A decentralized, permissionless, blockchain-based web controlled and supported by individual users who can maintain their privacy is called Web3, also known as Web 3.0. It is the next phase of the internet. The current Web2 era, dominated by centralized organizations and tech giants like Google, Facebook, Netflix, and Amazon, is intended to be overthrown by the Web3 revolution.
This article discusses Web3 and the most significant Web3 projects in 2022.
How the Internet Change
The third phase of the internet revolution is known as Web3.
The initial version of the internet, known as Web1, or Web 1.0, was built around a simple structure that served primarily as a means of informing users. It was common until the early 2000s and consisted of static, flat pictures or web pages with little interaction.
After that, Web2, also known as Web 2.0, challenged how we perceived the internet. It permits sharing of information in real-time and promotes user participation and online communication. Since the invention of social media, users have been able to like, comment on, and share pictures on websites like Facebook and Instagram while also making money on websites like YouTube. The lack of privacy and increasing scrutiny of companies like Facebook and Twitter, which had unrestricted access to people’s data, was one of the biggest problems with these platforms.
So, What is Web3?
The privacy of internet users was compromised by Web2, which was one of its biggest problems. Due to large corporations’ control over vast amounts of data, many users have experienced financial loss and identity theft.
Web3 addresses the problems of centralized power, security, and privacy. Users are the owners of Web3, a decentralized blockchain-based web solution. Platforms without permission give users the freedom to share information, depriving powerful corporations of control. All private information is encrypted. If you want to know how How to develop web3 game, talk to a Web3 game development company.
Best Web3 Projects
Numerous decentralized applications and Web3 projects have emerged due to the Web3 movement. Let’s examine a few of the most popular Web3 initiatives for 2022.
Helium (HNT)
Blockchain-based decentralized network Helium uses the proof-of-coverage algorithm to connect Internet of Things (IoT) devices.
Users of low-power devices can communicate with one another and send data over a network made up of nodes called hotspots, each of which covers a specific area of the network, using Helium, which enables users to build decentralized wireless infrastructure on any scale. The hotspots work as miners as well. Users of the network who purchase or construct a hotspot run the network’s nodes and mine HNT, the native cryptocurrency of the Helium network.
Polkadot (DOT)
A platform called the Polkadot protocol enables seamless data transfer between two unrelated blockchain networks, such as Bitcoin and Ethereum. The platform’s native token, DOT, can be used for staking, buying, and selling. It also enables token holders to participate in the Polkadot platform’s governance protocol.
Polkadot is a scalable and quick network that simultaneously utilizes numerous parachains or parallel blockchains. These parachains enable more than a thousand transactions per second. In addition to using the NPoS (Nominated Proof-of-Stake) consensus mechanism, the Polkadot platform also allows users to participate in staking based on the knowledge and resources they provide to the Polkadot ecosystem.
Kusama (KSM)
Kusama, dubbed “Polkadot’s wild cousin,” is an experimental blockchain platform created to give programmers a scalable and interoperable framework. It uses the same code as Polkadot and serves as a test environment for new features before they are added to Polkadot.
When we talk about testing, we refer to Kusama as a Polkadot testnet, but despite this, the community places a high value on its token.
Kusama quickly expanded beyond its original purpose as a test network, and many projects staked their future on utilizing its innovations. The outcome? The project started to develop, and its value as a project increased dramatically in a short period. A KSM token, the native token of the platform, is worth hundreds of dollars right now, which is oddly 10 times more valuable than a DOT token ($22, as of the same date).
The network governance and update system are critical distinctions between Kusama and Polkadot. This has a 28-day voting period in Polkadot. In contrast, that time frame is only 7 days in Kusama, allowing for a faster reflection of changes than in Polkadot.
BitTorrent (BTT)
BitTorrent is a top peer-to-peer file-sharing platform with over 2 billion users and 200 million wallets. It has torrent client software for Mac, Android, Windows, and other operating systems. It claims to be “the biggest distributed network in the world” and offers safe torrent product streaming and downloading. According to CoinMarketCap, users can upgrade to premium memberships for a fee to benefit from advantages like virtual private network capabilities and ad-free browsing.
As of July 19, the market cap of the BitTorrent-new token, which has a current price of $0.0000009276, was about $867 million.
Ocean (OCEAN)
A decentralized data exchange built on the blockchain is called Ocean Protocol. Anyone can establish their decentralized data marketplace using it as a protocol. These data marketplaces enable the sharing, trading, and use of data by individuals and organizations to create better goods, services, and user experiences. OCEAN serves as a utility token that can be used to fund platform governance as well as to buy, bet on, and sell data.
Owners of data can control their data under Ocean Protocol without being constrained by any particular market. It develops a data ecosystem by fusing blockchain technology with a framework for data exchange.
There is a diverse cross-section of people who support the future that the Ocean Protocol envisions within the Ocean community, from business owners and non-profit organizations to cryptocurrency enthusiasts. The blockchain will completely decentralize its funding as it advances to versions 4 and 5, and its governance will be transferred to the DAO.
Filecoin (FIL)
Filecoin is a cryptocurrency-powered storage network compared to Airbnb for data storage. Miners earn Filecoin by offering free hard drive space, and users pay with Filecoin to store their encrypted files decentralized.
The InterPlanetary File System was developed by Juan Benet, the creator of this new cryptocurrency (IPFS). Benet built this network to change how all the data we produce online is stored, and Filecoin has expanded on this goal.
In this decentralized network, Filecoin and IPFS are complementary protocols for storing and exchanging data. Both programs are free to download. The fact that it is free software enables constant development and the addition of encryption features, as well as increased cybersecurity for data protection.
Basic Attention Token (BAT)
The Brave Ads ecosystem’s native token, BAT, tokenizes user attention. BAT connects publishers and advertisers utilizing Web3-based solutions. Publishers can send BATs directly to the advertiser’s wallet using the Brave browser, doing away with middlemen or mediators.
Users can make money from their attention and receive BAT rewards by watching ads. Publishers and ad makers make money. Target audiences pay attention to advertisers. Users protect privacy while paying close attention to the advertisements. The solution benefits users, advertisers, and publishers alike.
Conclusion
For internet users, data security has been a serious problem. Over the past few years, data theft has increased dramatically, costing users their priceless information and exposing their identities. User-centric data storage and privacy are the main goals of Web3. It will change how both businesses and users interact with the internet. It also aims to introduce fresh initiatives and programs that are more open, secure, and beneficial to both people and companies. If you are considering starting your own web3 project, consult the best Web3 development company to save you time and money.
