The global crypto market value topped $3 trillion in 2021, and there’s still plenty of room for future growth. After the metaverse took over the internet, one of the new buzzwords in the crypto sector was Web 3.0. While Web 1.0 and Web 2.0 contributed in the expansion of the internet, Web 3.0 is more daring and focuses on decentralization by providing consumers authority over their data. But, what exactly is Web 3.0, and which Web 3.0 crypto currencies should you buy in 2022?
Let’s get started!
What Exactly Is Web 3.0?
One of the most recent buzzwords for the internet’s next big evolution is Web 3.0. Web 1.0 occurred between 1990 and 2004, when most websites were static and created by corporations. During this time, many people who saw an opportunity bought domain names with the purpose of selling them later at a higher price to businesses that needed these domains.
Social media and user-generated content dominated Web 2.0. Users are encouraged to communicate and connect through popular social media platforms such as blogs, vlogs, and social media. The transformation leads in more material being created, with the majority of data being held by a smaller group of tech behemoths like Google, Microsoft, and Facebook. This also raised the question of whether the user’s privacy is secure.
Web 3.0 emphasizes decentralization, which is driven by the concept of peer-to-peer internet solutions, which give users control over how their data is used. As more applications and services begin to employ blockchain technology, metaverse, and artificial intelligence, Web 3.0 is projected to improve data openness and content accessibility (AI). Adoption of this technology helps to eliminate the requirement for a centralized authority to keep data while still maintaining security through universal agreement. Web 3.0 essentially attempts to reassert control in the hands of individuals – its users – rather than major companies.
Interoperability in Web 3.0 and the Metaverse
User interaction and scalability, according to Web 3.0, are crucial to facilitating user operations.
Web 3.0 must meet three fundamental requirements in order to be truly useful: decentralization, scalability, and security. The creation of NFTs, in which users interact with one another using virtual reality technology, exhibits the interoperability of Web 3.0 and Metaverse, whereas Web 3.0 supports trade and communication.
Interoperability can be done by integrating apps using the metaverse concept because Web 3.0 is a collection of apps on a decentralized platform. Decentraland MANA, for example, provides an open connection that allows a global network of users to manage a shared virtual environment by purchasing and selling digital real estate. To begin, users must purchase LAND in order to establish ownership of their digital real estate.
In Decentraland, on the other hand, the MANA is utilized to facilitate the purchase of LAND and products. The marketplace enables users to exchange LAND tokens and streamlines user interactions for transacting in-game items.
The Top 8 Web 3.0 Coins You Should Buy in 2022
1. THETA (THETA)
Market Cap: $3.2B
Theta is the Airbnb of video streaming. Viewers get prizes on this platform for sharing extra bandwidth and computing resources. According to Steve Chen, co-founder of YouTube, Theta will disrupt the internet video market in a different way than YouTube did in 2005. Theta addresses the issue of sending video to specified parts of the world while keeping expenses down. As Theta believes it is vital to provide high-quality streaming to everyone,
Users are rewarded with the Theta Fuel token when they donate their bandwidth and processing resources (TFUEL). The standard Theta token (THETA) is linked to platform governance. Another benefit of Theta is that it is an open-source platform that encourages community innovation. To defend the network, proof of stake (PoS) and multi-level Byzantine fault tolerance (BFT) consensus procedures are used.
2. Helium (HNT)
Market Cap: $2.0B
Helium is a wireless network that is decentralized. It allows Internet of Things (IoT) devices to wirelessly connect to the Internet and geolocate themselves without the need for satellite positioning hardware or cellular contracts.
HNT is the network’s native coin, which is powered by a blockchain. This token promotes a bidirectional marketplace between service providers and users.
Hotspots use a wireless gateway and a miner to provide network coverage within a certain radius. Hotspots can also mine HNT. Proof-of-coverage is a consensus approach used by Helium.
3. Polkadot (DOT)
Market Cap: $21.3B
Polkadot is a decentralized project that offers a Layer 0 solution called “Relay Chain,” which is known to improve scalability, as well as a Layer 1 solution called “Parachain,” which acts as a bridge between chains.
Polkadot was founded by Gavin Wood, a co-founder of Ethereum. Its native coin, DOT, is utilized for administration and in parachain slot auctions. Polkadot has a limited number of parachain places. Developers compete in auctions for the right to build on Polkadot by securing DOT tokens.
4. Filecoin (FIL)
Market Cap: $4.0B
Filecoin (FIL) is a decentralized cloud storage marketplace. The network is powered by a diverse set of storage providers and developers, who help businesses and projects find cost-effective, decentralized, and secure data storage solutions. Filecoin is typically used to store large archives, NFTs, and frequently visited data.
The vast majority of Filecoin storage providers have “committed” to providing data center resources by investing in hardware and depositing collateral to ensure service quality, data availability, and long-term data reliability. Its native token, FIL, is used to pay data storage and retrieval services.
5. Chainlink (LINK)
Market Cap: $6.7B
Chainlink is a decentralized oracle network that feeds data to smart contracts, allowing them to be implemented with real-world inputs and outputs. The network was founded in 2017 by Sergey Nazarov and Steve Ellis. It quickly rose to the top of the blockchain oracle market.
Web3, which is structured and maintained by pre-written applications and smart contracts, is supported by Oracle networks such as Chainlink. On Chainlink, users can establish decentralized oracle networks (DONs) to disseminate data to and from existing blockchains while also verifying data accuracy.
Its native token, LINK, is used to compensate Chainlink node operators for retrieving data from off-chain data feeds for smart contracts, transforming data into blockchain-readable forms, off-chain processing, and providing uptime guarantees. Chainlink is also working on a strong staking mechanism for its network.
7. Audius (AUDIO)
Market Cap: $808.4M
Audius is a music streaming platform that seeks to give anyone the ability to distribute, monetize, and stream any type of audio material.
AUDIO, the native token, offers network security, exclusive feature access, and community-owned governance.
Musicians can utilize Audius to publish their tracks and build a fan base. Staking AUDIO grants artists access to badges and artist tokens, as well as voting power from their followers. Artists such as 3LAU, deadmau5, Rezz, and the Stafford Brothers promote Audius. This platform offers high-quality audio streaming at 320 kbps.
The Audius project has announced a collaboration with TikTok, a streaming platform, with future ambitions to put stablecoin on the network to enable sponsored content.
8. The Graph (GRT)
Market Cap: $2.5B
The graph is a key decentralized protocol. The purpose of the DeFi movement is to bring a trustworthy decentralized public infrastructure to the mainstream market. It allows network users to design and deploy application programming interfaces (APIs), which are workflow processes that hide complex code behind a simple API.
APIs are graph protocol subgraphs that use a specific query to access data from a blockchain. Graph network participants employ the graph token (GRT) to ensure the network’s economic security. GRT is a work token that allows a network indexing and curation community to perform services.
Cryptocurrency is a volatile market that is susceptible to secondary activity, and you should definitely conduct your own research, get independent advice, and only invest what you can afford to lose.
