Homework: Web3.0 and Tokens

[J_Door]

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

   The possibility of small companies to steal value from Giants like Google.
   Since on top of web3.0 you can create new ecosystems with different dynamics and
   incentives for the users and consumers this can potentially disrupt the current
   market paradigm.

2. What is a token?
   A fungible or non fungible tokens are a digital representation of currencies or assets.

3. How do you create a token on Ethereum?
   Using the ERC20 Standard or any other standard based on Ethereum. By deploying
   smart contracts in the Ethereum Blockchain these will automatically will be runned
   by the EVM

[Jay9000]

1. What are the benefits of web 3.0 (decentralized internet)?
   There are benefits at the protocol level which gives incentives to early adopters which can give new companies and technology to compete with the large corporations that currently control everything such as Facebook and Google.

2. What is a token?
   A token is a cryptocurrency or cryptoasset that is build upon an existing protocol such as the ethereum network. It is not it’s own protocol.

3. How do you create a token on Ethereum?
   You write code using the Solidity language to create a smart contract.

[Featherstone]

@filip

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

1. A decentralized Internet removes or at least reduces the monopoly that some large technology companies have over the current Internet. This will allow people to actually be rewarded for their contributions to a network rather than benefiting only big tech.

2. Tokens are typically built on another blockchain. It is a digital asset which is part of a smart contract. It can be fungible or nonfungible.

3. Tokens are created by coding a smart contract on a blockchain. The token can be an asset or a utility. ERC-20 is the most common on Ethereum.

[CryptosaurusRex]

@filip

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

1. What are the benefits of web 3.0 (decentralized internet)?
It allows for the funding of protocols which should increase competition and stifle internet monopolies

2. What is a token?
It’s a fungible or non fungible asset built on the Ethereum blockchain

3. How do you create a token on Ethereum?
A token is created as a smart contract in Ethereum. The complete source code of the contract can be found in https://www.ethereum.org/tokenlocation. To create a new token we just change the name of the token in this code.

[Karima]

1. Web 3.0 allows the users to contribute to the network and gain value from its protocol whereas the value was captured in majority by big companies ( Facebook, google) in Web 2.0.

2. A token is a programmed crypto currency generated using a smart contract on a specific blockchain. For instance many tokens are built on the ETH platform.

3. A token is created y writing a smart contract using a programming code such as Solidity for the ETH platform. The code must also use some standard such as ERC-20 to e ale to connect to specified wallet and exchanges.

[Cromaz]

1. What are the benefits of web 3.0 (decentralized internet)?
   Inventors of new standards/protocols get rewarded. The value of it grows more than the built (d)app on it. If you are a participant, you can also be rewarded, instead of that you pay (with money or your data)
2. What is a token?
   A token is built on top of a cryptocurrency in form of a smart contract, using it’s network resources. An extended form is called DAPP which includes smart contract.
   Btw. A funny story: We in Germany have a synonym word for idiot (which we also use), but this special one is called “DEPP” and pronounced the same as “DAPP”
3. How do you create a token on Ethereum?

• Integrated Development Environment with a Compiler, for example Remix
• Full running Etherium Node OR Metamask browserextension
• Write/program ERC20-Token Smart Contract; Definition of functions
• Deploy to Etherium blockchain

[dgbit]

1. Value can be transferred accross the web faster and cheaper than in the current financial system. Some web services such as social networks, financial exchanges, or payment systems can be decentralized meaning people are not subject to monopolies such as those of the big tech. Also users are incentived economically to use these services, allowing them to capture part of the value they generate.

2. It is the asset that is used by a specific protocol that reflects the perceived value of the protocol, and that can be used for different purposes such as transfering value between parties. It allows to capture the value at a protocol level, something that was not achieved by web 1.0 and web 2.0.

3. Following erc20 standard, one can define a new token with specific characteristics (max supply) and specific purposes.

[Reid]

1. What are the benefits of web 3.0 (decentralized internet)?
   There are many. This opens opportunities to many more players. Smaller start ups can leverage the value of their potential growth against the bigger established players (maybe incentivizing early participants). You can earn gas money by setting up a server farm and processing transactions. In some cases this platform is better equipped to share the wealth with end users as well. There is a huge upside for participating where ever you can in this new platform. It seems better suited to share the wealth.

2. What is a Token?
   A token is a digital representation of a stored value. In this case, Tokens are values that have been created, stored and traded in digital networks. Quite often Tokens are created and used for transferring value inside a niche economy build for a particular purpose in the digital domain.

3. How do you create a token on Ethereum?
   Tokens are created by programing them. Using the standards like ERC20 and programing language like Solidity allows you to create Token on the Ethereum network.

