The rise of Web3 crypto is inevitable given the growing number of people who support these ideas and they have become profitable investments as a result of the increased support.
To have a deeper understanding of what web3 crypto is, let’s take a quick look at where the Web started and how it has evolved into web3.
What is web3?
The Internet started with Web 1.0 which was the first idea of the worldwide Web. The period of web1.0 was called the information Web and it existed between the years 1990 to 2000. It was mainly used by businesses to show their personal information and products. The interaction was not allowed on this Web as the contents of the Web page were only available to be read.
The Web transitioned from Web 1.0 to Web 2.0 in the year 2000 and it lasted up until 2015. This generation of the Web was called the ‘social web’ and it brought about the interaction on Web pages. Users were now allowed to not just interact with the Web but also with other users. The world could now share information, network and exchange ideas. This era saw the creation of popular sites like Facebook and YouTube.
The term Web 3.0 was first used in the year 2006. The Web 3 is seen as the next generation of the Internet. This era of the Internet is seen as the read, write and own phase whereby users are not only restricted to reading and interacting but also participants and shareholders of the Web.
According to Wikipedia, “Web 3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, in the form of a distributed ledger such as blockchain technologies, and token-based economics.”
The foundation of the Web 3 is based on the principles of openness, and decentralization.
Web 3.0 focuses on technologies that include Blockchain, Smart Contracts Cryptocurrencies, Decentralization, Artificial Intelligence and Machine Learning.
Best web3 crypto projects to invest in
You can purchase Web 3.0 crypto coins if you want to put your money into the industry’s overall expansion. Here is a list of the best web3 projects to invest in;
- Ethereum
- Polkadot
- Chainlink
- Filecoin
- Theta
- Helium
- Bittorent
- The graph
- Basic attention token
- Decentraland
- Solana
Each of the mentioned crypto coins supports the Web 3.0 ecosystem in different ways.
Ethereum
Ethereum is at the centre of the Web 3.0 ecosystem. The Ethereum blockchain is the foundation for many of the top Web 3.0 initiatives including non-fungible tokens, decentralized finance apps, lending protocols, and decentralized exchanges.
The native currency that flows within the Ethereum economy is called Ether (ETH). Ether is typically used to pay for transaction fees called Gas, and it is the base currency of the network.
In terms of market valuation, Ethereum is the second-largest cryptocurrency project behind Bitcoin. It is one of the best-performing crypto coins in recent years.
The token’s current price is $1,726.22, and it has a market cap of about $210.18 billion as of July 30, 2022.
Polkadot
Founded by Ethereum Co-founder Garvin Woods, Polkadot is seen as one of the most innovative crypto projects.
Polkadot is an open-source blockchain platform and cryptocurrency that enables independent chains to safely exchange messages and conduct transactions with one another without the use of a reliable middleman, hence facilitating interconnectivity and interoperability between blockchains.
The Polkadot native token which is called DOT is used by the Polkadot network for staking, which is how it verifies transactions and creates new DOT. It also serves as a governance token, giving holders a say in how the protocol will develop in the future.
It performs better than Ethereum in terms of cheap prices and quick speed. Due to its dominant position and steady rise in market value, DOT can be regarded as the leader of the decentralized internet sector.
The token’s current price is $8.584356, and it has a market cap of about $8.48 billion as of July 30, 2022.
Chainlink
Chainlink is a blockchain network built on Ethereum. It facilitates the transfer of data from off-chain sources to on-chain smart contracts.
Its ability to interact with any blockchain has led to its widespread use as a platform for oracle services.
The native token of the Chainlink network is called LINK. It is employed to pay oracles for services rendered on the network. LINK is an ERC-20 token based on Ethereum
According to a report by Bank of America in February 2022, LINK was the 22nd largest cryptocurrency by market value.
The token’s current price is $7.7190566, and it has a market cap of about $3.62 billion as of July 30, 2022.
Filecoin
Filecoin is a decentralized peer-to-peer storage network where users can make money by renting out space on their hard drives for the platform’s coin. It combines with InterPlanetary File System ⁶(IPFS) to create a secure, more effective, and corporate-free web.
Filecoin is like a filing cabinet for Web3 and its ability to store digital assets like music or art behind non-fungible tokens is one of its key advantages.
In the Filecoin network, anyone can be a storage provider, whether they are an individual or data centre. All you need is sufficient storage space and internet access. You can generate more transaction fees and tokens by offering the Filecoin network extra storage.
The token’s current price is $6.0341546, and it has a market cap of about $1.48 billion as of July 30, 2022.
Theta
Theta is a decentralized blockchain network created exclusively for streaming video. It is a peer-to-peer network that uses enterprise validator nodes from Sony, Google, Samsung, and other businesses to make it easier for users to receive video.
Theta Network is powered by the cryptocurrency THETA, which can be staked by those who want to be Validator or Guardian nodes. Users of the Theta network can hold or stake their THETA and TFUEL tokens by downloading the official Theta Wallet app.
THETA has a limited supply, which means that there will only ever be 1 billion THETA in existence, by the laws of the program.
