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Web3 crypto are projects with future potential as they’ll be backing the entire financial model of the next version of the internet.
Last updated Oct 25, 2022 at 01:09 AM
Posted Oct 17, 2022 at 01:00 PM
What is web3 crypto?
Web3 is being touted as the third generation of the internet. The primary purpose of web3 is to take data control to a new level and provide new opportunities for internet users. Web3 is designed to take control away from large corporations and operate in a decentralized protocol that is owned, created, and controlled by the users themselves. Cryptocurrencies also share the core principle of decentralization and equal access.
It's important to note that web3 is still in its infancy. It's rapidly evolving and it's going to continue to evolve for quite some time.
Web3 cryptos are a new generation of cryptocurrencies that are based on making the decentralized vision of web3 a reality. Developers combine blockchain technology with smart contracts to give people control over their data and enable transactions without the use of intermediaries.
Web 1.0 is outdated. Web 2.0 is amazing, but unfortunately, intermediaries come along with it. So platforms like Google and Spotify, Amazon, Facebook, and all the other big names in Web 2.0 serve as centralized data aggregators. They are intermediaries between buyers and sellers, capturing nearly all the value in the form of data and money.
The solution to this problem is Web3. Web3 is the next generation of the internet. It's focused on shifting the power away from big techs like Facebook and Google and toward individual users. It's centered on ecosystems of technology products that are decentralized. They're trustless, permissionless, and interoperable. Web 3 is built on top of blockchain-powered crypto networks, enabling data to be stored across distributed devices worldwide. Ultimately, these distributed devices could be anything. They could be computers or laptops, or even larger servers communicating with each other to store, spread, and preserve the data without the need for a trusted third party.
Web3 is mainly based on these concepts:
In Web3 users will own their identities by replacing third parties with the blockchain. Web3 unlocks this entirely new business model and value change where centralized intermediaries are no longer favored.
Along with the rise of Web3 and cryptocurrencies, a few web3 cryptos are merging that try to combine web3 and digital currencies by providing services that are offered by Web2 providers. However, Web3 crypto projects focus on improving the technologies offered by Web2 providers by making them more decentralized, safe, and efficient.
One of the benefits of buying Web3 crypto right now is that Web3 is still in the early phases of development. The cryptocurrency projects have been blooming for the last 4 days and they are still quite new. These projects still have a long way to go before their technology can be proven. And once they succeed in their plans, they may attract a lot of attention. The value of the coins will increase leading to high profits for those individuals who made early investments.
Currently, the world is in the process of implementing Web 3.0. The primary goal of web3 crypto projects is to support this transformation and contribute to bringing the vision of decentralized internet into reality. There are a variety of web3 cryptocurrencies to invest in in 2022 and many of them have the potential to play a significant part in the development of the Internet.
With Web3.0 cryptos expected to witness rapid growth in the coming decade, some of the best Web 3.0 cryptocurrency projects are:
Tamadoge is the most recent meme coin and the first such token with actual utilization. The platform supports blockchain technology to implement in-game earning opportunities for players, just like playing to earn games.
This web3 crypto offers more than just good games. Additionally, it has no transaction tax because it fully trusts its ecosystem to generate value. At the core of that ecosystem are Tamadoge Pets, NFTs that players can buy and then use to engage in combat in the Tamadoge battle arena to earn Dogepoints. Dogepoints are converted into TAMA and then awarded to gamers as rewards.
Numerous advancements in this project have made it one of the best web3 cryptocurrencies at the moment, including integration with other metaverses, augmented reality applications, and more. Tamadoge finished its presale and raised $19 million in less than two months. Soon after, it was highlighted by media sites like CNBC, and the experts predicted that this token had the potential to experience a 10x to 50x gain by 2023.
Battle Infinity is one of the latest web3 crypto projects. This project offers six different P2E features within its ecosystem. Battle Infinity, one of the top metaverse cryptocurrency coins, provides users access to a virtual world where all avatars and characters are minted using ERC 721 smart contracts. Players earn the native utility token IBAT while participating and representing in decentralized league competitions and matches with their team.
One of the project's most notable P2E features is the IBAT Battle Stake-Battle Infinity staking protocol. IBAT, one of the best proof-of-stake coins, can be staked to earn up to 25% APY (Annual Percentage Yield).
Battle Infinity's IBAT token successfully sold out in August during one of its biggest cryptocurrency presales, raising 16,500 BNB in just over three weeks.
Solana is a highly efficient open-source project that relies on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol was developed to facilitate decentralized app (DApp) creation.
By adding a proof-of-history (PoH) consensus along with the blockchain's underlying proof-of-stake (PoS) consensus, it aims to increase scalability. Because of its innovative hybrid consensus strategy, Solana is gaining attention from both institutional and small-time traders.
This web3 crypto provides low-cost, high-speed transactions. With an average cost of just $0.00025 per transaction, this blockchain network can conduct up to 65,000 transactions per second (TPS).
After trading at $1 at the start of 2020, SOL climbed to an all-time high ATH of $260 in the same year, making it one of the fastest-growing cryptocurrency assets. SOL has corrected to $34 with a $12 billion market cap this month.
Ethereum, one of the finest web3 crypto providers, supports several NFT marketplaces, including OpenSea, which has a huge variety of NFT tokens, including the Bored Ape Yacht Club collection. Ethereum officially declared in 2022 that it would convert from a Proof-of-Work (PoW) to a PoS consensus. With this change, it is expected that Ethereum will reduce gas fees and increase transactions.
After hitting an ATH of $4,900 in 2021, Ethereum has corrected to $1,350 per token. Despite the price correction, Ethereum is the largest altcoin with a huge market cap of $166 billion.
It means that unlike typical businesses, where all data is maintained by a single entity, Filecoin offers decentralized storage.
By providing decentralized data storage, Filecoin makes your data more protected and independent of any control. To make it a reality, Filecoin’s blockchain allows miners to provide computational power and locate storage for the users. By obtaining the storage for the users, miners get rewarded in Fliecoin’s native token – FIL.
Filecoin’s native token, FIL, is the utility token supporting the project. It is used to fund other network transactions as well as transaction fees and miner rewards. FIL was launched in 2017 and the team was able to raise $257 million during the ICO stage. FIL presently has a market cap of $1,383,842,797, placing it among the top 50 cryptocurrencies.