721.
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#1631

[quote=“filip, post:1, topic:8447”]

  1. The benefits of web 3.0 (decentralized internet) are that the applications built on top of the protocals will add value to both the the protocal and the application. The power of the internet and its applications will be more spread out and not centralized on a few big web applications like google and facebook. Everyone will be able to make money from the content they provide or use, not just the FANGS cartel.

  2. A token is a unit of account from an application built on top of another blockchain. For example, most coins on Coinmarketcap or CoinGecko are actually ERC20 tokens which are built or programmed on top of the Ethereum networks blockchain. Ethereum is an example of a coin, the applications built on top of it are defined as tokens. Essentially, any coin with its own blockchain is a coin, any Dapp or program built on top of a blockchain that is not its own is a token

  3. The first thing you need to create your own token on Ethereum is to decide what you want your tokens NAME, SYMBOL , the amount of DECIMALS or how divisible you would like your token to be and the FIXED AMOUNT of Tokens you would like in CIRCULATION. You will then need to code the Dapp or Smart Contract which basically provides your token with the functions it requires to maintain a total supply, create and maintain each users balance and address, how to send and receive coins to and from each transaction, and a few various functions that check whether a wallet has the amount of tokens it wants to send and is sending them to a valid address. Three other notable functions in the contracts code would be to approve and record / update the balances of both addresses in the transaction. Once the contract is done you would have to test it on the TESTNET (a Metamak Ropsten testnet will work). Once your test transactions shown to work and the token can be added to the MetaMask wallet you would Verify the Source Code and then get it on the MainNet. From there it would have to be marketed and promoted and ensured it is verified on Etherscan and accessible through various exchanges. There are a few details that couldn’t be included due to char limit in my answer but, I believe the main ones are included.

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#1632
  1. web 3.0 has the benefits of the protocol being valuable unlike web 2.0
  2. a token sits on top of a blockchain protocol such as ethereum and is either fungible or non-fungible
  3. tokens are created using simple code called a smart contract
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#1633

1 - encourages adoption
2 token is an asset created on the ethereum network and may be fungible or not
3-can be created on ethereum by creating a smart contract

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#1634

  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 is the latest internet and it now has blockchain, now it can have decentralized services and finances that can help small busyness compete with big corporations by rewarding users.

  2. What is a token?
    Token is a programmable digital asset that represents value on a blockchain protocol, it can be fungible similar to a coin and Non Fungible that have different characteristics.

  3. How do you create a token on Ethereum?
    By programming a Smart contract and DAPP in Solicity using a standard protocol as ERC20 for Fungible assets like “coins” or unfungible like pieces of equipment on games. Using the ERC721 or ERC1155.

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#1635
  1. Value is captured for the community.
  2. Fungible or non-fungible asset on Ethereum network.
  3. By using the ERC20 standard and creating a smart contract.
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#1636

The benefit of web 3.0, is to add value to de ecosistem, now you can earn money being a user or creating a dapp. Unlike google and facebook which make money using our data, with web 3.0 we can make money providing content, using dapps or giving our opinion.

A token is a cryptocurrency build on the environment of one coin, like a cryptocurrency built on top of Ethereum.

You can create a token by writing a smart contract.

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#1637

Allowing for web 3 gives the advantage back to “better tech” not just “bigger tech” mom and pop places can have the same opportunities as google. There are many other benefits like money as a protocol for the internet (eth wbtc ). Private ownerships or unstoppable websites that can’t be censored. And more.
Early adopters of some of these may receive tokens as a reward for use of the platform

A token is a fungible or non fungible digital asset. It can follow many standards. On Ethereum we have erc20 Eric 721 Erc 1155 and prolly a few more I don’t know.

Anyone can create a token on Ethereum as it is a public chain. We do this through the use of the smart contract.

1 Like
#1638

Homework on Web 3.0, and Tokens - Questions

  1. What are the benefits of web 3.0 (decentralized internet)?
  • Web 1.0, 2.0 did not capture value on a protocol level. All value was managed by the applications (Google, FB, …) running on top of it. Web 3.0 includes value and to a degree this levels the playfield for anyone to participate.
  • Web 3.0 websites (can) have their own economic model where e.g. early adopters get rewarded more for helping to jump start the platform.
  1. What is a token?
  • a token represents value within a network/application.
  1. How do you create a token on Ethereum?
  • You can program new tokens on ethereum using SCs.
  • There are different standards available within Ethereum for different types of usage.
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#1639
  1. To begin it’s a decentralized internet. Big monopolies like google won’t run the entire ecosystem. It incentivizes early adopters to join projects and promote them to grow.
  2. A token is the currency used to operate a project. These can be Fungible or Non-Fungible.
    3.You create a smart contract on the ethereum network which will be turned into ERC20 tokens with its own functionality.
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#1640

  1. The benefits of Web 3.0 is that it gives the internet layer the opportunity to make money as small / individuals companies the ability to compete against the big one. It help prevent monopolies.