The current price of theta is $1.4529228, while it has a market cap of $1.45 billion as of July 30, 2022.
Helium
Helium also called the People’s powered network, is a blockchain-based network for the Internet of Things (IoT) devices that use nodes as Hotspots to connect wireless devices to the network.
Helium enables users to build decentralized wireless infrastructure on any scale. It also allows users of low-power devices to interact with one another and send data through a network made up of nodes called hotspots, each of which covers a certain area of the network.
Users of the network who purchase or construct a hotspot run the network’s nodes and mine HNT. The native token of Helium is called HNT.
The native token HNT powers the network and serves as a payout.
The token’s current price is $9.394723, and it has a market cap of about $1.15 billion as of July 30, 2022.
Bittorent
BitTorrent token BTT was introduced through an initial coin offerings (ICO) by the creators of Tron blockchain who acquired BitTorrent in 2019.
The BitTorrent team wants to use the BTT token to reward torrenting and address problems like poor download speeds and the dwindling supply of data over time.
As a result, users that need files or want to speed up their downloads purchase use BTT coin, while service providers must buy and sell BTT to be paid for storing files on their computers.
To become the main component of its ecosystem, the BTT coin acts as the currency required to access functionalities on the network.
The current price of the BitTorrent token is $0.000001, and it has a market cap of about $898.07 million as of July 30, 2022.
The graph
The Graph is a decentralized protocol for indexing and searching blockchain data. Data are grouped into Subgraphs which are open APIs that anybody may access.
The Graph analyzes blockchain data from networks like Filecoin and Ethereum, much like how Google indexes the internet. It is powered by the Ethereum token known as The Graph (GRT).
The Graph uses its native coin, GRT to guarantee the accuracy of the data secured within its network, Any user who wants to execute their functions and get payment from the network, including indexers, curators, and delegators, must stake GRT.
Anyone with GRT tokens can vote on proposals for the rules governing the platform’s use and participate in choices that have an impact on the program.
By purchasing GRT tokens, you can capitalize on the expansion of the Graph and its indexing tool.
The current price of the graph token is $0.1381058, while the market cap is around $143.63 million as of July 30, 2022.
Basic attention token
Basic Attention Token (BAT) is a web3 cryptocurrency that aims to establish a positive feedback loop around digital advertising that benefits both creators and consumers equally.
BAT runs on the Ethereum (ETH) platform and is natively incorporated into the Brave web browser. It is designed to facilitate trade between marketers, publishers, and internet users based on each group’s web behavior.
BAT is used by advertisers to fund their ad campaigns, and some of the BAT they spend is given to users as a reward for watching adverts.
The BAT can be kept by users, exchanged for cash or other cryptocurrencies, or used to pay their preferred content creators.
It is a limited resource because there is only one billion BAT in existence. After 300 million BAT set aside by Brave has been distributed to promote user growth, no further tokens will be produced.
As a result, investors may be confident that their tokens reflect a specific portion of the entire BAT supply.
The current price of basic attention token is $0.4104549, and it has a market cap of almost $614.11 million as of July 30th, 2022.
Decentraland
One of the best metaverse coins is Decentraland, which hosts a tremendously popular game environment where users may purchase virtual land parcels.
Real estate projects, which can range from apartments and villas to shopping centers and casinos, can be constructed on these property plots. Importantly, several real estate ventures from the Decentraland ecosystem have since sold for millions of dollars, proving the viability of this Web 3.0 economy.
MANA is the native token of the Decentraland ecosystem. The token which was first launched in 2017 is seen as one of the best Web 3.0 blockchain coins in terms of performance.
MANA can be bought and sold for fiat currency or other digital currencies.
The price of Decentraland as of July 30th is $ 0.9878216 with a market cap of 1.83B USD.
Solana
Solana is an open-source project with excellent functionality that relies on blockchain technology to offer decentralized financial (DeFi) solutions.
In terms of decentralized transactions, smart contracts, and support for external Web 3.0 DApps, Solana provides all of the same functions as its Ethereum counterpart. However, Solana outperforms Ethereum significantly in terms of the technology itself. This includes fundamental parameters like speed, cost, and scalability.
SOL is the native cryptocurrency of the Solana blockchain.
With 2,700 transactions per second, Solana is recognized as the quickest cryptocurrency currently in use. The Solana blockchain is exceedingly stable, highly effective, and charges investors only little transaction costs. These elements work together to provide the coin potential as a sound long-term cryptocurrency investment.
Solana is the ninth-largest cryptocurrency behind Polkadot with a $14.83 billion market cap and live price of $42.87 as of 30th of July, 2022.
Conclusion
Web3 is seen as the next generation of the Internet. Web 3.0 cryptocurrencies are decentralized projects that employ smart contracts to streamline online transactions.
The future of the internet may be significantly influenced by web 3.0 cryptocurrency.
Since the web 3.0 sector is still very young, you have the opportunity to make investments in the Web 3.0 ecosystem very early on and profit from it.
It is best if you make more research on the coin you choose to invest in and it is also advisable that you invest what you can afford to lose.
