If you've been keeping up with crypto news, you must have heard the word "web3" at some point. Web 3.0 is the next big innovation coming to the internet, but some think it's already here! That's why many companies are building structures to adapt to web 3.0.
Similarly, web 3 cryptocoins are a major part of the trend. But what is web 3, how does cryptocurrency fit into the Web3 movement, and what are the best Web3 cryptocoins to buy? This article explains the future of the web and includes a comprehensiveweb 3.0 cryptocurrencies listdetailing everything you need to know before you consider investing in them.
What is Web 3.0?
Experts consider the evolution of the internet to be in three stages. The first stage of the internet is referred to as Web 1.0, which only allows users to read web content. The second stage of the internet is called Web 2.0, and it represents a stage where users can read and type content to share with others. And that's the stage we are in, but we are quickly transitioning from it to Web 3. One major significance of web 2.0 is the boom of social media platforms which allows users to create content and share it with the world.
Now, what is Web 3? Web 3 is a new internet iteration that allows users to read, write and own their content. In other words, web 3 enables users to read, listen or watch other people's content, interact with other users and create content with defined ownership. In web 2.0, anyone can take a piece of art, writing, or doc and upload it to another site, and it might be hard to find the exact source or came from. But, in web 3.0, everyone will know the precise creator and owner of a piece of content or asset.
Web 3.0 is built on blockchain technology, machine, and artificial intelligence and has the following characteristics.
- It provides users with more power and eliminates the monopoly of the internet.
- Because web 3 is built on the blockchain, information created and shared will be censorship-resistant.
- Users' data will not be harvested and stored in central repositories, as seen in web 2.
- Online platforms will be able to integrate web3 crypto as a means of monetary exchange and payment for goods and services.
What's Wrong with Web 2.0?
The internet began as a means of sharing important information and communicating with multiple audiences globally. The web was founded by Tim Berners-Lee, a British computer scientist, in 1989. Tim's idea was a system for information management that birthed the first web version, web 1.0.
Web 1.0 had many restrictions, including users' inability to create their content. This web version was a read-only platform that allowed users to view but not create. Web 2.0 is more accessible and interactive and allows users to view and create personal content, but the websites individuals use can store their data. Further, there's the deep-seated problem of the monopoly of ads and user data by the big companies in the industry.
The only platforms with true decentralized power are web3 crypto coins decentralized exchanges. But, many web3 enthusiasts believe web3 will soon apply to all aspects of the internet. So, let's explore how you can invest in assets that represent the future of web3 from this web 3 crypto coins list.
Top Web 3.0 Cryptocurrencies To Invest
As a forward-thinking investor looking to invest in the future of web3, cryptocurrencies using web3 technologies are the first asset to consider. Here is a list of the top cryptocurrencies with web 3.0 use cases to consider.
The first crypto coin in this web 3.0 crypto coins list is Helium (HNT). While this coin might not be as popular as other top web 3 crypto coins like Ethereum and Solana, it has a powerful use case.
Helium is a system that uses blockchain-based technologies to connect wireless devices with Internet of Things (IoT) networks. The system uses nodes as hotspots to connect these devices to a network for data transmission. The hotspots require low energy, and the proof-of-coverage consensus mechanism helps determine the spread of the coverage.
Users who create and manage a hotspot are rewarded with helium (HNT) tokens. Although wi-fi can support many IoT devices, it has some privacy concerns, but with helium, privacy is 100% secured.
Helium was launched in July 2019, but the company was founded in 2013 to be the future's number 1 IoT communication network. As of September 19, 2022, helium (HNT) is trading at $4.6 with a market capitalization of $583 million.
Solana (SOL) is one of the most popular web 3.0 crypto tokens and is in close competition with ethereum. Solana is largely considered an alternative to ethereum because of its speed and efficiency. It was launched in 2017 and has become a popular option for many crypto investors.
Like ethereum, solana provides smart contract developers with the opportunity to build decentralized apps. It has a massive appeal because crypto transactions on the solana network are faster and cheaper than on ethereum. Ethereum can handle about 20 transactions per second, but solana processes 65000 transactions each second with an average cost of $0.00025. Ethereum, on the other hand, can require thousands of dollars in fees to process transactions when the network is congested or when users are transacting large amounts.
Solana is a top option on this web3 coins list because it represents the framework for building decentralized apps, blockchain games, and non-fungible tokens (NFTs) that will be relevant in web 3.0.
As of September 19, 2022, Solana (SOL) is worth $32.65 with a market capitalization of $11.5 billion.
Filecoin is one of the best web 3 crypto coins with a strong use case. It is regarded as the best-decentralized storage provider in the crypto ecosystem. It is a web 3.0 token that provides a decentralized platform for peer-to-peer utilization, allowing anyone to store and retrieve digital information. In addition, Filecoin's storage system works on the blockchain, making it different from traditional database systems.
It works by allowing users to pay storage miners, those who provide the storage space to store the data through a proof-of-storage consensus mechanism. All transactions are recorded on the filecoin blockchain and open to the public.
Filecoin storage miners such as individuals or data centers can earn the platform's token FIL by providing storage space. Because filecoin stores data across distributed data nodes, it's less subject to geopolitical and security risks. All stored data is converted to cryptographic formats, ensuring it remains encrypted and secure.
As of September 19, 2022, filecoin (FIL) is worth $5.5 with a market capitalization of $1.57 billion.
One of the most important aspects of blockchain is the ability to operate across different chains. So, what is web3 crypto coin for cross-chain data transmission?
