Homework: Web3.0 and Tokens

Ethereum 101
#1670
  1. What are the benefits of web 3.0 (decentralized internet)?
    Everyone has access, can contribute, can extract value. Early adopters can be rewarded.
  2. What is a token?
    A fungible or non-fungible digital asset on a blockchain
  3. How do you create a token on Ethereum?
    Deploy a smart contract using one of the token standards e.g. ERC20, ERC721
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#1671

  1. There are many, but one of the most important is decentralizing the value captured by the internet from the big tech giants to a great number of new and smaller companies and services that build on top of blockchains and Smart Contract Platforms like Ethereum

  2. A Token is a cryptocurrency issued by a smart contract on top of a Smart Contract Platform like Ethereum, for example. A Token is not a coin, like Ether, in the sense that it is not native to any platform, it works on top of one

  3. A Token can be created on Ethereum by deploying a smart contract that makes use of one of the token standards. The ERC20 token standard is the most common

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#1672

  1. What are the benefits of web 3.0 (decentralized internet)?
    The giant of web 2.0 like google, facebook … were taking all the benefits alone without sharing with the users, that’s why was born web 3.0 to share the earnings with users throw distributing utility tokens.

  2. What is a token?
    Token is a utility built as a smart contract, mostly using ERC-20 on Ethereum blockchain, can give who hold it some advantage or a value

  3. How do you create a token on Ethereum?
    By programming smart a contract on ERC-20 standard for a example.

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#1673

It enables value transfer in a trustless manner. Early adopters of a technology can be incentivised to use building a dedicated community around it. This in turn accelerates it’s adoption and raises the concepts value.

A smart contract created on a blockchain protocol such as ERC20. It creates a ledger of all holders and enables transactions between them.

Write and deploy an ERC-20 smart contract. In it you have to specify the total supply of the token, the divisibility (18 decimals by default) and the tokens name and symbol.

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#1674

1.) The benefits of Web 3.0 are as follows. There is no central agency the controls it. Web 3 is essentially a peer to peer network. Enhanced security and privacy. And since transactions cost money its hard to spam the network. Also small businesses have monetary incentive to build on web 3 networks due to the fact that they can create a self sustaining ecosystem like Ethereum.

2.) A token is a non fungible/ fungible asset on the blockchain. Thus asset usually represents a certain value or service that it offers to the network.

3.) You can create an Ethereal token like an ERC-20 for instance by building an enacting a smart contract on the blockchain.

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#1675
  1. Decentralized finance (DeFi), chance for early adopters to earn money by using new protocols, transparency.
  2. A smart contract that operates on a certain blockchain (e.g. ERC-20 token on Ethereum).
  3. By writing a smart contract that adheres to a certain token standard (e.g. ERC-20).
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#1676

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

The benefits of the decentralized internet are many and varied. Getting into some specific examples:
(a) value capture at the protocol layer, unlike with http and tcp which would not constitute investments; with Web 2.0 all the value was captured by the companies that built silo’d websites and applications on top of the open source protocol
(b) Web 3.0 allows us to break down the informational silos that are put by corporate middlemen and relationship gatekeepers, such as Uber Eats, Facebook and create an ecosystem where different constituent project technologies and communities can talk to each other and interact. It will no longer be about having to access a particular restaurant through Deliveroo / Uber Eats. Or about Facebook owning your digital social media identity and your photos and videos. Web 3.0 will break down all barriers to connect people together (e.g. consumers, vendors, delivery people) and also establish sovereign ownership of one’s data and identity on the blockchain.
( c) Web 3.0 also allows early adopters to capture value at an early stage, as in the example offered with early Steemit users. The value of how much unit volume can capture will decrease at the same time as the adoption curve (& network value) increases. In this way, there is economic incentive for people to become early adopters of new platforms (and PaaS offerings) and technologies, and this gives smaller companies and start ups a huge boost in being able to compete with large legacy players.

