- decentralization, therefore no middle man… Adds a money layer to the internet which in-turn incentives the early adopters to help fund and increase different business.
- A token is a form of cyrptocurrency (fungible or NFT) that is made from using a smart contract on platforms like ethereum.
- You can create a token with a smart contract using the standard ERC20.
1. What are the benefits of web 3.0 (decentralized internet)?
Users don’t have to put trust in a central authority.
There is less likely to be a single point of failure.
There is less censorship.
Decentralized networks are more likely to be open development platforms.
There is potential for network ownership alignment.
Decentralized networks can be more meritocratic.
Small Business can build their economic system and get back what they lose from big players that are already established in their space.
2. What is a token?
Tokens are actually Dapps (smart contracts) that have their own economic system but build up on the ethereum or other blockchains. Base blockchains are the large eco-economi system and tokens are the macro economi-eco system.
3. How do you create a token on Ethereum?
Actually you create a smart contract base on ethereum. It sounds simple but needs some work to be done.
My sources that i used to pre understand it before getting involved making my own experimental token 
https://www.dappuniversity.com/articles/code-your-own-cryptocurrency-on-ethereum
https://medium.com/coinmonks/create-your-own-cryptocurrency-in-ethereum-blockchain-40865db8a29f
1 Like
-
Their is much more opportunity for small business, or even individuals, to create impact-full applications that generate value or revenue. Also, users can be incentivised with rewards for simply posting, commenting, or liking content, while feeling that their browsing habits and data aren’t being harvested or shared.
-
A token is a virtual currency that operates on its own blockchain and usually represents a company or value. Often traded on exchanges, or exchanged for good of any kind where the token is permitted.
-
You should use a popular standard like ERC20, or whatever is relevant to your industry, and create a smart contract. Once compiled into byte code, it is deployed onto the Ethereum network.
1 Like
Decentralised internet - Cannot be taken down - Do not have to rely in or ask permission from central company/government.
Token - An asset created ontop if the ethereum blockchain.
Token Creation - via code in a smart contract
1 Like
1- While centralised internet saw the value being captured exclusively by the app providers, decentralised internet redistributed a portion of the value back the users and contributors of the application through the use of tokens.
2- A token is a cryptocurrency which is built on Ethereum in the form of a smart contract.
3- You develop a decentralised application Dapp which includes a smart contract as well as often some kind on user friendly interface (website) and server.
1 Like
- Web 3.0 brings descentralisation and most of the rewards will be at protocol level.
- A token is a digital asset created using a smart contract and running on top of ethereum network.
- You are using a smart contract and standards like ERC20, ERC1155 for fungibility or non fungibility.
1 Like
- What are the benefits of web 3.0 (decentralized internet)?
Increases financial remuneration of the users that actually add value to the network. Reduces monopoly of data accumulation by large entities.
Remunerates the underlying protocols that facilitate the running of the network.
- What is a token?
A token is a programmable digital asset with myriad of use cases. Basically it is a database entry within a smart contract.
- How do you create a token on Ethereum?
By using the ERC20 standard programming language you can create a smart contract that facilitates the Token.
1 Like
- Web 3.0 incorporates decentralized finance on the internet and allows real market competition. Value is created in p2p transactions or interactions therefore letting the user control what they do and see on the internet without larger corporations acting as the middleman.
- A token is a form of currency used on the internet.
- A token can be created on Ethereum by using certain contracts for example ERC20.
1 Like
Hello
-
What are the benefits of web 3.0 (decentralized internet)?
It will lead to better privacy, data security and more human to human interaction. The web will be more transparent.
As web 3.0 is distributed between nodes who hold the web in working rather depending on server based database. -
What is a token?
Token is a unit value that exists on an existing blockchain. -
How do you create a token on Ethereum?
Use standard protocol like ERC20 use Solidity to write smart contact.
Add following: Token name; Token symbol; Token decimal places and numbers of tokens in circulation.
Implement it to ETH blockchain.
