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Top 7 Web3 Cryptos to Invest in 2023-24

In this blog, we’ll delve into the top 7 Web3 cryptos that are shaping the decentralized future. The world of cryptocurrencies is evolving at a rapid pace, and with it comes the promise of a new internet era – Web 3.0.

What is Web 3.0?

Web 3.0: Imagine the internet as different stages of development. Web 1.0 was like a library where you could only read information. Web 2.0 made it social, allowing you to share and interact. Now, Web 3.0 is the next step. It’s like a smarter internet that gives you more control and privacy. Instead of big companies owning your data, you own it. You can use special computer programs called “smart contracts” to do things automatically without middlemen.

Web 3.0 Cryptos:  Web 3.0 cryptos are digital currencies that play a big role in making the next-generation internet (Web 3.0) work better for you by giving you more control and privacy. They’re like the fuel that powers this new, improved online world.

Top 7 Web3 Cryptos

Polkadot (DOT):

Polkadot (DOT) is a cryptocurrency that’s designed to play a key role in the development of Web 3.0. Its main purpose is to enable different blockchains to work together seamlessly and efficiently. 

Use Cases in Web 3.0:

  • Interoperability: In the current state of the internet and blockchain technology, different blockchains often operate independently. They have their own rules, protocols, and functions. This can create a fragmented digital landscape where information and value can’t easily flow between different blockchains. Polkadot aims to solve this problem by providing a platform for different blockchains to communicate and share information.
  • Cross-Chain Compatibility: Polkadot allows blockchains to connect to its network as “parachains” or “parathreads.” This means that various blockchains, even those with different purposes or technologies, can link up and interact. For example, one blockchain focused on supply chain management could connect to another blockchain focused on finance, enabling data and transactions to move between them.
  • Scalability and Specialization: Polkadot’s design promotes scalability by allowing multiple blockchains to work in parallel. Each connected blockchain can focus on specific tasks or applications, known as specialization. This means that the overall network can handle more transactions and processes at the same time, without overloading a single blockchain.
  • Upgradability and Governance: Polkadot introduces a unique governance model that lets its community decide on network upgrades. This ensures that the technology can evolve over time and adapt to changing needs. Participants who hold DOT tokens can propose and vote on changes, making the network more democratic and responsive.

The Graph (GRT):

The Graph (GRT) is a cryptocurrency that plays a significant role in the development of Web 3.0 by providing a way to access and organize data from different blockchains and decentralized applications (DApps) more efficiently.

Use Cases in Web 3.0:

  • Search Engine for Blockchains: Think of The Graph as a super-smart search engine for Web 3.0. On the regular internet, you use search engines like Google to find information. The Graph does something similar, but specifically for all the different blockchains and DApps in the decentralized world.
  • Data Organization: Web 3.0 is all about decentralized systems, and there’s a ton of data spread across various blockchains and DApps. The Graph helps organize and make sense of this data, making it easier for developers and users to find and use the information they need.
  • Fast and Efficient Queries: When you search for something using a regular search engine, you get results quickly. The Graph makes sure that when you search for data in the decentralized world, you also get quick and accurate results. It does this by indexing data and creating a roadmap for how to find it.
  • Building User-Friendly Apps: Developers building DApps don’t want to spend all their time searching for data across different blockchains. The Graph makes their lives easier by providing a streamlined way to access the data they need, which means they can create more user-friendly and efficient applications.
  • DeFi and Beyond: The Graph is especially useful in the world of decentralized finance (DeFi). DeFi platforms use a lot of data from different sources to work. The Graph helps these platforms gather and use that data effectively, which is crucial for making DeFi apps work smoothly.

Chainlink (LINK):

Chainlink (LINK) is like a digital bridge that connects the real world to the digital world in Web 3.0. It helps smart contracts (special computer programs) on blockchains get information from outside sources.

Use Cases in Web 3.0:

  • Smart Contracts Need Data: Smart contracts are like digital agreements that automatically do things when specific conditions are met. But sometimes, they need information from the real world to work correctly. For example, a smart contract managing weather-based insurance might need to know if it’s raining.
  • Linking Real-World Data: Chainlink is the bridge that provides this real-world information to smart contracts. It takes data like weather updates, stock prices, or event results, and securely sends it to the blockchain so that smart contracts can use it.
  • Reliability and Security: Chainlink is designed to be super reliable and trustworthy. It uses special techniques to make sure the data it brings to smart contracts is accurate and can’t be tampered with.
  • Versatility: Chainlink can fetch data from many different sources, like websites, APIs, and even other blockchains. This makes it really versatile and useful for all kinds of applications.