2. What is a token?

A token, as opposed to what we might call a coin (such as Ethereum), is generally a program, dApp (or smart contract) that is built on top of a smart contract platform, such as Ethereum (or Cardano, Neo, etc). Tokens can be fungible (and interchaneable / identical), as is the case with ERC20s which in themselves also constitute cryptocurrencies or utility tokens (100s of which are listed on the CoinmarketCap) - or they can be non-fungible as is the case with NFTs (non-fungible tokens), examples of which include the ERC720 and ERC1155 token stadards.

NFTs can include, for example, art - or unique in-game items such as swords, shields, helmets, magical artefacts, etc, and these can often have value through scarcity. They are also collectibles and, as is the case with Enjin ERC1155 collectors packs - & of course as is the case generally with art.

3. How do you create a token on Ethereum?

In the most simple terms, you create a token on Ethereum by writing a smart contract program using the developer language known as Solidity (currently it is Solidity, others will be used e.g. Viper) - and then deploying this smart contract. You also need some Ethereum as gas in order to execute your program.

However, in more practical terms, very often - if the token is intended to be usable and have a long life cycle - you must also consider the token’s use cases, incentive models and tokenomics, factors such as total supply & circulating supply / token release, deflationary vs inflationary models. In essence you are creating your own sub-economy in the Ethereum ecosystem.

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#1677

  1. What are the benefits of web 3.0 (decentralized internet)?
    A: Benefits of web 3.0 include financial benefits from the protocol and not just the apps as in web 2.0, for example, Ethereum is the base for many dapps, therefore you can get from value from investing in ETH as well as the dapps built ontop of ETH.

  2. What is a token?
    A: A token is essentially a “coin” for a dapp that is built on top of a protocol. For example ETH is the coin and Origin trail is dapp built on the Eth network, the TRAC token is the fungible currency based on the ETH coin.

  3. How do you create a token on Ethereum?
    A: To create a token on Ethereum, one needs to develop a dapp using the Eth network protocol standards and then issue a token based on that dapp.

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#1678
  1. More transparency, privacy, the ability of protocols to capture a significant value (unlike the Web 2.0), economical benefits for the early adopters, etc.
  2. A smart contract that operates on a particular platform, usually following some standards when created (e.g. ERC-20,…)
  3. By creating a smart contract following the ERC-20 standard for example - if you want to create a fungible token.
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#1679

  1. Protocols gain financial value from creating an eco-system along with dApps running on them whereas in Web 2.0 value went to the applications built on the protocols whereas the eco-system itself did not gain any financial value. Early adopters gain higher dividends of a decentralized eco-system and DApps. People are financially incentivised to contribute to the network as number of applications and the ecosystem has a token model. In Web 2.0 users of web apps such as Facebook and Google gain no direct financial value for using their services.

  2. A token is either a fungible or non-fungible currency/asset which has a value and may be tradable. A token may also provide a utility.

  3. A token is created on Ethereum using the Solidity programming language.

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#1680

  1. Web 3.0 and crypto-currencies will give people the power back over their own data. It will also allow everyone to take part in the Global Economy.

  2. A token is built within the coin (Ethereum).

  3. A token can be created on the network using a universal code for the smart contract.

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#1681
  1. What are the benefits of web 3.0 (decentralized internet)?

Hmmm I’m nut sure if decentralized internet is accurate since ISP-s can filter or just simply deny your internet connection, but hopefully one day we’ll have a decentralized internet. But web 3.0 is definitely a great step towards a truly decentralized internet.

  • Participation in developing the protocol layer is open to anyone, and the monetization of the innovation is built into the system (through tokens), so it really is the perfect incentive system for innovation.
  • Building decentralized applications
  • I think also all the benefits of the blockchain are largely inherited by web3.0 dapps, like trustlessness, high availability etc…
  1. What is a token?

