Last year, the cryptocurrency world, particularly the NFTs ecosystem, drew a lot of attention from around the world. As per Dune Analytics data, the major NFT marketplace, OpenSea, has grown by 10 times in members since the start of this year, from around 100,000 to over 1 million.
Due to the exponential expansion of NFTs in 2021, some users who purchased an NFT may have received rewards. This is among the main aspects of the Web3 era when people gain from supporting artists or producers.
The modern era of the web has arrived, called “Web3,” because of the blockchain technology that underlies the crypto realm. If Web 2.0 was the age of apps, Web 3.0 is the age of protocols, with a variety of implementations/interfaces. We’ve previously seen how uncontrolled centralized power restricts the freedom of specific users in a variety of ways.
Thanks to various Web3 apps in development, it appears that most of the power of these programs will be regained by specific users. However, if we categorize all Web 3.0 applications as sole proponents of individual power, we will be mistaken. I’d go so far as to argue that Web3 is an umbrella phrase that encompasses a wide range of applications that represent technological advancements above prior versions.
And, for the purposes of this piece, I will only discuss those enterprises that stand out among the revolution’s participants. Note that this isn’t an entire list, but rather a starting point; expect more contributions in the coming years. Please keep in mind that this is not financial advice. Always keep in mind to do your own research when it comes to cryptocurrency.
Filecoin
Filecoin is a DeFi storage platform that employs miners to assist in the storing of user information. In exchange, they get paid in $FIL, the network’s native coin. Users can quickly share their storage capacity, become miners, and assist other users with data storage. The miners are required to show confirmation that they are properly storing the data. And it’s for this reason that they’re referred to as miners.
Filecoin is another important Web3 initiative since its central model doesn’t rely on a centralized body to store all of the users’ files and then charge for them. The peer-to-peer structure of its data storage is in stark contrast to current data storage solutions.
Users have more flexibility since their data are kept in locations where the miner risks losing membership (and thus processing rewards) in the system if they make a mistake.
It’s also worth mentioning how simple it is for people to become miners. Anyone with extra storage on your device can easily become a miner. As concerns about centralized information storage network operators grow, Filecoin is a critical pillar of Web 3.0. Since the protocol’s inception, $FIL, their native coin, has undergone significant market movement.
BitTorrent
BitTorrent is BitTorrent Inc.’s official decentralized network that allows users to share files without needing to depend on a trusted middleman. BitTorrent was developed in 2001 by Bram Cohen, whose goal in developing the technology was to enable trust-free peer-2-peer data transmission without the use of a centralized middleman.
The network bandwidth of the peers who want to allow any type of interaction generally facilitates peer-to-peer data communication. BitTorrent was purchased by the TRON Foundation a few years ago. It contributed to the creation of the network’s $BTT token, which is used to trade transactions for all of the network’s premium services.
The currency has greatly aided in incentivizing users to share files with their peers and reducing slow data rates. Users who want to download files over the computer and those who want to share them frequently swap the coin. The token has also aided in the growth of a network of users who now use the underpinning protocol to retrieve files kept on the internet on a regular basis. It’s an important initiative for Web 3.0 since it helps to expand on the solutions that BitTorrent offered when it first arrived.
Chainlink
In the era of smart contracts and blockchain networks, Chainlink is a required revolution. It’s a decentralized oracle technology that links the worlds of external data and smart contracts. And why is it required? Let’s take a quick look at how smart contracts function to see why they’re necessary.
In brief, a smart contract can be compared to a latent creature that is triggered by an external stimulus. This external “stimulus” is frequently delivered by an externally owned account, such as a user, in the framework of several blockchain networks. So, if you provide me with any ETH, the smart contract will be activated as a result of your request. As a result, the smart contract is reliant on outside stimulation.
Additionally, it’s important to keep in mind that smart contracts can only be used within blockchain technology. As a result, they are incapable to communicate with the rest of the world. As a result, if a smart contract is launched when the market of Tesla shares hits a certain barrier, it must know when it does so firsthand. It requires an intermediate because it is unable to communicate with the off-chain environment on its own.
