Homework: Web3.0 and Tokens

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?

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  1. Incentive to earlier adopters helping small businesses grow. Money as a layer on the internet. Increased peer to peer no middle man on the internet.

  2. A token is fungible or non fungible digital asset created on Ethereum or other blockchain networks.

  3. A token is created on ethereum using some simple code. Simple tokens are not secure and more work has to be put in to make sure that a tokens code is well written.

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1. What are the benefits of web 3.0 (decentralized internet)?
A decentralized internet would give the opportunity for smaller companies to compete with large corporations like Facebook and Google. Early adopters are incentivized to use a new platform as they will be rewarded with a higher number of tokens than later in a platform’s life cycle when adoption has increased and the value of those tokens have as well.

2. What is a token?
A token is a cryptocurrency/digital asset (fungible or non-fungible) that is developed using a smart contract (ethereum, EOS, Tron, etc.)

3. How do you create a token on Ethereum?
A token can be created on Ethereum using a smart contract

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  1. Monopoly of few companies will cease to exist which promotes privacy, security and innovation. Underlying protocols will be able to generate money unlike in Web 2.0.

  2. Token is built on smart contract platforms like Ethereum, EOS etc. It’s a programmed money of fixed supply based on smart contract.

  3. Tokens are created by writing smart contracts by hard coding the logic and number of tokens.

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  1. The benefits of Web 3.0 is that smaller players can attract new users by offering real financial rewards. This also gives the platforms realistic methods to judge the value of the content that users are adding, so can offer real benefits.

  2. A token is a currency based on an actual coin that implements a smart contract to handle it.

  3. A token can be created by implementing a smart contract using one of the token standards like ERC20, ERC721 and ERC233

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

    Transparency: Independent from the major corporation.

    Fewer Middlemen: remove trust from persons. No need to pay for profits to central authority in
    transaction.

    More value: the content, user contribute to network will have rewards.

  2. What is a token?

    A token contract is a smart contract that includes account addresses and their balances. The unit of the balance is token, which represents physical objects, another monetary value or a third the holder’s reputation.

  3. How do you create a token on Ethereum?

    A token can be created as a smart contract in Ethereum.

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  1. The value is captured at the protocol level. And money does not go to the Middle man but more peer-to-peer.

  2. A token is a unit of value created on top of Ethereum by a token smart contract. Its generation, destruction and behaviour can be controlled by the smart contract

  3. A token can be created on Ethereum using a smart contract

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  1. The benefits of web 3.0 (decentralized internet) are there is opportunity for protocols to gain value instead of only the applications (Google, Facebook). You’re also able to create your own cryptocurrency, economic model on platforms such as Ethereum and EOS to name a few.

  2. A token is value existing on a blockchain and they can be either fungible or non fungible.

  3. On Ethereum you can create a token by smart contracts.

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