With the advent of Web 3.0, the rise of Web3 cryptocurrencies is inevitable. Direct investment in blockchain protocols through their cryptos is the right place to start participating in the growth of Web 3.0. However, Web3 has a dubious reputation; Some critics see this as an extension of “overhyped” and “harmful” blockchain-based trends. This article will help you evaluate the best Web3 cryptocurrencies. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together… What is Web 3.0?
Web 1.0 roughly covers a period between 1991 and 2004, when internet users were consumers, not content creators. The second phase – Web 2.0 – began in 2004 when users began to create and upload content online and began to see the web as a ‘platform’ for their content. We are still in the age of Web 2.0 and Web 3.0 is just a concept right now…
Gavin Wood, one of the co-founders of Ethereum, coined the term Web 3.0 in 2014. From that point on, the term evolved to encompass everything related to the next-generation decentralized digital web infrastructure. Web 3.0 is the rebranding of the Internet for websites and applications that focuses on using a machine-based understanding of data to provide a data-driven semantic web. In addition, Web 3.0 is the vision and future generation of the web of the future.
Since Web 3.0 is intended to work through decentralized protocols, which are the basic blocks of crypto and Blockchain technology, there will be a growing relationship between these three innovations. Web3 pioneer Gavin Wood envisions a new economy built around Blockchain where individuals can provide direct services to each other, where no single entity owns or controls the system, and where valuable items can be traded. Technologies such as Big Data, machine learning, and decentralized ledgers will allow Web 3.0 to evolve. Features of Web 3.0
- In the age of Web 3.0, search engines, marketplaces, social media, etc. It will be built on blockchain and facilitated by cryptocurrencies; thus leading to more excellent developments such as uncensored content and more inclusive payment services.
- Ideally, Web 3.0 aims to enable people to control their digital content through a decentralized framework that will shift the dependency of processes and permissions away from a central authority.
- Web 3.0 will benefit the creative economy, where users are financially rewarded when they bring in digital data and deliver value.
- Although there are early implementations of Web 3.0, the Web 3.0 era can only fulfill its potential when current and future web applications and websites embrace a decentralized web structure.
- All exchanges will be in crypto, making the process at least partially tamper-proof and transparent.
- NFTs will have the role of playing with users’ ownership in this universe, where everything is expected to work in a metadata repository.
- Some companies, such as Reddit and Discord, have already explored incorporating Web 3.0 technology into their platforms. Discord withdrew after facing intense backlash from users.
Web 3.0 and first-tier solutions
Web 3.0 needs to be supported by networks to take off. These networks need to offer scalability, security, and decentralization. As Web 3.0 invites more user interactions and applications, scalability is vital in supporting the future of Web 3.0 applications and user processes. Scalability trilogy
Scalability refers to a blockchain’s ability to meet demand that is likely to grow rapidly and typically compromise performance. However, if Web 3.0 is based on a non-scalable blockchain, we may experience slow loading websites and generally bad user experiences.
While Web 3.0 is the same as decentralized, blockchain-inspired web architectures, these decentralized networks currently face a significant challenge known as the “Scalability Trilogy,” which is hindering widespread adoption. However, the “Scalability Trilogy” stems from Blockchain’s inability to manage three key features such as security, scalability, and decentralization. Therefore, Layer 1 solutions were introduced to solve the trilogy. Overcoming scalability issues with Tier 1 solutions
Web 3.0 applications are typically run on the Ethereum network, which is a Layer 1 Blockchain. Such blockchains are also known as Layer 1 Blockchain solutions that help improve scalability for better adoption. Ethereum (ETH), Cardano (ADA), Binance Smart Chain (BSC), Litecoin (LTC), Polkadot (DOT), and Terra (LUNA) are some of the Layer 1 blockchain solutions that are helping to overcome the “Scalability Triad”. Top 15 Web3 cryptocurrencies
As previously explained, Web3 tokens are decentralized projects that use smart contracts and automate transactions over the Internet. Here are the top 15 Web 3.0 cryptocurrencies… Helium (HNT)
Helium is a decentralized blockchain network that powers Internet of Things (IoT) devices. It uses a global network of low-energy wireless access points to broadcast data via radio waves recorded on the blockchain network. However, the network uses a new algorithm known as Proof of Scope (PoC) consensus to verify that hotspots provide legitimate wireless coverage. Helium’s main network allows low-power communication between different IoT devices and sends data over its vast network of nodes. Polkadot (DOT)
Polkadot is one of the most popular cryptocurrencies in the crypto market, but most investors may not know that this is a Web 3.0 project. Its network, however, is more scalable than Ether and ranks higher when it comes to charging lower fees and offering high speeds. Siacoin (SIA)
Sia is a blockchain technology that uses a P2P network to create a digital platform where users pay hosts to rent their storage. However, transactions on the network are increased through smart contracts. In addition, Siacoin, the native token of the Blockchain network, acts as a means of payment for storing data on the web. Chainlink (LINK)
Chainlink is a decentralized network built on top of the Ethereum Blockchain. But this network helps create intelligent connections based on real-world data. It integrates easily into any blockchain network, so it has become a widely used platform for oracle services. Filecoin (FIL)