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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  • What are the benefits of web 3.0 (decentralized internet)?
    The opportunity for smaller companies and individuals to compete with large corporations

  • What is a token?
    A Token is an object which represents the right to perform some operation.

  • How do you create a token on Ethereum?
    A token can be created as a smart contract in Ethereum .

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  1. Web 3.0 allows an open economy, in which early adopters are incentives by being the first ones to use a program.

  2. A token is another form of cryptocurrency.

  3. Using solidity which is a simple code that allows you to create smart contracts with a fungible token.

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Homework on Web 3.0, and Tokens - Questions

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

Web 3.0 enables to earn tokens.

  1. What is a token?

It is a kind of coin that can represent different value, for example as phycical objects, reputation, money etc. Their infrastructure is based on the smart contract platform like Ethereum, EOS or Cardano.

  1. How do you create a token on Ethereum?

You use Ethereum as infrastructure, then it is recommended to use some kind of standard like ERC-20 or ERC-777 to be able to connect with common wallets and finally your token will be using gas which then will be converted into the ethereum to execute functions within the smart contract.

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  1. A benefit of web 3.0 is more economic incentive for participants since value can be transferred easily between parties on the protocol level. Additionally, content will not be as easy to censor because it’s on the blockchain, so large entities or powerful organization cannot remove your content if it doesn’t match their ideals. It should also be more secure because users can access these sites and content with their wallet (private keys), which they hold, instead of a password, which is stored on a centralized database.

  2. A token is a smart contract that has been built on a protocol layer blockchain, ETH, NEO, EOS, that follows a set of standards, most commonly ERC-20, that allows it to hold and transfer value.

  3. Write a smart contract in Solidity code using the ERC-20 standard. The only technical requirement is the inclusion of the total supply function, totalSupply().

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  1. Fewer Middlemen, Privacy, Data Ownership, Economic Incentives, Unstoppable, Trustless
  2. a Token is a (fungible or non-fungible) digital asset created by a smart contract, built on top of a blockchain network.
  3. a Token can be create by writing a smart contract on the Ethereum blockchain by following the standard codes required, then executed by the EVM and validated by the blockchain nodes.
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  1. I think the main benefits of WEB 3.0 is the control over Data Ownership and Sharing. There is no need for the middleman and can connect providers directly with consumers. This means bigger incentives, more decentralised and better privacy.
  2. Tokens are a representation of a particular asset or utility, that usually resides on top of another blockchain (SOURCE: https://masterthecrypto.com/differences-between-cryptocurrency-coins-and-tokens/)

Building your own Ethereum based ECR20 Token in less than an hour

  1. Step 1: Contract code. …
  2. Step 2: Create Ethereum wallet with MetaMask. …
  3. Step 3: Get Ropsten Ethers. …
  4. Step 4: Edit the contract code. …
  5. Step 5: Deploy Contract Code on Remix. …
  6. Step 6: Publish and Verify Contract. …
  7. Step 7: Add token to your wallet.

(Source: https://blog.goodaudience.com/building-your-own-ethereum-based-ecr20-token-in-less-than-an-hour-d4d4c7a14b1e)

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  1. What are the benefits of web 3.0 (decentralized internet)?
    The benefits of a decentralised internet are: innovation, lower barriers to entry, increase in competition, leading to economic growth in industries that have been dominated by large international corporations i.e Google Facebook etc
  2. What is a token? A token is a fungible or non-fungible programmable digital asset that represents value on a blockchain protocol
  3. How do you create a token on Ethereum? By utilizing the protocol standards of ERC20 in creating a smart contract and associated tokens
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  1. Users can be compensated for their content and there will be less censorship because of blockchain immutability. It will also end the virtual monopoly of big tech.

  2. A token is a crypto asset built on top of a platform coin such as Ethereum.

  3. A token on Ethereum is created by means of a smart contract and coded in accordance with specific standards such as ERC20.

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1- Economical part to the protocool
2- A smart contract running above etherium
3- following the fundamentals of ERC20

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1.the economic incentive for early adopters of early adopter’s advantage (cheap tokens) can allow small companies and their small products to entice new users to try their product by rewarding them with tokens in exchange for their participation
2. a token is an object with specific properties built on a second layer economy on top of an already existing blockchain
3. you deploy a smart contract.

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  1. Protocol level has a lot of value, decentralized web.
  2. Token your represents your product, service.
  3. By programming smart contract launching an erc20 token
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