An oracle is a type of middleman. Chainlink is among the most widely used oracle networks for connecting the off-chain and smart contract worlds. Chainlink’s decentralized oracles are used by a number of cryptocurrency exchanges. As a result, it is one of Web 3.0’s most important applications. The native coin, LINK, is available for purchase on most exchanges.
Also read:Helium
Helium is a decentralized wireless technology that enables people to access the internet wirelessly without relying on satellite-based providers or data plans. The network has two main entities: coverage suppliers and coverage consumers, and it works on its own blockchain. The network’s goal is to decentralize the way the internet is routed across different geographic regions. It has a number of various fundamental components that serve to distinguish the network. Below, we’ll only look at the two of these elements.
Decentralized Wireless Network (DWN)
Users can access the network through the DWN with the help of individual miners. Autonomous gadgets that want to obtain data on the internet use the miners as their major source of the material. They are awarded the network’s token in exchange.
Proof-of-Coverage
The network uses non-computationally heavy mining to assist miners to prove that they are supplying devices with wireless internet connectivity. This unique consensus process aids network efficiency while also assisting miners in connecting independent devices to the internet.
In an era when centralized internet providers govern how people access the internet, the Helium network offers a revolutionary alternative that tries to prevent centralization in the very initial stage. In that respect, it is among the most important Web3 projects now in development. Since its inception, its native coin, $HNT, has seen remarkable market movement.
Theta Network
It is a decentralized media distribution network that uses blockchain technologies to assist distribute video content around the world. You can consume content through the network and receive rewards if they help spread it to other users. Any user who wants to use their bandwidth utilization to convey video-based content can join the network as a participant.
The Theta Network makes use of its own blockchain network, the Theta Blockchain, which was created specifically for relaying video-based data. It was released in March of this year. The blockchain network uses a multi-BFT consensus design that is unique. It is made up of 20-30 Corporate Validator Nodes and a big community of Guard Nodes numbering in the thousands.
While the concept appears to be centralized on the ground, the existence of Guardian Nodes, who operate as “checkers” on the network for potential harm, serves to maintain the network decentralized.
Theta is an important initiative in the Web 3.0 arena since it aids in the replacement of centralized content delivery with decentralized ones. It creates a more powerful and permanent network by allowing ordinary users to take part in the content distribution process. Thus, regardless of where you are in the world, provided you have a connection to a Theta server, you may effortlessly access your favorite video-based material.
The Theta Network is powered by two different tokens. The protocol’s native $THETA token serves as the protocol’s administration token and is also utilized for validation and/or guardian node staking. The token supply has been set at 1 billion tokens. Theta Fuel ($TFUEL) is a network token that may be used to make payments. When a node assists in relaying content, they are compensated in $TFUEL.
The Graph
The Graph is a digital program or software that aids in the solution of a major challenge that blockchains face today: data aggregation. You’ll have to spend several hours manually compiling data on any decentralized applications on any network if you want to collect and aggregate it. Furthermore, with The Graph, we may quickly collect complicated data on payments, users, and decentralized applications that would otherwise be impossible to collect. Let’s look at an example to see how this works.
Let’s imagine you have a great NFT project on Eth and want to check how well it’s been working for a specific address. Let’s imagine you would like to know how active that contract has been in recent months. In this instance, you’ll have to keep checking each time that contracts initiated a transaction.
This is simple to implement with The Graph (GRT) by running search queries and obtaining the data on-chain. This would save you hours of time and effort in obtaining the information at the beginning. As a result, the Graph aids in the creation of a more efficient procedure for retrieving on-chain data. GraphQL is used by all apps that seek to get on-chain data to query APIs known as subgraphs, which also aids in retrieving data that is searched on the chain itself.
