The phrase “Web 3” refers to the next internet. Emerging technologies like blockchain protocols, smart contracts, cryptocurrency, artificial intelligence, and machine learning are at the forefront. But how about Web3 crypto coins? How are they distinctive from the other coins?
With plenty of room for growth, the global financial systems topped $3 trillion in 2021. After the metaverse took the internet by storm, one of the new buzzwords in the cryptocurrency sector was “Web 3.0.” While web 1.0 and web 2.0 contributed to the development of the internet, Web 3.0 is more daring and emphasizes decentralization by empowering individuals to manage their data.
At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership. So, this guide is right on the dot in crypto development and 2022 empowerment..
- Web3 Delight Abu Dhabi – Unleashing the potential for the future tech development
- World of Web3 (WOW) Returns for its 3rd Global Eclectic Edition Summit in Europe this November 1 – 3 2022
- Cryptopolitan announces AME Chain as guest project for Web3 Masterminds
- Google Cloud forms a Web3 unit to leverage the crypto popularity
What is Web 3.0?
One of the most recent buzzwords for the subsequent significant development of the internet is Web 3.0. Between 1990 and 2004, there was a period known as “Web 1.0,” during which most websites were static and made by businesses. Many people during this time who saw an opportunity bought domain names with the idea of eventually selling them for more money for companies that needed them.
User-generated content and social media flourished throughout the Web 2.0 era. Social media platforms like blogs, vlogs, and social media, which have subsequently gained popularity, are encouraged as a means of communication and connection for users. With fewer Internet behemoths like Google, Microsoft, and Facebook in charge of the bulk of data, the move leads to more content being created.
Decentralization is a crucial component of Web 3.0, supported by the idea of peer-to-peer internet solutions that give consumers control over how their data is used. As more apps and services start utilizing blockchain technology, metaverse, and artificial intelligence, Web 3.0 is anticipated to boost data openness and content accessibility (AI). By gaining universal acceptance, this technology helps to do away with the requirement for a centralized authority to store data and ensure security. Web 3.0 essentially aims to put individuals, or its users, back in charge instead of big businesses.
Web 3.0 and Metaverse
User interaction and scalability are crucial, in accordance with Web 3.0, to enabling user activities. Therefore, web 3.0 must meet three essential requirements for Web 3.0 to be advantageous: decentralization, scalability, and security. While Web 3.0 supports trade and communication, the emergence of NFTs, in which users interact with one another using virtual reality technology, shows the compatibility of Web 3.0 and Metaverse.
According to Web 3.0, human interactivity and scalability are crucial for facilitating user activities. Decentralization, scalability, and security are the three critical aspects that Web 3.0 has to fulfill in order to be fully functioning. The advent of NFTs, in which users connect using virtual reality technology while Web 3.0 aids in commerce and communication, demonstrates the compatibility of Web 3.0 and Metaverse.
By linking applications with the idea of the metaverse, interoperability may be accomplished since Web 3.0 is a collection of apps on a decentralized platform. For instance, Decentraland MANA offers an open connection that enables a worldwide network of users to manage a shared virtual environment by buying and selling digital property. Users must first purchase LAND to prove ownership of the land that serves as their virtual home. While in Decentraland, the MANA is employed to make it easier to buy LAND and goods. In addition, the marketplace streamlines user interactions for trading in-game goods and lets players trade LAND tokens.
Ultimately, because it has fewer limitations than centralized apps, the decentralized internet is an important part of the metaverse. However, to allow compatibility with centralized apps, authorization must be required.
What are Web 3.0 Crypto Coins?
We must first take a step back and comprehend the development of the internet as it is now to understand what Web 3.0 cryptocurrencies are. Web 1.0 is mostly used to refer to the early 1990s iteration of the internet. For example, consider a 56k connection from the present day with incredibly sluggish download speeds.
In terms of lightning-fast connections, 5g broadband, cellphones, and online streaming, Web 2.0 is where we are right now. Web 3.0 will represent the internet’s subsequent generation. This will advance things and place a significant emphasis on cutting-edge technology like:
- Smart Contracts
- Artificial Intelligence
- Machine Learning
The technologies and phenomena listed above will create the Web 3.0 environment. And if you want to put money towards the larger development of this sector, you may purchase Web 3.0 cryptocurrencies like those we have covered. After all, the core of the Web 3.0 ecosystem will be comprised of both blockchain technology and digital currency.