1 Like
[quote=“filip, post:1, topic:8447”]
Homework on Web 3.0, and Tokens - Questions
1. What are the benefits of web 3.0 (decentralized internet)?
A more level playing field, allowing more competition, early adoption reward incentives, limited inflation.
2. What is a token?
A smart contract or Dapp built on top of a native currency such as Ethereum.
3. How do you create a token on Ethereum?
By using a common programming language such as Solidity to create a smart contract with standardized fungible codes such as ERC20 or other non-fungible code contracts, ie ERC 721 or ERC115, etc.
-
Web 3.0 brings opportunities to capture value for smaller entities in a decentralising world. There is a more open playing field, and early adoption or investment as well as creating new applications can be extremely rewarding at this early stage in this new emerging paradigm.
-
A token in this case is built on top of the Ethereum platform using an ERC protocol. They are digital assets that can be owned, spent or traded.
-
A token can be created on the Ethereum network by compiling code using Solidity to program a variety of different protocols and properties, such as fungible tokens or non fungible tokens for in-game items for example, or cryptokitties. Cryptokitties use the ERC721 non fungible protocol, whereas a spendable ‘coin’ may be created using the ERC20 protocol.These tokens run on top of the Ethereum blockchain and utilise it’s infrastructure and coding standards. While I wouldn’t cut and paste a token myself, it is possible, but I found this to be a good overview of how a token is created.
1 Like
Homework on Web 3.0, and Tokens - Questions
- What are the benefits of web 3.0 (decentralized internet)?
It is already assisting us in many ways which will make are lives easier and more financially free excluding many intermediary that are no longer required. below is an article describing a bit more details.
The content of this page was updated in July 2019, with an excerpt from the book Token Economy by Shermin Voshmgir.
If we assume that the WWW has revolutionized information and the Web2 revolutionizes interactions, the Web3 has the potential to revolutionize agreements and value exchange. It changes the data struc- tures in the backend of the Internet, introducing a universal state layer, o en by incentivizing network actors with a token.
The Internet we have today is broken. We do not control our data, nor do we have a native value settlement layer. Thirty years into mass adoption of the Internet, our data architectures are still based on the concept of stand-alone computers, where data is centrally stored and managed on a server, and sent or retrieved by a client. Every time we interact over the Internet, copies of our data get sent to the server of a service provider, and every time that happens, we lose control over our data. Even though we live in a connected world, with more and more devices getting connected with the Internet – including our watches, cars, TVs, and fridges – our data is still centrally stored: on our computers or other devices, on the USB stick, and even in the cloud. This raises issues of trust. Can I trust those people and institutions that store and manage my data against any form of corruption – internally or externally, on purpose or by accident?
Each time we interact over the Internet, copies of our lives are made and sent to the other computer, and when this happens, we lose control over our data on the other end of the Web, behind the walled gardens of a server. This is not only an issue when it comes to the privacy of our personal data, but it also produces a lot of inefficiencies in the backend of operations along the supply chain of goods and services. The current Internet – with its client-server-based data infrastructure and centralized data management – has many unique points of failure, as we can see from the recurring data breaches of online service providers. It furthermore produces high costs of document handling, as well as non-transparencies along the supply chain of goods and services.
- What is a token?
A token is a unit value that exists on an existing blockchain. Tokens do not have their own blockchain but depend or exist on an existing blockchain of a cryptocurrency. Eg, Ethereum, Bitcoin etc. As token has a unit value, that value is tradable. The value can be in the form of coins, points, certificated, in-game items etc.
Tokens are often used to raise funds in an ICO (Initial Coin Offering) or crowdsale which can be compared to IPO (Initial Public Offering) of companies going public on stock exchange. In case of ICO, the companies go public on blockchain.
Just as you buy a share in a company in IPO, in ICO or Token Crowdsale the tokens you buy can be used to represent a share in the company or can be your voting rights for decision making. The tokens therefore are also called cryptocurrency assets or crypto assets and crypto equity.
The major difference between a cryptocurrency and a token is that cryptocurrencies have their own separate blockchain on the other hand tokens are built on a blockchain, such as Ethereum, Bitcoin, Waves etc., that facilitates the creation of decentralized applications.