  2. A token is a fungible or non-fungible asset built on top of Ethereum based on a smart contract.

  3. A token is created on Ethereum by using standard like ERC20 for fungible assets and ERC721 or ERC1155 for gaming or DAPPS in their smart contracts.

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#1641
  1. gives small apps the opportunity to compete with the giants, incentives the usage of the early adopters, the protocols gains value, rather the apps on it.
  2. fungible or nft assett built on top of an existing protocol
  3. you can program a token on ETH using smart contracts
1 Like
#1642

  • What are the benefits of web 3.0 (decentralized internet)?
    Web3 gave the possibility to create monetized dapps and websites and made it posibble for smaller companies to create incentives for users with value

  • What is a token?
    Tokes are basically ERC20 smart contracts

  • How do you create a token on Ethereum?
    Code tokens on the erc20 network

#1643

1 The ability to tokenize dApps, profit from such dApps, get rid of the monopoly, own your own data, and smart contracts
2. A token is fungible Erc-20 or no fungible NFT(gaming skin) used to power the dApp along with GAS
3. Tokens are created by creating a smart contract also uses gas, a fraction of 1 ethereum

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#1644

  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 makes is feasible for small companies to compete against large corporations as they can incentives early adopters to use the platform or service.

  2. What is a token?
    A token is like a coin but is a smart contract running on top of a blockchain like ETH or EOS

  3. How do you create a token on Ethereum?
    Tokens are created with smart contracts, because we have token standards ETH wallets will already be able to handle there new tokens

1 Like
#1645

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

  1. What are the benefits of web 3.0 (decentralized internet)?
    Here are some benefits of web 3.0 (decentralized internet):
    a. It gives value to the protocol and not just the applications.
    b. With web 3.0, applications are created that earn people money by using them.
    c. It provides a new paradigm that will make small companies and start ups compete with giant companies like Google, Twiter, and Facebook.
    d. It provides incentives for people to become early adopters of blockchain networks.

  2. What is a token?
    A token is a digital asset or currency created on an existing blockchain network like ethereum.

  3. How do you create a token on Ethereum?
    Tokens on ethereum are created using smart contracts.

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#1646

  1. Web 3.0 is a new era of the internet that is being led by the development of decentralized blockchain technologies. Due to it’s decentralized nature, users are now able to interact more with the protocol themselves and are even incentivized in a way that web 2.0 was not(the companies benefited from Web 2.0 but not the innovators that created the technology they used. It’s decentralized nature also provides a trustless transparent environment.

  2. A token is a type of smart contract that is built on top of the Ethereum Blockchain with specific instructions on how to operate. ERC-20 tokens are fungible tokens that are designed to operate a certain way, ERC-720 are a different standard of tokens that are designed to be non-fungible where each token are unique from one another.

  3. You need to create a smart contract that runs on the EVM. You usually write this smart contract in Solidity and the EVM will compile it into bytecode which will then create a new token that follows the rules of the smart contract you wrote.

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#1647

  1. The benefits of web 3.0 really lies in the value of web 3.0 on the protocol level. With web 3.0 there are also no middlemen, everything is peer-to-peer and verifyable. Because there is no middlemen this gives small businesses the oppertunity to capture the real value of their product.

  2. A token is a contract (token contract) on the Ethereum blockchain.

  3. A token is created through a smart contract that has the functions and variables needed for token creation.

1 Like
#1648
  1. What are the benefits of web 3.0 (decentralized internet)?

People who contribute to the network could be rewarded.

  1. What is a token?
    Token is smart contract that have method that describe how to use the token.
  2. How do you create a token on Ethereum?
    By creating smart contract.
1 Like
#1649
  1. Rather than value of what is being created primarily going to producers of apps like Google or Facebook, value is created at a protocol level. Also, it will create value through incentives for users who are early adopters as websites create their own cryptocurrencies, and users retain the value of their activity.
  2. A token is a currency built on top of the Ethereum platform that uses a smart contract to handle its functions.
  3. A token can be created using smart contracts and token standards like ERC20.
1 Like