Top Web 3.0 Crypto Coin
1. Helium (HNT)
Blockchain-based decentralized network Helium uses the proof-of-coverage mechanism to connect Internet of Things (IoT) devices.
Users of low-power devices may speak 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, using Helium, which enables users to construct a decentralized wireless network of any size. The hotspots work as miners as well. Users of the network who purchase or construct a hotspot run the network’s nodes and mine HNT, the native cryptocurrency of the Helium network.
A network of wireless network coverage providers and miners powers the helium industry. The Helium community governs vendor onboarding and independent production of Helium-compatible hotspots. By setting up these hotspots, network users may earn HNT tokens.
To compensate miners for sending data to and from the internet, it uses its native coin, HNT. For miners to join the Helium network, a stake of HNT coins is required. Miners that are a part of the consensus group are rewarded with freshly created HNT coins.
2. THETA (THETA)
Theta is like Airbnb for streaming video. On this platform, users may get paid for contributing extra processing power and bandwidth. Steve Chen, a co-founder of YouTube, claims that Theta will upend the internet video market in a similar but different way to how YouTube did in 2005. Theta reduces expenses while preserving quality to address the issue of sending videos to particular regions of the world. Theta believes that it is essential to provide all users with high-quality streaming. This is the next step in the online video industry.
The Theta Fuel token is given to users who contribute their bandwidth and computing resources (TFUEL). The platform’s governance is connected to the standard Theta token (THETA). Another benefit is that Theta is an open-source platform that encourages community innovation. The network is secured using multi-level Byzantine fault tolerance (BFT) consensus techniques and proof of stake (PoS).
3. Polkadot (DOT)
Any asset or piece of data may be transferred between blockchains with Polkadot. Its services aren’t just for tokens. Users of Polkadot can collaborate with several blockchains, sometimes known as parachains, within the Polkadot network. Polkadot differs from rival networks like Ethereum in that its parachains are distinct and autonomous yet capable of communicating with one another, which is essential for Web 3.0.
A decentralized project called Polkadot offers both a Layer 0 solution called “Relay Chain,” which is known to increase scalability and a Layer 1 solution called “Parachain,” which serves as a link between chains.
Ethereum co-founder Gavin Wood introduced Polkadot. In parachain slot auctions and for governance, the native coin of the system is called DOT. Only a few parachain spots are open in Polkadot. However, developers may participate in auctions by locking up DOT tokens to win the right to build on Polkadot.
A scalable, open-source network of blockchains is called Kusama. The Substrate framework is used to create its customized blockchains. Blockchain developers may express their creativity and swiftly materialize novel concepts on Kusama, which offers a platform for doing so. In addition, the network supports the idea of upsetting the existing quo and giving users more control. Kusama was developed by Gavin Wood, who also founded Polkadot and Ethereum.
5. Filecoin (FIL)
A decentralized marketplace for cloud storage exists at Filecoin (FIL). The network, which supports organizations and projects in finding affordable, decentralized, and secure data storage solutions, is powered by many storage providers and developers. As a result, big archives, NFTs, and frequently accessed data are regularly stored using Filecoin.
An open-source cloud storage market is Filecoin (FIL). The network is supported by a sizable number of developers and storage providers to assist businesses and projects in locating secure, decentralized, and cost-effective data storage options. Filecoin is widely used to store big archives, NFTs, and frequently used data.
The majority of storage providers on the Filecoin network, according to a report by the research firm GigaOm, are “dedicated” to providing data center resources by investing in hardware and depositing collateral to guarantee the level of service, data availability, and long-term data dependability. In addition, it helps pay storage providers to store and retrieve its data using its native token, FIL.
A network of decentralized oracles called Chainlink enables the execution of smart contracts based on inputs and outputs from the real world. In 2017, Steve Ellis and Sergey Nazarov established the network. In the blockchain oracle industry, it swiftly became the market leader.
