Blockchain technology is becoming more popular than ever before, and the internet is one of the distinctive areas projected to expand.
Web 3.0 cryptocurrencies refer to an era where computer technologies enable individuals, businesses and other entities to interact with each other in real-time. This means the traditional and physical nature of human-to-human interaction is not as relevant anymore, because technology has taken over our personal lives.
The Internet era goes beyond this age in three main ways. One is that we have seen advances in the digital sphere as it relates to the business environment, and more importantly, how we provide services and information to customers and clients.
The second is that there are web 3.0-based applications or smart devices that can track any online movement.
Web 3.0 cryptocurrencies are those that allow people to manage their finances, contracts, assets, etc without traditional financial intermediaries such as banks or exchanges. Also known as Decentralized Financial Systems (DFS).
All these are possible using web 3.0 cryptocurrency solutions which in turn allows companies to implement digital currencies from any corner of the globe. Web 3.0 will be available in the form of blockchain-based applications that will require you to use cryptocurrency.
These applications are designed to run in a browser and will use web resources in their development. Web 3.0 will be critical for content, which will have an infinite supply.
Let’s take a look at some top three Web 3.0-based Cryptocurrencies in brief
Arweave (AR)
Arweave is “a jointly owned hard drive that never forgets.” It enables the permanent storage of data for a single upfront charge. It is a decentralised storage network that allows for the indefinite storing of data. At its heart is the “permaweb” – a “permanent, decentralised web with applications and platforms such as UI hosting, database writes and queries, and smart contracts.”
Miners are compensated in Arweave’s native money, AR, for storing information eternally.
Audius (AUDIO)
Audius is a music streaming protocol that seeks to allow “everyone the ability to share, monetize, and broadcast any audio material.”
The native token, $AUDIO, allows network security, unique feature access, and community-owned governance.
The discovery operation or content nodes are funded with $AUDIO. Artists may also stake $AUDIO to get access to artist tokens and badges, as well as “vote power from fans who want to share in their success.”
Basic Attention Token (BAT)
BAT is the native token of a blockchain-based digital advertising network that intends to:
Users’ time should be fairly compensated.
Improve the return on ad investment for advertisers
The Brave Browser is key to this platform. Advertisers pay for campaigns in BAT, with 70% of the proceeds going to consumers in exchange for seeing privacy-preserving advertising.
BitTorrent (BTT)
BTT is a popular peer-to-peer (P2P) file-sharing protocol established in 2001.
In 2018, the TRON blockchain bought BitTorrent. The BitTorrent Token (BTT) was created as a TRC-10 token on the Tron platform in 2019.
The project’s goal is to develop a token-based economy centred on networking, bandwidth, and Decentralized storage resources on the BitTorrent network.
Filecoin (FIL)
Think of Filecoin as the Airbnb of data. It is a decentralised data storage network in which surplus storage may be purchased and traded. It also serves as an incentive and security layer for the InterPlanetary File System (IPFS). In a nutshell, it’s a marketplace for underutilised storage – both in consumer gear and in data centres.
Cloud service providers such as Amazon Web Services (AWS) and Microsoft Azure provide centralised servers and IP addresses for user data in the traditional world.
Filecoin employs hash-addressed content structures on the blockchain to eliminate redundancy and boost efficiency.
Filecoin is linked to Ethereum. This allows developers to interface with Ethereum smart contracts and accesses Ethereum blockchain data.
Filecoin (FIL) is the Filecoin network’s native cryptocurrency. It is used to compensate miners for storing/distributing data and retrieving information. By giving FIL as collateral, storage providers ensure a minimum service level.
The Graph (GRT)
The Graph is a decentralised system for indexing and accessing blockchain data. Developers can create and distribute open APIs (subgraphs) that make data more accessible.
Many projects, like Uniswap, Synthetix, and Decentraland, are presently using the Graph.
GRT is a token that protocol participants use to deliver services to the network.
