Homework: Web3.0 and Tokens

[Pstaniel]

@filip

• What are the benefits of web 3.0 (decentralized internet)?
• What is a token?
• How do you create a token on Ethereum?

Baseline protocols capture value on web 3.0 rather than just the applications running on it. Whether investing in the protocol itself or a specific dapp the value of both increase. Another benefit of web 3.0 is that it’s decentralized nature allows greater competition, especially against monopolies existing on web 2.0.

A token is a cryptocurrency created via smart contract on a blockchain’s second layer.

On Ethereum you can create a fungible token by programming smart contracts with the ERC-20 standard, or a non-fungible token with the ERC-721 or ERC-1155 standard.

[jelle_van_der_meer]

1. you no longer have these big strong centralized giants that control almost all of the internet. With web 3.0 you can have these smaller companies competing with the giants.

2. a token is a smart contract released on an ecosystem .

3. by creating a smart contract on ethereum

[funkpowerrocket]

[quote=“filip, post:1, topic:8447”]

• What are the benefits of web 3.0 (decentralized internet)?
  Web 2.0 is dominated by a handful of big companies such as google, Facebook etc. This monopolises the industry and allows them enormous amounts of power, wealth and the ability to censor as they choose. With Web 3.0 being de-centralised alongside the availability of open source code it opens up more opportunities for innovation, transparency and better distribution of wealth.

• What is a token?
  A token is a coin built on top of a smart contract platform such as Ethereum, the most popular ones are fungible tokens that are all the same regardless of who owns them (ERC-20). There are also non-fungible tokens that can be different such as digital artwork or parts of games etc

• How do you create a token on Ethereum?
  Using a standard such as ERC-20 you can create tokens on the Ethereum network by building a smart contract. ERC721 and ERC1155 can also be used to create non fungible tokens.

[Zach_C]

Web 3.0 allows for different sites on the internet to have their own cryptocurrency and their own economic model. They can build on any smart contract platform.
Instead of the financial benefit going to major corporations, they instead go to the user. This encourages early adoption and enthusiasm for continued support. In the future this difference could make it possible to compete with big corporations like Google and Facebook.
Most of the projects listed of Coin Marketcap are actually tokens built on Etherium or similar network.
So where Etherium the native cryptocurrency is a coin, other cryptocurrencies built on the etherium network are tokens.
A token is created on Etherium using the ERC-20 standard, which defines how the tokens are programmed using Solidity on a smart contract.

[Bitcoinstache]

@filip

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

Answer

Power corrupts and absolute power corrupts absolutely. The benefit of web 3.0 (decentralized internet) is that value will be captured in the protocols rather than the centralized entities that build the protocols. This will lead to much more value creation and progress for humanity.

@filip

2. What is a token?

Answer

A token is a fungible or non-fungible digital asset usually built on the Ethereum Network but sometimes other smart contract protocols.

@filip

3.How do you create a token on Ethereum?

Answer

By writing a smart contract program usually in the Solidity programing language.

[HGarach]

1. What are the benefits of web 3.0 (decentralized internet)?
   Ans: The protocol captures value instead of the applications built on top of the protocol. This leads to fairness pertaining to who gets rewarded and eliminates a central entity using the users to line up their own pockets. Decentralization also causes a trustless environment and eliminates the middle men.
2. What is a token?
   Ans: Tokens are built on top of smart contract platforms with their own use cases.
3. How do you create a token on Ethereum?
   Ans: Token is created on the Ethereum blockchain by coding smart contracts.

[CC123]

1. It can break monopolies by big tech
2. A reward built into a dapp
3. With dapps and coding magic.

[Santanet]

@filip

1. What are the benefits of web 3.0 (decentralized internet)?
2. What is a token?
3. How do you create a token on Ethereum?

1. Every participant can get rewards
2. A token is a cryptocurrency of an application build on top of a blockchain platform (smart contract)
3. Buy creating a smart contract using one or the ERC standarts

[wayneking]

1. I think the jury has to be out until we can see the benefits of adopting web 3.0 in hindsight. However, with the emergent possibilities presented by value being captured at the protocol level, it is possible for users to receive economic incentives (money) in return for their usage and/or contribution (a well-known example of this is BAT and Brave browser). This change in paradigm means that new operators, looking to capture market share from big players (such as Google, Facebook etc.), will be able to incentivize and attract users to join and contribute to their platforms. Furthermore, the decentralised nature of web 3.0, means users should experience less censorship of content that is stored on the blockchain, increased transparency of business operations and more control over our own data and how it is used.

2. A token is a unit of value that can be awarded to and/or exchanged between users. Some of these tokens are unique and are therefore non-fungible as they are not all equal in value, whereas most are fungible and can be used to exchange economic value between the users of a network or exchanged for other digital assets.