The functioning of Web3, which is structured and maintained by pre-written scripts and smart contracts, depends on Oracle networks like Chainlink. Users can create decentralized oracle networks (DONs) on Chainlink, ensuring data accuracy while providing data to and from current blockchains.
According to Chainlink, The Associated Press, AccuWeather, Swisscom, Amazon Web Services, and Google Cloud Platform, Oracle nodes have been established on the platform.
Its native token, LINK, is used to compensate Chainlink node operators for providing uptime guarantees, converting data into blockchain readable forms, and accessing data from off-chain data sources for smart contracts. In addition, Chainlink is developing a thorough staking system for the network.
7. Siacoin (SC)
Sia is a decentralized cloud storage system built on the blockchain that enables users to rent out extra network storage capacity. Network transactions are facilitated via smart contracts. The payment method for network data storage is the native cryptocurrency of the blockchain SC (Siacoin).
The inaugural Sia whitepaper said that the network’s goal was to take on well-known storage providers like Amazon, Google, and Microsoft. Sia has the edge over its rivals in terms of storage rates due to its decentralized structure.
SC is a Web 3.0 coin that you’ll be interested in if you wish to support the decentralized internet. Sia offers yet another choice in terms of data storage. This program lets you manage your own encryption keys and keeps your data in the cloud via a decentralized network. Sia is less expensive than comparable cloud storage companies, with 1 TB of storage only costing $1–$2 per month. The platform uses Siacoin as its money to compensate hosts for providing extra hard drive space for storage. SC may be obtained by mining and trade.
8. Audius (AUDIO)
Aiming to provide everyone the freedom to share, market, and broadcast any audio material, Audius is a music streaming service.
The native token, AUDIO, offers community-owned governance, network security, and access to special features.
Musicians may post their tracks on Audius and grow a fan base. Staking AUDIO gives artists access to badges, artist tokens, and the voting power of their fans. Artists like 3LAU, deadmau5, Rezz, and the Stafford Brothers promote Audius. High-quality audio streaming at 320 kbps is available on this platform.
Cooperation between the Audius project and TikTok, a streaming platform, has been revealed. In addition, stablecoin integration on the network is planned for the future to enable sponsored content.
Audius will appeal to music enthusiasts. The goal of the music streaming service is to downplay the significance of signing with a record label. On Audius, musicians may publish their songs and grow their fan following. In addition, when artists invest in AUDIO, they may gain access to badges, artist tokens, and fan voting power.
Community-owned governance and special feature access are included with the AUDIO token. Additionally, it aids in network security. The Stafford Brothers, deadmau5, 3LAU, Rezz, and more musicians support Audius. This platform offers 320 kbps high-quality audio streaming.
9. Kadena (KDA)
This platform’s main objective is to drive the world’s financial systems. In addition to exceptional energy efficiency and PoS security, Kadena provides more secure smart contracts. In contrast to many other systems, Kadena keeps using the same amount of energy even as network demand increases. Due to the use of braided chains can handle up to 480,000 transactions per second (TPS). The protocol scales as more chains are added to support higher processing capacities.
On the Kadena blockchain, transactions are processed using the KDA token. The mining of all 1 billion KDA will take place over 120 years.
The purpose of this platform is to power international financial systems. Kadena offers more secure PoS transactions, cutting-edge energy efficiency, and safer smart contracts. In contrast to many other platforms, Kadena keeps its energy consumption constant as network demand rises. It can handle up to 480,000 transactions per second due to braided chains (TPS) usage. The protocol scales to larger processing powers as additional off-chain data feeds are added.
On the blockchain of Kadena, transactions are carried out using the KDA token, which currently shows a good market cap.
10. Arweave (AR)
As a cooperatively owned hard drive that never forgets, Arweave describes itself. Moreover, for a one-time cost, it enables storing permanent data.
A decentralized storage network called Arweave (AR) enables indefinite data archiving. Finally, the “permaweb,” a permanent, decentralized web with platforms and applications like UI hosting, database writes and queries, and smart contracts lies at the center of it all.
