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You might’ve heard the term Web 3.0 being thrown around whenever someone talks about NFTs or cryptocurrencies. In simple terms, Web 3.0 is an evolving piece of the internet that exists on the blockchain.
But the question is, why do we need a next-gen internet when what we have access to now works just fine? The answer lies in the deep and often unseen problems that exist with the current form of the internet.
The internet began as a way to communicate with the masses and connect the world unlike ever before. It has led to countless great platforms that have improved the lives of people globally.
That said, the first form of the World Wide Web (Web 1.0) had problems. While people had access to more information, they couldn’t create content of their own because websites were static and read-only.
Web 2.0 changed this and paved the way for increasingly immersive user-generated content and a WWW that was more interactive and accessible. But this came at a cost - centralization.
Platforms could now access and store more user data than in any period of human history. What’s more, this has led to deep-seated issues of monopoly (duopoly) and censorship.
Think of Facebook and Google. They have a monopoly on ads and user data and have the final say on what the end-user can or cannot see. Web 3.0 is precisely a solution to fix these flaws of Web 2.0.
Web 3.0 is believed to be the evolution of the internet as we know it. This future edition of the WWW will be built on the blockchain and powered by machine learning and AI.
We can broaden the Web 3.0 definition to say that it’ll be decentralized because of blockchain technology. What comes with decentralization of the WWW could include:
All of this combined may fuel a more robust creator economy with the use of cryptocurrencies and NFTs. These factors may be enough to kickstart a new era of WWW but there are other irons in the fire.
Web 3.0 will be smarter than its predecessors because it’ll be able to understand human language and logic. The technology behind this is known as semantic learning.
It’ll train Web 3.0 to understand, handle, and respond to user data in ways like never before, in conjunction with machine learning. These concepts associated with Web 3.0 may seem hypothetical.
But believe it or not, they’re already being built by several blockchain projects whose cryptocurrencies are expected to serve as one of the pillars of Web 3.0.
Cryptocurrencies are by nature decentralized. More than that, they’ve given rise to greater autonomy and innovation with better accessibility and seamless transactions compared to Web 2.0 technologies.
This is why they’re inseparable from Web 3.0 and experts believe that cryptocurrencies have an important part to play in the evolution of Web 3.0 and the metaverse, which is different from yet linked to Web 3.0.
With that in mind, here’s a list of top Web 3.0 cryptocurrencies that have been sorted according to market cap, popularity, and Web 3.0 use cases.
Ethereum allows businesses to build decentralized apps (dApps) using its protocol. It’s a layer 1 solution that’s the bedrock of over 2,500 blockchain projects.
Polkadot is a decentralized project that offers a Layer 0 solution called “Relay Chain”, which is known to increase scalability and a Layer 1 solution called “Parachain”, which acts as a bridge between chains.
Chainlink is a decentralized solution that allows data to be transferred from off-chain to on-chain smart contracts in a safe and secure (tamper proof) manner, which is needed for Web 3.0 to succeed.
Filecoin is a decentralized data storage solution that makes data easier to retrieve and harder to censor. It also reaffirms data autonomy through custodianship, all of which are central themes of Web 3.0.
Theta Network is a decentralized video streaming platform that might shape the future of Web 3.0 with YouTube-like streaming. Currently, Theta has partners like MGM and is working on an NFT video platform.
Helium is a decentralized wireless networking solution for expanding the capability of IoT devices. It was often referred to as the people’s network and is known to incentivize network participants with rewards.
The Graph is a blockchain-based indexing and data querying platform that allows users to build and publish open APIs or subgraphs that can be used in conjunction with GraphQL to get data.
BitTorrent is a decentralized P2P file-sharing platform that has been around since 2001 and was purchased by TRON in 2018. Soon after, its token BTT went live on TRON’s blockchain.
Arweave is a storage platform that’s blockchain-based and decentralized. It’s known as the “permaweb” and is marketed as a public hard drive that never forgets.
BAT is a Web 3.0 cryptocurrency that is at the heart of a fair and blockchain-based digital advertising platform that rewards users for their attention and advertisers for their efforts.
Note: Facts & figures are true as of 13-01-2022. None of the information shared here is to be construed as investment advice. Exercise caution when investing in unregulated assets like cryptocurrency.
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