Web3 is the third-generation internet that operates via decentralized protocols. These are the elementary units of blockchain and cryptocurrency technology.
Web3 aims for transparency and strives to evolve as the Decentralized version of the digital world.
With Web3, the websites and apps will process data in a more human-like manner. Web3 will flourish using the new-age technologies like decentralized ledgers, machine learning, and big data.
Best Web3 Crypto Projects
Some of the best Web3 Crypto Projects that you should consider before investing in cryptocurrencies include the following.
But be sure to check the current market trends before making any investment in these:
- BitTorrent (BTT)
- Filecoin (FIL)
- Helium (HNT)
- Chainlink (LINK)
- Stacks (STX)
- Flux (FLUX)
- The Graph (GRT)
- Theta (THETA)
- Siacoin (SC)
- Polkadot (DOT)
- Basic Attention Token (BAT)
- Audius ( AUDIO)
- Arweave (AR)
- Livepeer (LPT)
- Ocean Protocol (OCEAN)
- Hive (HIVE)
- Ethereum Name Server (ENS)
- Golem (GNT)
Now, let us discuss the above-mentioned Web3 crypto projects in detail to know why they are the best.
1. BitTorrent (BTT)
BitTorrent is one of the most powerful peer-to-peer file sharing networks which is popular worldwide and is regarded as the first torrent tracker.
With BitTorrent, users can distribute electronic files and data in a decentralized way.
BitTorrent reduces the network and server impact of large file distribution. Therefore, large files are downloaded more easily and quickly.
Each downloader becomes a part of the distribution network.
It enables the users to upload or download large files, divided into several segments called pieces, from a swarm of hosts, instead of doing so with a single source server.
The downloaded file pieces then assemble on the recipient’s computer to form a complete file.
BTT is a TRC -10 utility token that performs to be the crypto torrent token in BitTorrent Speed, which is available as a feature of BitTorrent Web.
It enables the downloaders to give tokens to uploaders for providing quicker download speeds and thus powers a healthier BitTorrent protocol.
2. Filecoin (FIL)
Filecoin can be regarded as Web3’s filing cabinet and a passive income source for users. User’s rent out space on the hard drives of their computer systems and earn the platform’s tokens in return.
The peer-to-peer decentralized storage network can store any form of data, like text, still images, videos, audio files, etc. It acts as a substitute to centralized cloud storage and can store digital assets behind NFTs.
Filecoin claims to securely store any organization’s sensitive information or records.
Anyone with enough disk space and Internet access can act as a storage provider on this network.
You can join the Filecoin network both as an individual or a data center. The amount of transaction fees or the number of tokens you can receive depends on the storage you offer to the Filecoin network.
3. Helium (HNT)
Helium is one of the fastest growing people’s networks that is powered by blockchain technology. It provides a new way for mining crypto. Helium network’s native cryptocurrency is HNT.
Helium allows you to lend miles of low-power network range to your city for IoT devices and receive the HNT token in exchange. The helium network works on the “proof of coverage” algorithm.
Helium enables the interaction of low-power devices for transferring data over a network of hotspots.
Each hotspot or node serves as a miner and covers a specific part of the network. It broadcasts data to be stored in the blockchain through radio waves.
Helium users who build a hotspot on the network or buy it, mine HNT besides operating the network’s hotspots.
4. Chainlink (LINK)
Chainlink is an industry-standard oracle network built on Ethereum with highly secure and flexible infrastructure. It can be put together with any blockchain to offer oracle services.
It enables off-chain computation and provides access to real-world data and thus expanding the capabilities of smart contracts to a great extent.
Being powered by Blockchain technology, Chainlink maintains and guarantees its inherent reliability and security to the users.
LINK, which is an ERC677 token, is the native coin for Chainlink. Its supply limit is 1,000,000,000. It was the 22nd largest crypto currency by market value by February 2022.
5. Stacks (STX)
Stacks aims to create a decentralized, user owned network. It allows you to unleash the full potential of Bitcoin. It enables smart contracts, apps, NFTs, DeFi for Bitcoin.
Stacks provides a new way to earn bitcoin. You can hold STX, which is the native cryptocurrency for Stacks, and earn BTC as a reward, the native cryptocurrency for bitcoin.
You contribute your support to the Stack’s consensus and security by holding and temporarily locking STX.