A token is a digital asset that can be built created on top of the ethereum network (or other blockchain). They are at the heart of different dapps, kind of a fuel for them to work.

  1. How do you create a token on Ethereum?

Mostly by writing a smart contract using the ERC20 standard. After deploying it on the ethereum network it can be traded, or stored in a wallet and used in dapps.

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#1682
  1. The benefit of WEB 3.0 is that anyone can capture the value of the internet and not only the big companies.
  2. Token is a coin(token) build on Ethereum
  3. You can create it with the ERC20 standard on Ethereum
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#1683

If we look at Ethereum as an aspect of web 3.0, we can see that Ethereum as a protocol if rewarded for the activity that’s built on top of it, like all the ERC20 tokens. With increased activity the price of Ethereum may go up. In Web 2.0 the protocols weren’t rewarded. All the profits went to large corporations like Facebook and Google.

In Web 3.0 it’s possible to build solutions that reward its users financially, unlike users of Facebook and Google. One example is Steemit where users earn Steem cryptocurrency by posting and liking posts. Even if Steemit fails completely in the future it is an interesting experiment that was made possible by the creation of cryptocurrencies.

Tokens are small applications built on top of Ethereum, or on top of another smart contract platform.

You probably choose to create an ERC20 token. You create a smart contract for the token, then you use a wallet and create an account on the Ethereum network. Then you deploy your smart contract.

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#1684

  1. What are the benefits of web 3.0 (decentralized internet)?
    You can easily build valuable business by programming apps, based on Ethereum. Early adaptors can earn money by contributing.

  2. What is a token?
    A token is a digital asset build on smart contracts. It can be a fungible or non fungible token.

  3. How do you create a token on Ethereum?
    By programming a smart contract

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#1685

Loved your answers. It’s easy to understand. Great work. :clap:

Carlos Z.

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#1686

Thank you - appreciate the feedback :sunglasses::+1:t3:

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#1687
  1. The value lies with the protocol.
  2. A token is a smart contract that runs on the ETH blockchain.
  3. Create a smart contract that runs on the Ethereum blockcain or ERC20 standard.
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#1688
  1. It captures value on a protocol level. Niche economic models which give rewards for making use of the we and Network effect leading to competition with giant firms by giving economic incentives.
  2. A token is a cryptocurrency built on a Smart contract protocol like Ethereum or any other smart contract protocol. A token does not have it’s own network.
  3. By making use / following the standards laid out in the ERC20 Token Standard.
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#1689
  1. What are the benefits of web 3.0 (decentralized internet)?

  • Intelligent processing of user data allows websites and protocols to better cater to user preferences.

  • Web 3.0 is about the physical world becoming increasingly bound up with data and that data is going to be leveraged by Web 3.0 protocols, ML algorithms and businesses to create value. E.g. Ivan had a good example in the Bitcoin 101 course about how we could use blockchain technology to track provenance throughout a supply chain; we also see homes and offices becoming increasingly “smart” as IoT develops, hopefully removing some the menial tasks and friction from our daily lives.

  • Trustless, permissionless, decentralized protocols obviate the need for middlemen and return value they captured to the users. Millions of users will have permissionless access to services that might not have been available to them before - e.g. if one wants a loan, but doesn’t have access to a bank, then they are screwed, decentralized lending protocols (like Aave, Maker - both currently still pretty limited) might change that in the future.

  1. What is a token?
    It’s a digital representation of some sort of asset or record or value - could be anything really. Tokens are commonly used to represent ownership of an underlying asset; that ownership can be transferred by sending tokens from one wallet to another. Usually when people talk about tokens, they mean cryptoassets that run on some blockchain that isn’t native to the token itself. For example, the popular stablecoin Tether (USDT) is an ERC-20 token that runs on the Ethereum blockchain; it does not have its own native Tether blockchain.

  2. How do you create a token on Ethereum?
    You deploy a smart contract that mints tokens.

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