Homework: Web3.0 and Tokens

  1. Small and start-up companies can build on the Etheruem, EOS etc network and have their own cryptocurrencies and compete with large established companies. Easier to attract early adopters by offering these cryptos. The economic rewards from these new cryptos are much higher in the beginning. Fewer intermediaries mean more direct communication between peers.

  2. A token represents a unit of value of a particular asset that is fungible and tradable and is written in the form of a smart contract on top of another blockchain such as Ethereum.

  3. A token is created on Ethereum with a smart contract written on it’s blockchain.

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1 Transparity, pier to pier, money as layer of internet.
2 A digital asset created on Ethereum or other blockchain.
3 by smart contract in Ethereum blockchain

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

The power and value lies within the protocol. Many different models can be explored. Won’t have giants ruling over industries.

2. What is a token?

A collection of code and smart contracts representing a dApp on a blockchain platform.

3. How do you create a token on Ethereum?

Program something that fulfils the requirements. Start with solidity, run it through a compiler, then have the EVM execute the byte code.

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  1. Money on the protocol, more competition, easy to start new bussiness, avoid censorship
  2. A digital asset.
  3. Via smart contract.
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  1. What are the benefits of web 3.0 (decentralized internet)?
    -> Token Economy will creat new incentivised buisness models, where no middle men is involved.
  2. What is a token?
    -> A digital asset on top of a blockchain.
  3. How do you create a token on Ethereum?
    -> Creat / programm a smart contract according to a defined token standard
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  1. The benefit of web 3.0 is that users can capture value from their content, instead of giving it away to big corporations for free. Also, it allows small businesses to compete because of the networks high efficiencies and relatively low costs. Also, there could be less censorship due to central authorities having less control.

  2. A token is a digital asset that, in this case, rides on top of the Ethereum network. Ether is the coin on the Ethereum network.

  3. You create a token by deploying a smart contract that follows the standards for the type of token you want to create, such as ERC-20.

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  1. What are the benefits of web 3.0 (decentralized internet)?
    In the web 3.0, the value is on the protocol and not only on the applications based on it (like in web 2.0). New tokens and smart contracts are created base on an existing protocol (like Ehereum or EOS) and these base protocols will always be more valuable than the new dapps.

  2. What is a token?
    A token represents a programmable asset or access rights, managed by a smart contract and built on top of a blockchain network. They are fungible or non-fungible.

  3. How do you create a token on Ethereum?
    On Ethereum a token can be created by using the standard ERC20 (for a fungible token) or ERC721 and ERC1155 (both used for non-fungible tokens).

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The monopoly disappears and we as early adopters will create more value in small businesses and with a decentralized web, no middle man can shut you down because you have an opinion about something, depending of the program/rules of the contract.

A token is a cryptocurrency that is developed using a smart contract.

A token can be created by a smart contract using standards like ERC20.

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  1. What are the benefits of web 3.0 (decentralized internet)?
    Web 3.0 captures the value at the invention of protocol, such as the invention of Ethereum.

However, my key question is that will Ethereum be another version of Facebook or Google in the future of Web3.0? This means that most startups build their DApp on top of ERC20 and use Ethereum. As a result, all Web3.0 has to depend on the inventor of protocol, such as Ethereum, in this case. Does this lead to another wave of “monopoly or market centralization”?

  1. What is a token?
    As refer to the recently approved Liechtenstein blockchain act, “Token Container Model — TCM,” which means that any token transactions, including cryptocurrency (i.e., money), securities, rights to real estate, rights to assets, license rights, and rights of use will be fully defined in legal terms under the framework. That is, any form of assets or rights could be tokenized under the TCM, and the “ token is therefore a kind of “container” for representing a right ” (p. 44).
    https://medium.com/@teckming.tan/key-views-on-172-pages-liechtenstein-blockchain-act-token-and-trustworthy-technology-service-18f8e86c4817

  2. How do you create a token on Ethereum?
    Using ERC 20, Ivan has created a nice video on this question:
    https://www.youtube.com/watch?v=d5EipPVafsA

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1-What are the benefits of decentralized Internet 3.0?

It gives us the opportunity for smaller companies or entrepreneurs to compete with large corporations such as Google. Since through the economic incentive to the first users to use the new platform, because they would be rewarded with a greater number of tokens that later as more users use the platform, the value of these tokens will increase.

2-What is a token?
It is a programmed smart contract (funginble Token or NFT) that run on the Ethereum blockchain. These have their own value and can create their own economy.

3-How do you create a token in Ethereum?
The smart contract is programmed in the EThereum network either in ERC20, ERC721 or ERC1155

  1. you can directly invest in the plattform (like Ethereum) on witch the economy runs
  2. tokens are digital assets (either fungible or not) running on smart contract plattforms
  3. on Ethereum there are some standards (fungible or not) to create tokens. You have to write a smart contract and run it on the ethereum network
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  1. User activity can be monetized directly, instead of siphoned off as value by the centralized host.

  2. A medium of exchange, usually implemented by a dApp-related contract for use in the context of the application by the users according to an incentive model.

  3. By implementing the ERC20 interface.

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  1. Decentralization
  2. A smart contract running on Ethereum blockchain
  3. Writing a smart contract in solidity and deploying it through an Ethereum Node
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  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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