Stacks enables the developers to build digital assets, smart contracts, and apps by connecting to Bitcoin. All these are unified with the network, capital, and security of Bitcoin.
6. Flux (FLUX)
You can completely decentralize your protocol with the help of Flux. For accessing data on and off-chain, Flux has come up with an oracle design with a fully decentralized framework. It is Web3’s trustless data layer.
Developers can build Web3 applications and decentralized projects using Flux and can make use of them on various networks simultaneously.
FLUX is the trending cryptocurrency which powers the Flux ecosystem.
7. The Graph (GRT)
The Graph is an indexing protocol that can manage blockchain data. It is created for querying blockchain data from various networks, such as Filecoin, Ethereum, etc.
This data is categorized into subgraphs which are open API’s and can be queried by any user.
The Graph is also a high-level cryptographic ledger that is created upon the initial low-level blockchain indexing protocol.
The Graph is powered by GRT, which is its native cryptocurrency token and is an Ethereum token.
8. Theta (THETA)
Theta is the next evolution of the streaming space that is set to disturb the present online video industry.
It is a decentralized peer-to-peer network created to provide higher quality & smoother video streaming and delivery at lower expenses.
Theta blockchain is designed to offer both economic as well as technical solutions for the video streaming world.
It will eliminate the requirement of building expensive infrastructure or business models by the video platforms and thus reducing the cost.
On this platform, the viewers receive rewards as Theta fuel for participating in the network, by sharing excess resources and bandwidth.
9. Siacoin (SC)
Sia is a blockchain digital network where users can get cloud storage space on rent for which they need to pay hosts.
On this platform, the data of the users is encrypted in thirty pieces and each segment gets uploaded to a distinct host.
Sia has been built by Skynet. Other upcoming Sia-based projects which are being developed by Skynet include cloud-based file sharing, content delivery, and media streaming.
Siacoin is the crypto token which is swapped between hosts and renters. It is used to execute Sia’s smart contracts.
10. Polkadot (DOT)
Polkadot is created to allow transfers of data or other assets across peer-to-peer networks. It enables the users to interoperate with several blockchains on the native platform.
The parachains in the Polkadot network are independent and unique but can interact with each other. This is a crucial function for Web3.
DOT is the native cryptocurrency for Polkadot. It serves 3 different purposes:
- Governance
DOT holders own full power over the protocol. The DOT holders or relay chain participants are provided all such privileges which the other platforms exclusively offer to the miners.
These privileges include organizing exceptional events like upgrades or fixes related to the protocol.
- Staking
Token holders are provided with incentives for behaving in honest ways as per the game theory.
With this mechanism, good actors will gain while bad will lose their stake in the system, thus ensuring network security.
- Bonding
Bonding of tokens adds new parachains while the outdated ones are eliminated by eliminating bonded tokens. This is a kind of proof of stake.
11. Basic Attention Token (BAT)
Basic Attention Token claims to be the first crypto application that has more than one million users. BAT powers a peer-to-peer digital advertising platform which is designed to make crypto and DeFi usable and accessible for all.
The Basic Attention Token developers aim to provide solutions for privacy violations and endemic inefficiencies faltering the online ad industry.
Within the BAT Ad ecosystem, users earn BAT for viewing ads, and therefore, they maintain privacy; creators and publishers earn revenue from ads along with receiving contributions from the users; while the advertisers get to know the effectiveness of their ads with Brave’s anonymous accounting which maintains privacy.
12. Audius ( AUDIO)
Audius is a completely decentralized peer-to-peer music streaming platform. It aims to provide curators and artists more power over the music they create.
Artists can upload their music on the platform and can create firm records for their work. These will be protected by a decentralized nodes’ network.
Audius directly connects the artists with their fans and thus eliminates the need for any middlemen.
Audius provides the artists sole ownership of their music and aims to solve the challenges faced by music artists including ownership, royalties, and music rights.
Artists can independently decide how to monetize their music on Audius network.
90% of the revenue in AUDIO goes to the music curators while 10% belongs to the stakeholders supporting the Audius network.
The ERC-20 token “AUDIO”, operates as the governance token on Audius. AUDIO holders can stake their token for accessing exclusive content, participating in Audius’s governance, and helping in securing the network.
Staking can also provide the holders with AUDIO rewards.
13. Arweave (AR)
Arweave is a cryptocurrency project that aims to facilitate permanent data hosting.