Web 3.0 crypto coins for cross-chain data transmission allow users to interact with multiple blockchains. One such cryptocurrency is Polkadot. Polkadot allows users to transact across different blockchains, promoting interoperability and scalability. It offers lower transaction fees at faster speed rates than the ethereum network.
Polkadot's framework can allow Web3 apps and sites to communicate with multiple blockchains quickly and cheaply. Users can use polkadot to transfer data or tokens using an economically stable platform.
Compared to ethereum, polkadot processes transactions faster and at lower gas fees. It also has a unique edge of promoting interoperability across multiple blockchains allowing different platforms to communicate effectively at once.
Polkadot (DOT) is one of the top 20 cryptocurrencies, and as of September 19, 2022, its price is at $6.4, with a market capitalization of $7.15 billion.
Ethereum is one of the top web 3 crypto coins. As the second largest cryptocurrency next to bitcoin, it is on thousands of investors' watchlists. Ethereum has been on the news for a good part of 2022 because of the Merge. The Merge occurred on September 15, 2022, and it was an event to facilitate the transition of ethereum from a proof-of-work to a proof-of-stake blockchain.
Ethereum can be said to be the best among all
web 3.0 crypto projects. This is because it forms the basis of decentralized finance and crypto blockchain innovations. Developers can use smart contract languages to build Defi apps, NFTs, and blockchain games on the ethereum network.
Although Ethereum has a strong utility, it is plagued with slow transaction speed and network congestion leading to high gas fees. Therefore, alternative networks with higher transaction rates, speed, and lower fees were created to solve these problems, some of which are solana and polkadot.
As of September 19, 2022, Ethereum's price is $1360, with a market capitalization of $166 billion.
Another important token on the top web 3.0 crypto list is chainlink. From its name, chainlink describes a connection between different chains. Chainlink is a network built on the ethereum blockchain designed to connect blockchain -smart contracts with external data networks to track information like stock prices or football scores.
Like polkadot, chainlink allows interoperability across multiple blockchains and allows the transfer of messages, tokens, or data. Chainlink allows companies to use their present systems to securely connect with other Web3 cryptos like bitcoin, ethereum, and solana.
Chainlink also allows enterprises to execute smart contracts by transforming off-chain data into an on-chain format. For companies to use this service, they must use chainlink's native currency, LINK, to pay node operators.
As of September 19, 2022, the price of chainlink (LINK) is at $7.3 and has a market capitalization of $3.6 billion.
Flux is another recommended coin among web 3 cryptos to consider investing in. While many cryptocurrencies pose as web 3 crypto coins but operate on centralized frameworks, flux is a true web 3 cryptocurrency that runs on a fully decentralized network.
Flux is a wide array of computing networks that provide a comprehensive connection of distributed computing services and blockchain-as-a-service innovation. Flux currently powers over 4000 decentralized apps and counting. The flux ecosystem consists of flux's decentralized infrastructure, FluxOS, the Zelcore multi-asset wallet, flux's blockchain, and assets from other blockchains to enhance interoperability.
Flux provides a platform for companies to connect with web3 technology by providing all the tools needed to bridge from web2 to web3. Flux's native currency, FLUX, can be purchased from major crypto exchanges.
As of September 19, 2022, flux (FLUX) is trading at $0.9 with a market capitalization of $252 million.
Theta Network (THETA)
Another of the best web3 coins to look out for is the theta network (THETA). Theta network is a web3 service providing decentralized video streaming. Presently, THETA has partnered with MGM and is about to launch an NFT video platform.
Content delivery networks (CDNs) in web2 are companies that offer video stream content to users but are mostly limited by location and can't keep up with providing largely high-quality streams.
Theta network makes high-quality video streams available to end users by creating a pool of users that share bandwidth and computing resources with the global theta community. These users are rewarded for providing their resources. As more users join the network, more bandwidth is made available, and the streaming quality of the videos increases.
Theta network has a native token called THETA coin, which is used as a governance token to vote and make decisions in the network.
As of September 19, 2022, theta network (THETA) is worth $1.04 with a market capitalization of over $1 billion.
How to Buy Web 3.0 coins?
You can buy web3 crypto coins from crypto exchanges. Some popular crypto exchanges include Coinbase, Binance, Kucoin, Gemini, Kraken, and others. Here are the steps to buy any of your favorite web3 coins.
- Select a crypto exchange and register on the platform. Complete your KYC verification process to get access to buy cryptocurrencies from the exchange.
- Add your payment method, which can be bank transfer, debit, or credit card. You also have the option to buy coins from a P2P exchange if the option is available in the crypto exchange you've selected.
- Go to the search box and type the name of the coin you want to buy. If the exchange you're using supports the coin, it will be displayed, and you can buy it in the spot market.
- It's important to note that not all cryptocurrencies are listed on the crypto exchanges. Some coins might be listed on Binance and won't be listed on Kucoin.
- After getting the results for the coin, look for a good entry price to buy the token.
- After purchasing the Web3 cryptocurrency, you can hold it for the long term or open short-term trades depending on your investing style.
Web3 cryptocurrencies are the best means to invest in the future of the web. The shift towards a decentralized internet is happening, and the first area we're seeing this being applied is the cryptocurrency marketplace.
The root of decentralization is the blockchain, and more companies are adopting it for structuring their database and integrating other functionalities.
The web 3.0 crypto coins name list above will give you a good insight into which assets to invest in if you're interested in making profits from the Web3 boom underway. You can also invest in mining web3 crypto coins like Bitcoin using the best mining hosting platform.