Micro lecture: applied Web3

Question 1

Is interaction with smart contracts easy?

Answer 1

No

Question 2

Do smart contract provide a GUI?

Answer 2

no

Question 3

What can we do to make interaction with smart contracts easier?

Answer 3

Build UIs on top of smart contracts.

Question 4

What is a dApp?

Answer 4

based on one or more smart contracts and accessible via a decentralized web-based user interface.

Question 5

Which properties must hold for a dApp?

Answer 5

• core data records of the application must be stored on the blockchain
• functions that change the core data records must be executed on the Blockchain via a smart contract.

Question 6

4 general properties of dApps?

Answer 6

• Trust (source code can be checked by anyone)
• Payment (implemented by default)
• Accounts (build on top of Ethereum’s account system)
• Storage (dApps can leverage the Blockchain as common (expensive) data storage

Question 7

4 Drawbacks of dApps?

Answer 7

Costs (any state change and computation costs money)
Time (current block time is 14 seconds; so it takes around 14 seconds from the function call to define the results of it)
Availability (in high transaction scenarios the network can throttle and not process function calls anymore)
Transparency (without a third party it is impossible to access and verify a Smart Contract source code)

Question 8

4 properties of each token

Answer 8

• unique
• can be transferred
• can be delegated
• has its own metadata

Question 9

Mint meaning

Answer 9

• you can create a token yourself and you receive it

- each attribute has a different weight and this makes some NFTs rare and others common

Question 10

Is the metadata immutable of NFTs?

Answer 10

Yes

Question 11

Metaverse

Answer 11

• like a video game but you own everything you have in it
• everything is a NFT
• not necessarily virtual

Question 12

Decentralized Metaverses

Answer 12

• offer the user the possibility to take assets with them and to trade outside of the Metaverse

Question 13

Centralized Metaverses

Answer 13

do not offer transferable assets –> functionality is limited