- How do you create a token on Ethereum?
You first have purchase ETH coins in order to fund your tokens with the gas requirements and below is an article I found to to show the actual steps.
Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain.
Tokens can represent basically any assets that are fungible and tradable, from commodities to loyalty points to even other cryptocurrencies!
Creating tokens is a much easier process as you do not have to modify the codes from a particular protocol or create a blockchain from scratch.
All you have to do is follow a standard template on the blockchain - such as on the Ethereum or Waves platform - that allows you to create your own tokens.
This functionality of creating your own tokens is made possible through the use of smart contracts; programmable computer codes that are self-executing and do not need any third-parties to operate.
1 Like
- It is censorship resistant, more than just one entity controls it, value captured goes to the ones active on the network.
- It is a unit that is used to represent something on the network.
- You can create a smart contract with ecr20 standard or erc1155
1 Like
-
Benefits include, small businesses allowed to compete with larger ones. No need of a middle man, and incentives to early users for using the program.
-
A token is a fungible or non- fungible cryptocurrency that holds value built on top of Ethereum using ERC 20 standard.
-
A token is created on Ethereum using smart contract standard ERC 20 .
- What are the benefits of web 3.0 (decentralized internet)?
More decentralization, transparency, community based protocols that reward early adopters and take control away from the few. - What is a token?
It’s a spate of code written on top of a protocol blockchain that spews forth as an entity unto itself. - How do you create a token on Ethereum?
You follow the process of the smart contract coding sequence, an erc20 token outline, and you wave your magic wand and the rest is magic. As will be outlined in further courses, I presume.
1 Like
-
User contribution to the network is rewarded. That economic incentive would give opportunity for new companies to grow and compete with giants. Cost saving is a huge benefit as p2p changes centralisation.
-
Token is a crypto asset built on top of protocol layer blockchain like ethereum, that represents value
-
By using smart contracts and coded within specific standards
1 Like
-
people will be incentivised to be early adopters. it can stop the monopoly’s.
-
a token is one denomination of a smartcontract made tokenized currency.
-
by making a smart contract with all the functions of the ERC20 token.
1 Like
**1. What are the benefits of web 3.0 (decentralized internet)?**
Some of the biggest benefits of the Web 3.0 except from you can have decentralized applications that can provide any service, secure and reliable due to the mathematical algorithm that controls the application, but also the value that technologies have like Ethereum. Unlike with Web 2.0 technologies like http and tcp that gained no value and having the applications of those technologies gaining the value, technologies on Web 3.0 due to their nature of having applications been created from them and then those applications because they need to pay to have their smart contracts executed, for example on the Ethereum network the must buy Ether so they can pay GAS there fee for the smart contracts instructions. Also if that application gain value due to its successful project and economical model that also has its own token, then most probably the value of Ethereum will also increase.
**2. What is a token?**
A smart contract can be created on the Ethereum network and it can have its own token. Its called a token because it comes from a technical platform. Ethereum has a coin, Ether, and its the native-cryptocurrency of the Ethereum network. Most tokens on Ethereum network are build based on the ERC20 standard. ERC20 is a standard way of coding that provides to all ERC20 tokens the ability to be more easy to use through the network, much easier to be added to an exchange if that exchange already supports ERC20 tokens and more accessible with the ERC20 wallets . Also ERC20 standard is a standard for fungible tokens.
3. How do you create a token on Ethereum?
ERC20 coding standard is being used to create tokens for Ethereum smart contracts and that standard is for fungible tokens. Another way to create a token is the ERC721 and ERC1155 standards that are standards for non-fungible tokens. NFT’s are mainly for games due to the different kind of items they have and the difference of their value.
1 Like
- Protocols take profits, tokens are new form of interacting.
- Tokens are representing value of its businesses. Tokens can give unique possibilities to their users.
- I haven’t learnt about it yet but probably using ERC20 standard.
-
Value can be distributed more fairly.
Less ability for powerful people to censor “undesirable” opinions/ideas. -
An application built on top of a network like Ethereum that has digitally transferable units.
-
By programming a smart contract.