A new generation of coins called Web3 crypto aims to realize Web3’s decentralized utopia. In order to give consumers ownership over their data and enable transactions without the use of intermediaries, they mix blockchain technology with smart contracts.
What Exactly Is Web3?
The third generation of the internet is often referred to as Web3. By operating in a decentralized manner that is owned, created, and managed by the people themselves, it seeks to take power away from powerful businesses.
Web3 aims to return control of data to the user, unlike conventional internet businesses that use your information for their own purposes.
It will present special opportunities. For instance, musicians no longer have to rely on centralized companies like Spotify or YouTube to monetize their work by posting it on decentralized platforms or their own personal devices.
With Web3, you won’t have watchdogs or government organizations telling you what services you can or can’t use. In Web3, transactions take place directly between two or more parties, enhancing data privacy, autonomy, and control.
How Do Web3 Crypto Work?
A cryptocurrency linked to Web3 may offer a number of services that cloud providers once provided, including computing, bandwidth, storage, identity, and hosting. Developers have been working on enhancing these technologies by making them more scalable, safe, and efficient in response to the increasing expansion of cryptocurrencies and Web3. Web3 is often mentioned with cryptocurrencies because they share the core principles of decentralization and equal access.
Major Web3 Cryptocurrencies
Here are some examples of Web3 crypto projects that are working on building the next generation of the web:
- Helium (HNT) – The People’s network provides a decentralized peer-to-peer wireless network.
- Chain-link (LINK) – A block chain middleware called Chain-link enables smart contracts to access essential off-chain resources including data feeds, online APIs, and conventional bank payments.
- File coin (FIL) – A decentralized storage network called File Coin allows users to rent out unused hard drive space in exchange for File Coin tokens. Consider it the Web3 equivalent of Google Drive or Amazon Web Services.
- Theta (THETA) – Theta is a dispersed network intended for video streaming that allows users to share bandwidth and computing power in a peer-to-peer fashion.