Web 3.0 will be working on a decentralized protocol which is the bedrock of cryptocurrencies. This means that it will be an internet where you will ha
Web 3.0 will be working on a decentralized protocol which is the bedrock of cryptocurrencies. This means that it will be an internet where you will have ownership of your content and also over ads that are shown to you.
The evolution of web technologies is taking a major step further with the introduction of web 3.0. The internet popularly referred to as the World Wide Web or WWW has previously moved through the Web 1.0 and Web 2.0 stages and we just might be shifting to the new Web 3.0 this year.
You must have seen or heard of the term Web 3.0 on your daily internet surf and might be wondering what it is and how it might affect you. The introduction of cryptocurrencies, blockchain, and decentralized protocols, in general, has created lots of possibilities in today’s technology. In this post, I will be explaining briefly what Web 3.0 is and show you the top 7 cryptocurrencies associated with it.
Before we dive right in, let us get a brief definition of what Web 1.0 and Web 2.0 technologies are.
What is Web 1.0?
Web 1.0, also known as the “read-only web” was the first version of the internet. This version of the internet allowed us to only search for information and read it hence the name “read-only.” There was very little content generation and very few user interactions.
It was mostly made up of web pages without additional details and tools like visuals, controls, and forms that we see on today’s internet. It wasn’t interactive in a lot of ways. This first version of the internet lasted from 1989 to 2005.
Some of the popular websites that were available in the Web 1 era were MySpace and LiveJournal.
What is Web 2.0?
Web 2.0 can be generally seen to be a shift in how and what the internet looked like during the Web 1.0 era. With 2.0, the internet became more interactive and more connected. The new upgrade allowed users to be fully involved in the experience rather than just consuming information.
It allowed for more content creation and also better connections with the introduction of social media and the likes. It is generally referred to as the second stage of the World Wide Web.
It brought about the possibility to create accounts across different sites, comment, and also share content. It also gave room to the rise of web applications. The Web 2.0 version of the internet started in 2005.
What is Web 3.0?
This is the third stage of the evolution of the web or the internet. In this stage, websites and apps will provide and process information in a much more human-like way. This version of the internet will operate on decentralized protocols.
Also, technologies like machine learning and artificial intelligence will help Web 3.0 to prosper. TechTarget wrote in its article that “Web 3.0 will have a strong emphasis on decentralized applications and make extensive use of blockchain-based technologies.”
Typical examples of Web 3.0 applications include Wolfram Alpha, Apple’s Siri, Steemit, and Atlas. work among others.
When will Web 3.0 Start?
It is not certain at this point when the third generation of the internet will kick off, but we are already seeing an aspect of Web 3.0 exist. Aspects such as cryptocurrencies and blockchain technologies are already in play.
Even though Web 2.0 still dominates the internet, 2022 might just be the year that Web 3.0 starts to manifest.
With the above brief explanations, I believe you are already familiar with and have understood how we got to this place. In the next part of this post, I will tell you the best Web 3.0 digital assets to invest in.
Top 7 Web 3.0 Cryptocurrencies to Invest in
In no particular order:
- Helium Network (HNT)
- Filecoin (FIL)
- Chainlink (LINK)
- Uniswap (UNI)
- Polkadot (DOT)
1. Helium Network (HNT)
The Helium Network is a blockchain-powered decentralized network. It is a wireless internet of things network using the LoRaWAN system that is tied to the HNT.
It allows users to build decentralized and wireless infrastructures on a scale that allows devices to communicate and also transmit data over hotspots – a network made up of nodes.
The native token for the network is HNT. Users who buy and/or build a hotspot, operate the network’s nodes and also mine the HNT token.
According to data from CoinMarketCap, the HNT is trading at $4.44 today and has a market cap of $561,396,407 as of the time of writing this post.
2. Filecoin (FIL)
Filecoin looks to make the web more secure and efficient. It operates a decentralized data storage and protocol. Users can earn the FIL token by leasing spaces on their computer hard drives to the network.
There are several benefits of Filecoin, but the most outstanding is the ability to store digital assets like art through NFTs. To participate, all you need is an internet service and lots of disk space.
You earn more FIL tokens with the more space you provide to the Filecoin network. According to data from CoinMarketCap, the current price of the FIL token is $5.77 with a market cap of $1,643,107,061.
3. Chainlink (LINK)
Chainlink enables the creation of smart contracts with real-world data built. It is a decentralized network that is built on Ethereum. Chainlink was listed in our 10 most popular cryptocurrencies after Bitcoin.
It became a widely used platform because of its ability to integrate with any blockchain technology. The popularity of the native coin LINK has grown in demand with time and is one of the most held cryptos by ether holders.
According to data from CoinMarketCap, the current price of Chainlink is $7.93 with a market cap of $3,897,590,392.
Non-Fungible tokens simply known as NFTs are cryptographic assets that exist on a blockchain. They are digital assets with unique identification codes.
NFTs gained more attention in the first quarter of 2021 and it saw people investing and creating new projects. They are unique that’s why lots of them are very expensive. With the growth in the interest of NFTs, also comes an increasing amount of scams.
Read our article on the common NFT scams and how to avoid them. Once NFTs are minted, they can be bought or sold on marketplaces like Opensea, Rarible, and Magic Eden.
NFTs are good Web 3.0 assets to invest in for good profits in the long term. Check out our post on Non-Fungible Tokens (NFTs) to understand more, and also see the list of the top 10 most expensive NFTs in 2022.
5. Uniswap (UNI)
Uniswap is a cryptocurrency exchange that operates on a decentralized network protocol. The platform enables peer-to-peer crypto trading without any involvement with a centralized third party.
The native token of the network is called UNI and users can earn the token by yield farming – a process that requires users to stake tokens in Uniswap’s liquidity pools to reap rewards.
According to data from CoinMarketCap, the current price of Uniswap tokens is $5.87 with a market cap of $4,471,731,388.
6. Polkadot (DOT)
Polkadot is an open-source blockchain platform that enables cross-blockchain asset or data transfers. In the Polkadot native network, users can make use of the heterogeneous blockchains connected to the network known as “Parachains.”
Polkadot differs from Ethereum in the sense that the parachains are unique and independent but can also communicate with each other. The native token of the Polkadot network is DOT.
Data from CoinMarketCap today shows that the current price of Polkadot is $6.90 with a market cap of $7,707,937,058.
7. Ethereum (ETH)
The Ethereum blockchain is one of the most likely to further advance Web 3.0. As you already know, Ethereum is the second most popular cryptocurrency after Bitcoin.
Created in 2015, it is a blockchain-based digital platform that is used for smart contract-enabled transactions, including cryptocurrency trading. In the Ethereum blockchain, anybody can create and use smart contracts.
A few days ago, the Ethereum Merge generally known as Ethereum 2.0 or serenity was completed which saw the shift from a proof-of-work to a proof-of-stake network.
This was one of the most anticipated events in crypto history. The shift will bring about reduced energy consumption on the Ethereum network and investors are bullish on the merge, hoping it will affect the price of the asset positively.
Data from CoinMarketCap today shows that the price of ETH is $1,436 with a market cap of $175,843,291,799.
Disclaimer: The views expressed in this article are solely of the author of the post and are in no way financial advice. You are always advised to do your research before investing in any crypto asset as they are known for high volatility. Whatever you do with the information above is at your discretion.