3. A token being built on Etherium is created by writing a smart contract using the appropriate token standard (the most common standard currently used is ERC20).

[Lonnie337]

1. No ownership from big corporations, in turn increases transparency. Which then brings more value to the network. More users means higher value

2. A token is a cryptocurrency built on top of the Ethereum network by a smart contract.

3. By creating a smart contract on the Ethereum network using the ERC20 standard code.

[Cameleon]

1. Emergent projects are now able to compete with bigger already established projects because investors are incentivized to invest early in decentralized projects. Eleminates every downsides of web 2.0 centralization.
2. There are fungible tokens (ICOs) and non-fungible token (ERC721-ERC1155) (NTFs). It is an currency created on top of a blockchain network like ETH or Polkadot.
   3.A token is created by coding a smart contract on the ETH blockchain.

[Vivek20]

1. You can have all kinds of applications running on different systems talking to each other for instance you could have a smart contracts connected to websites accessing data allowing transactions to take place again on the blockchain. New types of applications like token based social media or financial products escrow, insurances.

2. A token runs on top of for instance Ethereum via smart contracts hopefully adhering to ERC-20 standard. It is like a cryptocurrency on top of Ethereum not having it’s own blockchain.

3. By using smart contracts ideally following standards for fungible or non fungible tokens.

[lee_johnston]

• What are the benefits of web 3.0 (decentralized internet)?
  It creates value on protocol level and thus give startup the opportunity to form its own niche economic ecosystem to compete with tech giants. It will realize the value transfer of internet.

• What is a token?
  Token operates on top of a blockchain that facilitates the creation of decentralized applications. Tokens can represent basically any assets that are fungible and tradable, from commodities to loyalty points to even other cryptocurrencies!

• How do you create a token on Ethereum?
  Follow the standard template i.e. ERC20 and use the smart contract to create a token on Ethereum.

[Malowe]

1. What are the benefits of Web 3.0 (decentralised Internet)?

The benefit of Web 3.0 is the protocols that run on them can attract value. People that invest or simply use the protocols can gain a proportion of the value. This incentivises corporations, which promotes more decentralisation and much fair internet.

2. What is a token?

A token is a digital asset created on top of a blockchain network like ethereum, torn or eos. These tokens will have their own ecosystems and economics behind them and can be fungible and non fungible.

3. How do you create a token on Ethereum?

A token is created on the ethereum network using a smart contract. We have a few standards for tokens, with the most popular being ERC20.

[mbruno]

1. With web 3.0 we dont have just centralized websites , we have decentralized websites and dapps.

2. A token is a digital asset that can be fungible or non-fungible.

3. By building a smart contract on ethereum under the erc standards .

[FrinaDC]

1. What are the benefits of web 3.0 (decentralized internet)?
Decentralization provides transparency and ensures a trustless environment. That will disrupt the monopoly of big tech and allow for competition of smaller companies. Web 3.0 would allow for every contributor to be awarded for its content without third parties in the middle.

2. What is a token?
Tokens are simply smart contracts deployed on a platform. They could be fungible or non-fungible. Fungible means that they are not unique and are all mutually interchangeable.

3. How do you create a token on Ethereum?
By creating a smart contract in Solidity or other accepted language and deploying it on the platform.

[kirstentait]

1. Some of the advantages of web 3.0 are: being able to profit (through tokens) for adding content/attention, being able to control user’s privacy, uncensorability, more competition between creators (not just Google, FB etc.), controlling our personal data. All in all, web 3.0 can empower ordinary users by breaking down existing power structures.
2. A token is a digital asset created on the Etherium blockchain. The tokens either allow you to pay for some service, or do something, like vote, or have some priviledge.
   3.A token can be created as a smart contract on ethereum, either by going to a Token Factory and filling out the form, or by using Solidity to write the code yourself.

[ChrisK]

Web 3.0
The future economic model of business.
Decentralized. Secure. Economically incentivized development.
A token is a fungible or non-fungible digital asset used on distributed ledger networks.
A token is created on Ethereum by writing a script following the ERC-20 standard.

[cawilson]

1. What are the benefits of web 3.0 (decentralized internet)?
   A: It allows small businesses to compete with corporate giants like Google and Facebook.
2. What is a token?
   A: cryptocurrency used in platforms
3. How do you create a token on Ethereum?
   A: code it with Solidity, through a smart contract

[paddyc1]

1. With Web 3.0 there is incentive to be an early adopter because you receive more tokens and the price of those tokens will go up as the number of users increases. There is a way for the creator of the protocol to earn money for their services.

2. A token is a smart contract on another supporting blockchain that is programmale.

3. You create a token on ERC20 standard by writing a smart contract that says how many are to be minted, how many decimals, what the token does and how it’s used etc.