It is a decentralized solution for data storage that ensures the easy availability and indefinite accessibility of data.
The company’s flagship product, “permaweb” hosts various community driven platforms and applications.
The AR token, which is the native cryptocurrency of Arweave, serves to reward miners who save and share the data. It is also used as payment for storing any new data.
The maximum token supply of Arweave is said to be 66 million AR.
14. Livepeer (LPT)
Livepeer is an Ethereum-based crypto project. It provides for transcoding videos across its blockchain network.
The protocol is developed to provide a reliable, secure, and cost-efficient infrastructure for handling the high video streaming demands of present times.
Livepeer, unlike other video streaming services, is not for distributing, storing, or hosting video; instead, it is for more efficiently sharing video to consumers from the broadcasters.
For this purpose, the technology of Livepeer utilizes excess computing power.
Livepeer allows app developers to develop videos within an affordable, efficient, and secure framework.
It provides access to thousands of distributed processors, to the broadcasters. In this way, Livepeer aims to discontinue the video transcoding market.
LPT token is the native cryptocurrency of the Livepeer ecosystem. It secures the network and assists the supporters of the video encoding process by coordinating their work responsibilities.
15. Ocean Protocol (OCEAN)
Ocean Protocol is one of the leading blockchain-based crypto projects. It provides a richness of private data which can be lawfully accessed, for employment in a variety of applications.
Ocean protocol unlocks the value of data using privacy-preserving secure techniques.
It allows the data owners and consumers to sell, buy, or publish data on the decentralized peer-to-peer network.
With the striking feature of the Ocean Protocol, the participants can receive a passive income.
They can earn by curating data assets and by providing liquidity to the Balancer AMM (Automated Market Maker).
Ocean protocol is deployed on Ethereum and provides a host of artificial intelligence (AI) and decentralized finance (DeFi) tools.
The OCEAN token, which is an ERC utility token, is the native cryptocurrency of Ocean Protocol.
It is used in three ways: firstly as an exchange unit, secondly for Ocean protocol governance and funding, and lastly for staking on data for adding liquidity.
With OCEAN token, stakers can earn passive income in the form of transaction fees and rewards. Moreover, it is popularized as “ the token for Web3 data economy”.
16. Hive (HIVE)
Hive is a Graphene-based scalable, fast, and powerful blockchain platform for Web3 which is powered by HIVE cryptocurrency.
Its ecosystem comprises hundreds of projects, communities, and apps and also provides space to popular Web3 apps like HiveBlog, PeakD, Splinterlands, etc.
Its significant features include upcoming Smart media token integration, integrated token allocation, time-delay security, and minimum entry-barrier for user adoption in the market.
It aims to become the preferred platform for development of dApp.
Hive provides several open-source and community-owned wallets which are available for Android, iOS, Linux, macOS, Windows, and Web.
Wallets are crucial to interact with Web3 apps and to store your cryptocurrencies in a safe and secure manner.
17. Ethereum Name Server (ENS)
Ethereum Name Server is an Ethereum blockchain-based extensive, open, and distributed naming system. It functions in the similar manner as the Domain Name System which is used for websites.
It transforms complicated name strings into simple addresses which are easy to read.
It eliminates the need to copy and paste long addresses as it provides a single ENS name for storing all of your addresses. With this you can easily receive any NFT or cryptocurrency.
With ENS, you can launch decentralized websites which will be resistant to censorship. You can access your website with ENS name by uploading it to IPFS.
.ETH is the native name suffix for ENS which provides the users high blockchain-featured security. It supports and can be used with many DNS names like .com, .org, .io, .app, .xyz, and .art.
18. Golem (GNT)
Golem is a protocol for managing the computing power in the cloud in a completely decentralized manner. It is commonly referred to as “Airbnb” for computer power by the developers.
The Golem platform allows users to distribute free computer power to the other users who require it and receive GNT tokens, which is the native cryptocurrency for Golem, as a payment for this allotment.
Conclusion
Web3 is developed on the concepts of decentralization, openness, interoperability, and greater utility. With Web3’s arrival, Web3 cryptocurrencies are on the rise.
Web3 cryptocurrencies are increasingly becoming lucrative investments due to the support of proponents of Web3 concepts.
However, investing in cryptocurrency is still considered a very speculative idea. Therefore, be careful with your investments and invest only after consulting with your financial advisor. Also, don’t invest that amount which you cannot afford to lose.