Homework: Web3.0 and Tokens

  1. Benefits of Web 3.0 (decentralised internet):
    - Programmable blockchains, such as Ethereum and EOS, provide a pre-exisiting decentralised network on which a wide variety of decentralised applications (dapps) can be built and deployed;
    - Interoperability between dapps deployed on the same blockchain;
    - Blockchain technology brings enhanced data integrity, transparency, traceability, immutability and security;
    - High availability: dapps can operate 24/7/365;
    - Dapps can have their own token models, which act as drivers for their own economies. This enables a large part of the value generated to be passed to the contributors and curators of the ecosystem, instead of to a central corporation. This in turn fosters greater innovation.
    - Inflationary token models incentivise early adopters, which enables small start-ups to compete against large corporations which already dominate the market. This also fosters greater innovation within the ecosystem;
    - By removing the need for intermediaries, who manage and provide many of the Web 2.0 services we use today, markets should become more efficient, which in turn should reduce costs and lead to lower prices.

  2. A token is a unit of value created to be used within the ecosystem of a specific dapp hosted on a blockchain. A token’s value will represent the value of the specific programmable assets or utilities (services) managed by the dapp. It plays a central role in implementing a dapp’s economic model and making it more efficient. Tokens can be used to incentivise and reward certain actions and behaviour, to grant certain rights within the ecosystem (such as voting rights, or the right to use a specific feature or service), as a medium of exchange, as a method of payment, as a store of value, or as collectibles.

  3. On Ethereum a token is created by writing a smart contract which is then deployed on the Ethereum blockchain. This token contract must be written according to a certain standard (the ERC-20 Standard if it is a fungible token) and state the token’s total supply (i.e. how many will initially be in circulation). It can also define the token’s name, symbol (three- or four-letter abbreviation), and divisibility (how many decimal places it can have).

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  1. It brings about competition in the blockchain space.

  2. A token is a digital programmable asset.

  3. By using the ERC20 standard code.

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  1. By economic incitament, small companys can compete with the giants as Google, Facebook etc.
  2. A token is a currensy based on a smart contract platform such as Ethereum
  3. You can create a token by programming a smart contract on Ethereum platform and keep to the standards such as ERC20.
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  1. Web 3.0 enables all companies and users to build a new economic model (trust-less peer to peer payments incentives lead to new services).
  2. A token is a digital asset created on the smart contract blockchains.
  3. A token can be created by a ERC20 smart contract.
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  1. Benefits of web 3.0 can be decreased censorship, permissionless functionality, and financial incentives and opportunities for users and providers that were not previously available.

  2. A token is a tool within a second layer application that allows transactions to occur in an accountable and meaningful way.

  3. A token is created on Ethereum through creating a smart contract with the tokens programmed into the contract.

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[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)?
    [Answer] A decentralized internet allows for processes to be run independent of a typical centralized authority. There are still rule sets and protocols established by the founders and development community, but the applications in this environment are robust and redundant. Applications maintain the persistence of the data the users work on with while leveraging resources across objects or nodes in or across networks.
    The decentralized internet allows for DeFi or Decentralized Finance and decentralized applications.
  2. What is a token?
    [Answer] A token is the smart contract representing a cryptocurrency built on top of Ethereum. Smart Contracts run on the Ethereal BlockChain. Transactions are run with Ether. Then those transactions are exposed or converted into the token or individual cryptocurrency.
  3. How do you create a token on Ethereum?
    [Answer] A Token in Ethereum is created by creating smart contracts on top of the Ethereum platform that extends and works within the ERC20 standard.
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  1. What are the benefits of web 3.0 (decentralized internet)?
    The incentive layer is directly build in. Therefore it can outgrow the current big techs.
    It’s not regulated by one company or person.
    By investing in the protocol you can make money.

  2. What is a token?
    A token is build on top of a coin. Like ERC20 on ETH.

  3. How do you create a token on Ethereum?
    Via a smart contract

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web 3.0s benefit brings value to the protocal
where as 2.0s value was in the app.

a Token is a smart contract written on top of etherium

Write a DAP to run on the ethereum network.

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

Web 3.0 financially incentives the user to be a participant. This model encourages self autonomy and involvement due to positive reinforcement. Web 2.0 though essential has created an economy based upon the user as a product. These massive sales funnels have focused significant power into the hands of the early adopters who worked together primarily in intellectual silos. Now the success of new technologies can directly benefit early investors those who are already interested in the project’s community.

  1. What is a token?

A token is the method of exchange for the economies developed on a smart contract which uses Ethereum’s EVM to function.