If you’re seeking something specific, on-chain data is essential for a variety of applications (and even investors). While there are various programs that can help offer this information, most of them require a subscription. The Graph is a decentralized system that anyone with the technological know-how to conduct the query can utilize. GRT is the native token.
Basic Attention Token
Brave, a privacy-focused browser, uses the Basic Attention token as its native coin. The cryptocurrency is an ERC-20 token, which means it was developed on the Ethereum platform. While the token’s protocol was published in 2018, It’s a utility token built on Ether that’s used as a “unit of account among marketers, publishers, and viewers in the blockchain-based electronic advertising platform,” according to Brave browser.
BAT was founded with the goal of transforming the advertising market by assisting people in avoiding the barrage of commercials that they are frequently hit these days. Brave is a secure browser among cryptocurrency users because it prioritizes security and assists in block tracking and cookie. Any personal information about the user, like how long they stay on websites, is kept on their device solely, and Brave has no unrestricted access to it. This allows the user to have a more private experience.
Brave is a forerunner in terms of boosting privacy for its users, allowing them to create a space where their personal information is not monitored or misused. As a result, it’s an important Web 3.0 initiative.
Arweave
Several protocols are addressing the problem of centralized entities having unregulated influence over users’ data and personal details. One of them is Arweave. Arweave is at the forefront of information decentralization and information protection. It’s a decentralized file network that allows users to keep their information on the disk space of other users’ computers. This aids in long-term data storage while guaranteeing that no system failure exists.
The protocol is based on the block weave, a decentralized structure. It also includes the permaweb, which is a data collection and decentralized applications that contribute to the creation of a decentralized internet that can be viewed through your browser. The Arweave token AR is used to award miners and cover all transaction fees. AR token is a backer of the system.
If a user wants their data to be stored in the system, they must pay the transaction costs in AR tokens. When the system first debuted, 55 million tokens were distributed, with an additional 11 million distributed as mining prizes. The term “endowment” is used to describe how the token’s long-term volatility is managed. A portion of the transaction fees paid by the user goes to the miners. Miners are rewarded over time as interest accumulates, ensuring that volatility is considerably reduced.
Livepeer
It is a decentralized streaming video network protocol that aids in the transmission of video content over a network. It’s an important “live media layer” in the Web 3.0 framework, as well as a vital initiative for the Web 3.0 community as a whole. Organizations who want to provide video content to their customers can use the protocol’s Platform-as-a-Service (PaaS) feature.
For video encoding, the protocol uses the Ethereum blockchain (a method for changing the video’s format based on the user’s obtainable bandwidth). The protocol’s goal is to lower the expenses of live video broadcasting by utilizing its base decentralized network. The protocol’s core token, the $LPT, is utilized for operational activities.
The current streaming marketing strategy is inefficient since numerous service providers frequently demand high fees. The users’ private data, which they frequently have access to, is also at risk. Livepeer intends to address this by introducing a scalable, decentralized system that can handle the live video without incurring additional fees.
Siacoin
Siacoin is also on the list of Web 3.0 protocols, It aids in the decentralization of information storage. The protocol intends to provide users complete authority over their information storage, eliminating the need for them to depend on a centralized intermediary. The protocol has developed its own phrase to describe how users can exercise control over data storage: “your keys, your data.”
The Sia protocols also make use of current data storage around the world to assist users in storing their information. On the network, there are two types of users: renters and hosts.
- Renters:
Renters are all individuals who submit files. When a person uploads data to the system, it is divided into several portions and dispersed over the entire network. They’ll be able to access it at any moment once they’ve successfully uploaded it, thanks to the network’s multiple copies.
- Hosts:
Hosts are the computers that hold your information. Because your information and/or files are encrypted, they do not have complete access to them. These “hosters” are those that offer a lot of storage space on their machines so that renters can conveniently save their data.
They are given native $SC tokens as a reward.
Whereas the Siacoins are used for a variety of reasons, their primary goal is to serve as network utility tokens. Renters must charge the hoster in Siacoins whenever they want to upload their content to the network.
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