Ocean Protocol (OCEAN) :

Ocean Protocol (OCEAN) is a cryptocurrency that aims to solve a critical challenge in Web 3.0: how to securely share, buy, and sell data in a decentralized and privacy-focused manner. 

Use Cases in Web 3.0:

  • Data Sharing and Monetization: Imagine you have valuable data, like research, sensor readings, or even personal information. Ocean Protocol provides a safe and controlled way for you to share that data with others in the Web 3.0 world.
  • Decentralized Data Marketplace: Ocean Protocol acts like a marketplace where data owners can put their data up for sale. Buyers who need that data can access it and pay the data owners using OCEAN tokens. This process ensures data privacy and lets people monetize their data without giving up control.
  • Data Services: Ocean Protocol isn’t just about buying and selling data. It also allows developers to create data-related services, like analyzing, processing, or transforming data. These services can be powered by smart contracts and paid for with OCEAN tokens.

Helium (HNT):

Helium (HNT) is a cryptocurrency that’s uniquely focused on creating a decentralized and incentivized wireless network for Internet of Things (IoT) devices. 

Use Cases in Web 3.0:

  • Decentralized IoT Connectivity: In Web 3.0, billions of devices are connected to the internet, from smart thermostats to tracking sensors. Helium aims to provide a wireless network specifically designed for these devices, without relying on traditional cellular networks.
  • Device Communication: Helium enables IoT devices to communicate with each other and the internet without needing a central authority or a complex infrastructure. This helps devices share information, data, and updates seamlessly.
  • Incentives for Network Participation: Helium encourages people to set up and maintain small, low-power wireless hotspots called “HOTSPOTS.” These hotspots create a network that devices can connect to. In return for providing network coverage, hotspot owners are rewarded with HNT tokens.
  • Proof-of-Coverage: Helium uses a unique consensus mechanism called “Proof-of-Coverage.” Hotspots prove their coverage by broadcasting signals, and the network verifies this. This helps ensure that the network is genuinely providing connectivity where it claims to be.
  • IoT Data Markets: Helium can also serve as a platform where IoT device owners can sell data generated by their devices in a secure and decentralized manner.

Internet Computer (ICP):

Internet Computer (ICP) is a cryptocurrency and a blockchain project that aims to transform the internet itself into a decentralized computing platform. It seeks to enable the creation and deployment of software applications directly on the internet, without relying on traditional centralized servers. 

Use Cases in Web 3.0:

  • Decentralized Cloud Computing: Think of Internet Computer as a gigantic, global computer network powered by blockchain technology. Instead of relying on individual servers owned by companies, ICP allows developers to build and run applications directly on this decentralized network.
  • Seamless and Open: With Internet Computer, developers can create web applications just like they do on the regular internet, but with the added benefit of decentralization. Users can access these applications using regular web browsers, but the applications are powered by a distributed network of computers.
  • Reduced Dependency: Internet Computer reduces the reliance on big tech companies and cloud service providers. Developers can create software that isn’t tied to specific platforms, giving them more control and potentially fostering more innovation.
  • Decentralized Finance (DeFi): Internet Computer can support decentralized finance applications, enabling users to interact with financial services in a more open and secure manner, without intermediaries.
  • Decentralized Social Media: Social media platforms can be built on Internet Computer, potentially offering users more control over their data and the content they share.

Dent (DENT):

Dent (DENT) is a cryptocurrency that focuses on the mobile data market and aims to provide a way for users to buy, sell, and share mobile data using blockchain technology. 

Use Cases in Web 3.0:

  • Mobile Data Marketplace: Dent is like a digital marketplace for mobile data. In the regular mobile network, you buy data from your carrier, and you can’t really share or trade it. Dent changes that by allowing users to sell their unused mobile data to others who might need it.
  • Data Sharing and Trading: With Dent, you can share your mobile data with friends, family, or even sell it to other users. This means you don’t have to let your unused data go to waste at the end of your billing cycle.
  • Global Connectivity: Dent aims to create a global marketplace for mobile data, allowing travelers to buy local data plans in different countries without needing to switch SIM cards or deal with high roaming charges.
  • Blockchain Security and Transparency: Dent uses blockchain technology to ensure secure and transparent transactions. This means you can trust that your data transactions are accurate and can’t be tampered with.
Ruchi Tomar
Ruchi Tomarhttps://financiallanes.com
A full time blogger from last 1 year. experienced in content writing.
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