The network uses block weave technology, a blockchain version that links a new block to the one before it and a randomly chosen block before it. The network has received funding from Union Square Ventures, Andreessen Horowitz, and Coinbase Ventures.
How to Buy Web 3.0 Coins on CoinStats
To buy web 3.0 coins using a credit or debit card, create a free CoinStats trading account. Then, use the instructions below to purchase any of the web 3.0 currencies listed above using the CoinStats app:
Create an account with CoinStats by logging in with Coinbase, with your email address, or using SSO.
Inspect your account. To meet KYC standards, you must provide a national ID to verify your identity (and also aid in improving account security).
Log in with your credentials, then use the search box to find the token you want to purchase and press it.
You will see the price at which your chosen web 3.0 coin is now trading. Do your study first, then buy that currency. You have two choices with CoinStats: Buy or Sell. The coins will appear in your wallet in a matter of seconds after you choose “Buy” from the menu and enter the necessary number of those coins.
Make careful to transfer your recently obtained coins as soon as you can to a safe hardware wallet if you want to keep them there for longer than a month.
Features of Web 3.0 Coins
If you’re still unsure about whether Web 3.0 crypto currencies are worthwhile to purchase, you’ll need to conduct further study to come to a well-informed conclusion.
Following is a discussion of some of the most significant financial advantages we discovered when researching the top Web 3.0 cryptocurrencies.
Gaining exposure to the decentralization space is one of the key advantages of buying a selection of the top Web 3.0 cryptocurrencies.
This is a crucial idea that Bitcoin introduced to the market first. Decentralization eliminates the need for intermediaries to conduct transactions in their most basic form.
For instance, as it now exists, the internet significantly relies on the service providers that stand between you and the websites you select.
The fact that centralized internet service providers have complete control over your access to the World Wide Web is only one reason why this may be dangerous.
Permissionless and Censorship-Free
The Web 3.0 ecosystem will be permissionless in accordance with decentralization. As a result, governments will no longer be allowed to impose restrictions on the websites their citizens can access.
For instance, 1.4 billion individuals cannot access websites like Google, YouTube, and Facebook without using a VPN since they are all prohibited in China.
This problem exists in a number of other nations, particularly when it comes to obtaining trustworthy news reports from international media sources.
Fortunately, Web 3.0 will be permissionless and decentralized, making it impossible to block the internet.
The potential gain is another advantage of purchasing the top 3.0 cryptocurrencies for your portfolio. There is a good potential that the value of your portfolio will increase in connection with the growth of the Web 3.0 ecosystem, depending on the project you choose to invest in.
As an illustration, we have indicated that the value of Ethereum has surged by approximately 5,000% in only the last five years. And since its debut in 2017, Decentraland’s MANA token has seen a value gain of approximately 23,000%.
These are only two of countless instances. However, you should be aware that there is no assurance you will profit from your selected cryptocurrency investments due to the oversaturation of the Web 3.0 industry.
On the other hand, users must take loss risk into account.
In keeping with the previous section, diversifying over many Web 3.0 is one of the best ways to lower your chance of losing. cryptocurrency
For instance, as we said earlier, the de facto Web 3.0 blockchain of choice is Ethereum, with some of the most popular companies preferring to base their platforms on its network.
Then there is Solana, which is significantly faster, less expensive, and more scalable than Ethereum. The same is true for coins like Cardano and Neo. Therefore, it could be a good idea to diversify among many Web 3.0 blockchains.
Since Decentraland is not the only Metaverse platform focusing on virtual real estate, this feeling also applies to the project. After all, comparable concepts are offered by games like the Sandbox, Axie Infinity, and more.
Web 3.0 is Still in its Infancy
Investing in the top Web 3.0 cryptocurrencies has another advantage because this market is still very young.
As a result, you will be able to purchase your preferred cryptocurrencies at a very advantageous entry price by investing in the Web 3.0 ecosystem very early and might form a stronger global network than its predecessors.
Some of the largest potential in the cryptocurrency business for 2022 and the years to come include Web 3.0 currencies, metaverse coins, and NFTs. Furthermore, artificial intelligence and virtual reality are being incorporated into the internet, which is becoming more decentralized. Additionally, more individuals are utilizing blockchain technology.