[typirtz]

1. Instead of big tech companies making all the money, the money can be given back to the users.
2. A token is a representation of money that has value dependent on a niche market.
3. A token is created by writing a smart contract using a standard.

[FloridaMan]

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

   The benefit of web 3.0 is that it allows early adopters to capture the value of a protocol. The more the tokenized protocol grows, the more the value of that token grows. Users will benefit from seeing the vision of a platform like Steemit or Uptrennd and helping the platform grow. It also allows users of the internet an opportunity to move away from centralized big tech oligarch platforms such as Facebook, Google, and Twitter.

2. What is a token?

It is a smart contract built on networks such as Ethereum, Tron, Eos, Tezos, etc. that allows for the transfer of value related to a specific protocol. It allows us to hold an asset related to the success of a specific Dapp.

3. How do you create a token on Ethereum?

By writing a smart contract (typically in erc-20 format) that fulfills all the requirements of tokenomics i.e. total supply, and/or mechanism for inflation.

[Rumplebitskin]

1 value is spread out not centralized in a few huge centralized companies
2 a token is a cryptocurrency that runs on top of a native coin(Ethereum)
3 create a token on Ethereum with a smart contact.

[Hello2]

1)The decentralization of everything allowing a fairer system to be built moving forward. including payment, defi, voting, education etc
2)Represents a unit of exchange that is fungible or non fungible created on a blockchain
3)Write a smart contract on the ethereum blockchain.

[Danielito]

1. What are the benefits of web 3.0 (decentralized internet)?
   You can be compensated on creating content. It will compete with the big giant tech industry in the future. Avoid censorship!

2. What is a token?
   Its a crypto asset build on top of an already existing blockchain

3. How do you create a token on Ethereum?
   By coding a smart contract on the ERC20 standards

[Daniel_Haydn]

1:value is captured by the platform itself.it also provides value for adopters of projects and incentives to adopt early.

2:a token is a currency or asset created by a smart contract.

3:by creating a smart contract on Ethereum. If I understood it right, it’s enough to set the totalSupply.

[Tomahawk]

• The highest value has a protocol itself. And the more value have dapps the more value has the protocol (in comparison with web 2.0 where protocol has zero value and applications have all the value)
• In web 3.0 also users makes money by using it
• In web 3.0 small companies can compete with giants, because you can get the most value as early adopters

2. Token is basically a currency of smart contract (or dapp)

3. You create a smart contract (or dapp) on Ethereum protocol (and this token uses Ethereum gas)

[Andro]

@filip

Homework on Web 3.0, and Tokens - Questions

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. In web 3.0 the financial value is on the protocol level. However in web 2.0 the apps built on top the protocol have taken all the financial value.

2. A token is programmed on top of a cryptocurrency through smart contracts.

3. You build a smart contract on the Ethereum blockchain using Solidity as the programming language and you follow the ERC20 standard.

[pawel]

1. Web 3.0 allow to capture the value in protocols.
2. Token is a cryptcurrency and incentive. It helps move value between many partycypants web 3.0.
3. We make it by build a smart contracts in standards like ERC20.

[SilverWolf]

• What are the benefits of web 3.0 (decentralized internet)?
  Mainly by using a decentralized system it should theoretically allow a more level playing field to allow both big and smaller players in the market.

• What is a token?
  A token is subset of the main blockchain currency, which develops specialized smart contracts. The generation, destruction, and behaviour is controlled by the smart contract.

• How do you create a token on Ethereum?
  By creating a smart contract.

[BKnockenhauer]

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

The benefits of Web 3.0 is creating a decentralized web that doesnt rely only of the Big Corporations to be in control of and profit from your engagements and content and allows the creations of different economic models and dynamics. This allows more people to get involved and support projects and disrupts the monopoly of a few large businesses from having complete control.

2. What is a token?

A token is a crytpocurrency of a particular smart contract that is built on top of Ethereum or another smart contract platform.

3. How do you create a token on Ethereum?

By deploying a smart contract that uses an ERC 20 token that is programmed in a certain way that is used to build a set of economic models and dynamics within that particular Dapp or smart contract.

[aasagba]

Q: What are the benefits of web 3.0 (decentralized internet)?
A: All the benefits of decentralisation eg. trustless systems, transparency, immutability, decisions through consensus, value protocol, economic incentives for early adaptors and the disruption of centralised monopolised markets to level the playing field.

Q: What is a token?
A: A fungible or non-fungible asset or utility created on top of a platform cryptocurrency/coin such as Ethereum, EOS and NEO.

Q: How do you create a token on Ethereum?
A: By developing a smart contract using the ERC20 standard for fungible tokens or ERC721 and ERC1155 for non-fungible tokens and deploying it onto the Ethereum platform.