Helium (HNT)
The Helium network is a decentralised wireless network. It enables Internet of Things (IoT) devices to connect to the Internet wirelessly and geolocate themselves without the need for satellite positioning hardware or cellular plans.
HNT is its native cryptocurrency of blockchain Networks. This token encourages a two-way marketplace between service providers and customers.
Hotspots are a hybrid of a wireless gateway and a miner that give network coverage within a specific radius. Hotspots mine HNT as well. Helium is based on the proof-of-concept consensus method.
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Chainlink (LINK)
How does a smart contract obtain information from the outside world? That is the issue that Oracles address. They serve as a bridge between smart contracts and external data sources.
Chainlink is a decentralised network of independent Oracle node operators. It includes:
- Financial market data price feeds
- On-chain gaming requires verifiable randomization.
- Asset-backed cryptos, such as stablecoins, require proof of reserve.
Chainlink does not operate on a blockchain. Each Chainlink oracle network consists of numerous independent oracle nodes. These nodes get their information from a variety of sources. This data is then compiled into a single data point and distributed “on-chain” for consumption by smart contracts. It Provides Oracle services.
Theta (THETA)
Theta is a video streaming platform similar to Airbnb in that users get incentives for sharing extra bandwidth and computer resources.
Advantages:
- Users receive incentives for sharing extra bandwidth and computer resources.
- Viewers benefit from higher-quality streaming services.
- Earnings for content creators rise.
- Video platforms do not need to invest in costly infrastructure.
- Video platforms can increase revenue.
Theta also supports smart contracts for completely digitised object ownership, payment-consumption models, transparent royalty distributions, and so forth. Google, Binance, Sony Europe, and Samsung are among the Theta Enterprise Validators.
There are two native coins on the Theta Blockchain:
- For governance, use theta (THETA).
- For Transactions Theta Fuel (TFUEL).
ENS
ENS is an Ethereum-based dApp that provides a new name system that allows crypto users to translate their lengthy alphanumeric wallet addresses into a human-readable format.
The primary function of ENS is to translate a human-readable name, such as ABC.eth, into machine-readable identifiers, such as Ethereum/other cryptocurrency addresses, content hashes, and metadata. Each user’s ENS will be unique to their Ethereum address. Using this same address, you may send and receive different coins. Using your ETH address, you may now receive all of the coins that you have specified.
ENS has the following appealing characteristics:
- Decentralized
- Immutable
- Censorship-resistant
- User-owned/controlled
- A large ecosystem backed by a plethora of wallets, dApps, and browsers
- Supported Multiple languages.
The maximum supply of ENS tokens is 100 million. It is now selling at $40. The majority of individuals on Twitter and Discord think that the price per token will certainly exceed $100. However, some believe it will rise much higher.
Remember how much it reminds you of Uniswap? Uniswap, on the other hand, has a market capitalization of $16 billion.
If ENS expands to the same magnitude, the price per token would be $1000. That is a very realistic expectation to have especially in light of the wider trend.
The cryptocurrency market is exploding. The majority of cryptocurrencies are trading at all-time highs. People will also be attempting to benefit from Bitcoin and Ethereum in order to bet on smaller ventures such as ENS.
Summary
A lack of openness and accountability has allowed a data security catastrophe to spread at an alarming rate. As a result, internet consumers are growing more frustrated with computer behemoths abusing their position. Many others are just opting out by limiting their time on social media and taking vacations from the device. However, as the world becomes more digital so it stands to reason that the technology that powers this new environment should change to fit the requirements of the users who enable it to exist.
Web3 movement is the main source of Decentralization.
The Web 3.0 cryptocurrencies discussed in this article encompass a wide range of applications that benefit from decentralisation and trustless technology. Furthermore, a user-owned internet is becoming closer as a result of the many Web3 initiatives that are pushing the industry’s boundaries.
The usage of blockchain technology is becoming more prevalent in nearly every business. Globally, blockchain and Web3 initiatives are improving business procedures and transforming supply networks.