Homework: Web3.0 and Tokens

Ethereum 101
#1710
  1. What are the benefits of web 3.0 (decentralized internet)?
  • The value of the protocol can be captured by developers of the protocol as well as by decentralised users.
  • Users of the protocol can use smart contract technology to build tokenised services that generate fees.
  • This creates natural demand for the native coin of the blockchain if the smart contract solution offering grows in demand.
  1. What is a token?
  • A token is unit of value used in a smart contract to store and transfer value.
  • A token is distinguished from a crypto currency ‘coin’, where a coin is the unit of value on the native blockchain whereas tokens are units of value in smart contracts that are built using the blockchain protocol and standardised coding templates.
  • Tokens can be either fungible (indistinguishable) or non-fungible [unique, such as the value attributed to a ‘big boy pants’ digital card : ) ]
  1. How do you create a token on Ethereum?
  • You create a token on Ethereum by coding Smart Contract solutions that generate and store stores of value as tokens.
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#1711
  1. The benefits of Web 3.0 are: transparency, fewer middlemen, data ownership and sharing, incentivize cerators.
  2. Token is a smart contract built on existing blockchain.
  3. A token can be create on Ethereum as a smart contract using ERC20 code.
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#1712

Q1. What are the benefits of web 3.0 (decentralized internet)?

A1. Provides the opportunity for smaller enterprises to compete with the large tech giants.

Q2. What is a token?

A2. Tokens (both fungible and non-fungible) are digital assets.

Q3. How do you create a token on Ethereum?

A3. A token is created by developing a smart contract (e.g. using the Solidity programming language) following the ERC20 standard and deploying it on the Ethereum platform/network.

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#1713
  1. The benefits of Web 3.0 is users can be incentivized for using certain applications and assisting with other users adopting the network. For example, users the promoting Facebook to their friends were not paid anything, but in this new system, an early adopter can be incentivized monetarily for promoting the application to other users.
  2. A token is a currency built on top of smart contract platform such as Ethereum.
  3. You create a token on Ethereum by building a Dapp or a smart contract that uses currency in their own economy. These Dapps or smart contracts have to purchase Ethereum to run and execute their code, but then utilizing their tokens inside the econmony of the application.
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#1714

  1. What are the benefits of web 3.0 (decentralized internet)? Allows a redistribution of power and wealth creation from central authorities to the broader population creating more access and innovation in the financial sector.

  2. What is a token? Is a valued asset on the blockchain

  3. How do you create a token on Ethereum? Write a smart contract through solidity and deploy through an Eth node

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#1715

  1. Increased peer to peer interactions, elimination of middlemen, financial incentives through tokens to participate and be an early adopter of new technologies, no need for monopolies to provide every day services that everyone needs, such as social media, banks, health, insurance, etc.

  2. A token is a fungible or non-fungible digital asset on a blockhain network.

  3. It is created by writing a small piece of simple code on the Ethereum or another network.

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#1716
  1. No middleman, peer to peer.
  2. Digital currency built on Ethereum or other blockchains.
  3. For example on Ethereum, smart contract.
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#1717

1. What are the benefits of web 3.0 (decentralized internet)?
a, Incentivises early adopters; helps smaller businesses grow
b. No middle man; becomes Peer-to-peer. Removes trust.

2. What is a token?
A token is a cryptocurrency/digital asset that is developed using a smart contract

3. How do you create a token on Ethereum?
A token can be created on Ethereum by writing a smart contract that uses standards such as ERC20, ERC712, ERC1155

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#1718

Indeed, namely an smart contract :nerd_face:

Carlos Z.

#1719

Store values and information.

A Token is a digital asset.

Writing a smart contact

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#1720

What are the benefits of web 3.0 (decentralized internet)?
It allows for any person to be able to access information and functionality in ways that were previously not possible due to things such as government censorship, lockdowns, etc.

What is a token?
A token is a smart contract that runs on top of a network, such as Ethereum, that can have it’s own value and use cases.

How do you create a token on Ethereum?
Create a new smart contract that inherits from a token standard such as ERC20 or ERC721

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#1721
  1. Web 3.0 gives the power to the people
  2. A token is something that runs on top of a blockchain.
  3. You can create a token on Ethereum with the ERC20 standard protocol.
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#1722

  1. What are the benefits of web 3.0 (decentralized internet)?
    Decentralization is a HUGE benefit of web 3.0. Smart Contracts are a benefit of web 3.0.

  2. What is a token?
    Eth is a coin, currencies built on top of Eth are tokens.

  3. How do you create a token on Ethereum?
    Tokens are created through different programming standards, dependent on use.

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#1723

  1. One of the benefits of web 3.0 is that the smaller companies can compete with the larger corporations by utilizing Ethereum, smart contracts, and making tokens.

  2. A token is a subset of the Ethereum coin. A token uses the ETH smart contracts and is a derivative of ETH.

  3. You create a token on Ethereum by making a smart contract or dapps using the ERC20 standard

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#1724

Yes. :crazy_face: I need to be more precise. Thank you!

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#1725
  1. What are the benefits of Web 3.0 (decentralized internet)
    Web 3 is a P2P platform on the blockchain that incentivises
    users creativity in developing protocal’s that are useful. The protocal’s are where the value is, unlike centrally controlled monopoly’s that control content and spy on you. The value is monetary, as well as being uncensorable,except by peers, anyone can contribute to the build out of Web 3.0. Web 3.0 is inclusive, allowing freedom of speech and financial freedom to create your own decentralized money contract that is transparent with no middlemen.
  2. What is a token?
    Tokens are value placed on the blockchain. Either fungible, money value, or non fungible, unique assets. Tokens are created to interact with different protocal’s. Tokens all have their own value, offering different protocal’s.
  3. How do you create a token on Ethereum?
    You create smart contracts, also called decentralized ,applications, using the ERC 20Token Standard or interoperable sidechains that sit on top of the Ethereum blockchain.
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#1726
  1. What are the benefits of web 3.0 (decentralized internet)?
    Peer to Peer system that will revolutionize many aspects of our life through incentivised usage and the elimination of a middleman
  2. What is a token?
    A Digital Asset that is fungible or non-fungible programmed on a smart contract
  3. How do you create a token on Ethereum?
    Write a smart contract in one of the token standards
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#1727
  1. What are the benefits of web 3.0 (decentralized internet)?

With web 3.0 it will be possible for small projects to create economic incentives in a way that the early adopters will get rewarded, even when they are using a website with small network effects. The websites now can have their own cryptocurrencies and freely create inflation to reward the early adopters. Also the incorporation of cryptocurrencies allow for micropayments to happen, which was not possible before.

  1. What is a token?

It is a digital representation of something (digital or real) that has value. In the cryptospace token is a coin that is built on top of a platform like Ethereum, EOS or Cardano. They can be fungible (exchangeable as they are all the same) or non-fungible (unique).

  1. How do you create a token on Ethereum?

Through a smart contract using, for example, ERC-20 technical standard.

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#1728

1 Value is captured on the protocol level, the use of dapps, the ability for dapp users to earn based on their actions rather than some company that owns the app.

  1. A token is the native currency of a dapp or platform

  2. A token is created as a smart contract

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#1729

  • What are the benefits of web 3.0 (decentralized internet)?
    the value is captured at the protocol level, not only in the applications on top of protocols; possibility of decentralized apps; creating digital currencies

  • What is a token?
    token is a digital asset created on top of the Ethereum (or other smart contract) platform

  • How do you create a token on Ethereum?
    using smart contracts and standards (like ERC20 or NFT)

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