  1. How do you create a token on Ethereum?

A token is built on the Ethereum network according to ERC- 20 standards. These standards create uniformity of ERC-20 projects allowing them to interrelate without conflict.

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1 What are the benefits of web 3.0 (decentralized internet)?
The benefits of web 3.0 will and does enable anyone to make money at the protocol level unlike TCP and HTTP protocols on web 2.0

2 What is a token?
A token is a dapp/crypto currency that is built on the ethereum network.

3 How do you create a token on Ethereum?
This is done via coding a specific program on the ethereum blockchain alongside smart contract code.

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The benefits of a decentralized communication mechanism is that there is no single point of failure in method or authority for any operation two parties want to partake in.

A token is a digital asset worth a certain amount of actual currency that is traded on a decentralized platform.

A token is created via a mechanism on a decentralized network with a majority consensus. The consensus mechanism that is predominant in the system is proof of work although several other types of mechanisms are in play on test networks and actual networks with probabilistic results.

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1.The benefits of web 3.0 are that the value is in the protocol level ethereum
and buy using smart contracts and web sites the dapps applications created can be made by anyone, these are powerful enough to compete with the big companies using web 2.0

2.A token is a coin made by using a smart contract, ECR20 is the most popular and can transfer value, ECR 721 and 1155 are used in gaming

3.To create a token in ethereum use one of a family of ECR smart contracts

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  1. There will not be 1 entity/monopoly, who will have all the control /data

  2. Token is a digital asset/ cryptocurrency that is developed using a smart contract

3)You can create a token in top of a Ethereum blockchain by writting smart contracts

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  1. Creaters of content, as well as users will have more freedom to benefit from the fruits of their labour, while big tech will not be able to blatantly parasite from the most valuable commodity; user private data.

  2. A token is a representation ( a derivative ) of value inside a smart contract program that operates on top of a platform such as Ethereum, Komodo etc. It can represent anything of value like; attention, real estate, time, labour, assets, etc.

  3. A token on Ethereum is a smart contract that conforms to the ERC20 standard ( in order to increase the uniform use with wallets and exchanges ) that runs on top of the Ethereum EVM. In order to run this smart contract, you must pay GAS fees to the network. Anyone can launch their own tokens on the Ethereum blockchain using the ERC20 standard.

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  1. What are the benefits of web 3.0 (decentralized internet)?
    Allows smaller companies to compete with large corporates
    Incentivises early adopters by rewarding providers for their content and subscribers for their participation in the economy.
    Allows value to be created at the protocol layer

  2. What is a token?
    A token is a digital asset that is built on top of the Ethereum network by implementing Ethereum’s standardised approach to smart contract creation.

  3. How do you create a token on Ethereum?
    A token is created on Ethereum by implementing simple code in the form of a smart contract using Ethereum’s standard code functions.

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  1. There are no monopolies and central authorities

  2. A fungible or non fungible asset created on the ethereum blockchain

  3. With smart contracts

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1. What are the benefits of web 3.0 (decentralized internet)?
Introduction of Decentralized Apps (Dapps) which allow integration of a token economy to provide incentives and rewards for participating in the network- particularly for early adopters.

2. What is a token?
A separate digital currency created on top of it’s base currency such as ERC20 tokens.

3. How do you create a token on Ethereum?
By implementing the ERC20 interface and sending the code and enough gas to the smart contract that creates new tokens.

(FYI #3 was hinted at in the ERC20 video, but wasn’t discussed explicitly. Having to do a bit research is good, but if these questions are meant to be fully answered by watching the videos in the course then they need updating)

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  1. Creation and transference of money peer-to-peer without middle man based on protocols without the need of centralized applications. User empowerment!
  2. A token is a currency built based on already existent application. The stable coin Dai which is based on Ethereum protocol Erc-20 is one example.
  3. Using the standard protocol Erc-20.
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  1. protocol level capture the value. Decentralizing the internet to avoid monopolization of big techs.
  2. a representation of digital asset.
  3. following ERC20 standard, develop a smart contract.
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  1. Web 3.0 brings value & economy to the protocol level. It makes applications on the web decentralized and incentivized. Contributors can earn tokens and early adopters are rewarded. This ultimately creates a competitive model to the established platforms. In short, it is the combination of a web experience coupled with a smart contract, commonly referred to as a dApp.

  2. A token (according to Ivan’s definition) is a coin created on top of a smart contract blockchain such as Ethereum. There are fungible tokens and non-fungible tokens.

  3. You can create a token on Ethereum any way you want by creating a smart contract. It is, however, preferable to use an established standard such as ERC-20, because once implemented, any new ERC-20 token can be used by wallets and exchanges.

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