What is Web3, and Why web3 Coins are trending?
Have you ever wondered what Web3 is? In short, Web3 is the next stage of the internet. The journey started with Web 1.0, which was about the concept of open, decentralized protocols. Web 1.0 used to revolve around individual static web pages.
On the other hand, Web 2.0, which is still prevalent today, started the era of centralization. Most of the business and communication in Web 2.0 takes place on closed platforms. Now, Web3 is anticipated to break the chain of monopoly in the world of the internet.
To its core, Web3 indicates a decentralized online ecosystem built on blockchain, which means no central gatekeeper can control the applications and platforms developed on Web3.
In other words, only the users of such platforms and applications can own the same. Users would help to build and maintain these services, which would bring them ownership stakes. The term Web3 (originally Web 3.0) was given by Gavin Wood in 2014. Web3 is aimed at solving the issues with Web 2.0.
Did you know the original name of Web 3.0 was the Semantic Web (given by Tim Berners-Lee, the inventor of the World Wide Web)?
More about Web 3.0
The goal of Web 3.0 was to ensure a more intelligent, independent, and open internet. Moreover, data within Web 3.0 would be interlinked in a decentralized fashion.
In short, Web 3.0 can be considered as an extensive development as compared to the current Web 2.0 generation. And you already know that the second generation of the World Wide Web is mostly about data storage in a centralized manner.
Web 3.0 will enable devices, as well as users, to communicate with data. However, to ensure proper communication, programs must be able to comprehend information in terms of contexts and concepts. That is why Artificial Intelligence (AI) and the semantic web are considered as the two key components of Web 3.0.
Web 3.0: Cryptocurrency & Blockchain
Web 3.0 networks will leverage the power of decentralized protocols for operations. And you might know that decentralized protocols lay the foundation of blockchain as well as cryptocurrency technology. Experts are anticipating encountering a strong reciprocal relationship between blockchain technology, cryptocurrency technology, and Web 3.0.
Moreover, these three technologies are also expected to become independent via smart contracts, integrated seamlessly, and interoperable. Moreover, they will be used in a broad range of applications. For instance, the current development of DeFi protocols is one of the applications in this regard.
Note that the symbiotic relationship of the aforementioned technologies can also be used to change the operations and strategies of businesses.
Why Web 3.0 Coins are trending and can grow more?
Do you wonder about the investment in Web3 coins? Then, you need to be familiar with the advantages of Web3 technology. Web3 is the new rage and expected to be center for future tech development.
The key benefit of leveraging the power of Web3 is that you can use the service once you enter the network. That means you need no permission to start using the Web3 services. Moreover, no one could ever block you or take your access to a Web3 service away.
In addition, payments come as built-in through ether (ETH) (the native token) in Web3 services. Also, you are able to program almost anything in Web 3.0 technology.
All these factors testify to the fact that Web3 technology is beneficial for people. That means Web3 coins can also be expected as advantageous in many ways.
For instance, Polkadot (DOT) is one of the well-known Web3 coins. It allows cross-blockchain transfers of tokens as well as all kinds of assets or data. Moreover, this Web3 coin enables users to interoperate with different types of blockchains within the Polkadot network. Polkadot is expected to ensure economic and transactional stability. It can spread transactions throughout various parallel blockchains.
On the other hand, BitTorrent (BTT) is another popular Web 3.0 cryptocurrency, which leverages the power of blockchain. BitTorrent comes with cutting-edge decentralized applications and protocols in the world.
Lots of decentralized applications have already leveraged the power of BitTorrent or BTT, which include DLive, BitTorrent File System, BitTorrent Speed, and so on.
Helium (HNT) is one of the cutting-edge Web3 coins. It acts as a decentralized wireless network. The Helium network helps devices connect to the Internet wirelessly regardless of the location. Moreover, Helium (HNT) also enables devices to geolocate themselves without using cellular plans or satellite location hardware.
When it comes to Web 3.0 coins, Livepeer (LPT) deserves to be mentioned. The main goal of Livepeer (LPT) is to ensure a live video streaming network protocol, which is highly scalable, completely decentralized along with other features. As a result, the protocol can act as the live media layer in the Web 3.0 stack.
Furthermore, Livepeer (LPT) also aims to offer a budget-friendly alternative to centralized broadcasting solutions for available broadcasters.
ZCash (ZEC) is another well-known Web 3.0 coin. It ensures freedom to users to save as well as spend as they want. Did you know Zcash was the first application of zk-SNARKs? In short, zk-SNARKs comes as an original form of zero-knowledge cryptography, which ensures the best privacy for the users.
Web 3.0 is a comprehensive collection of decentralized computing services as well as blockchain-as-a-service solutions. The Flux blockchain contributes to economics, parallel assets, and on-chain governance to ensure interoperability with access to other blockchains and DeFi.
When it comes to Web 3.0 coins, Ocean Protocol (OCEAN) should be considered. It aims at ensuring open access to the platform as well as protocol. Moreover, OCEAN also helps to make sure of data governance and boost the development of the network ecosystem. Another goal of OCEAN is to make the platform more decentralized over time.
Wrapping Up
The Web 3.0 technology leaves no stone unturned to ensure optimum transparency for users. As a result, users can expect to access abundant content, resources, and agreements. Web 3.0 tokens come as decentralized projects that leverage the power of smart contracts.
Moreover, these tokens help to automate transactions across the internet. Now, you are familiar with the potential of Web 3.0 coins. It is high time to choose the most appropriate ones (which aim to develop cutting-edge technology) to take your business growth to a new level.
