banner.jpg

All You Need To Know About Web 3.0 And Crypto



Web 3.0 is the new breed of the internet, which aims to be a decentralized version of the virtual world, where users can interact and collaborate intelligently without worrying about the central, data-specific repositories. And to make the web evolution more inclusive and less biased, blockchain technology is the resource to focus on.


In other words, Web 3.0 is the next version of the internet, where services will run on blockchain. That’s how Tariq Wali, chief technology officer of Chingari, a short-video platform, explained Web3, even as he said that likening the cloud to blockchain is not the right comparison.


How are Crypto, Blockchain, and Web 3.0 linked?


Web 3.0 strives for openness and transparency, so does blockchain. But this isn’t where the parallels end. Blockchain, as we know it, aims at keeping the insights organized as blocks, with cryptographic hash entrusted to make them immutable and secure. Once Web 3.0 becomes a reality, the virtual world will see resources, applications, content, and agreements that are accessible to all, provided the cryptographic keys are in place.


With blockchain paving the way for a more ‘democratic’ form of internet, it would finally come down to dApps and Smart Contracts to automate specific processes. And that is where the top crypto players come into play. Going forward, crypto players that would offer the best technology to contribute to the Web 3.0 ecosystem will get the maximum attention.


Web 3.0 Cryptos to Buy for the Future of the Internet


The Web 3.0 revolution will take place over the next few years. On the blockchain, decentralization is much more plausible. Applications can run on tools like smart contracts, which automate transactions of assets and data, and developers can easily take a backseat to the greater desires of the community because of the Decentralized Autonomous Organizations (DAOs).


Web 3.0 Cryptos to Buy –


Helium (HNT-USD): Helium offers web service built to compete with that of ISP giants like Verizon (NYSE:VZ) and AT&T (NYSE:T). It uses blockchain alongside physical hotspots to allow users access to wireless internet all over the world. Users can buy the hotspot hardware to keep in, for example, an apartment. When another Helium user outside of the apartment building wants to connect to wireless internet, they can seek out and connect with the hotspots.


Filecoin (FIL-USD): The Filecoin network is a decentralized storage network that is built to be both a safe alternative to centralized cloud storage plays and a way to passively earn money. Filecoin wants its users to be aware that its storage is for anything and everything. As its site points out, one can store virtually any type of data, be it an audio file, a video, static imagery or text. It also claims to be secure enough for the more important data, like private company information and datasets. Of course, being on the blockchain, the network has the assistance of cryptographic proofing in keeping files secure. It also promises to provide these services at the most competitive prices; the network claims to have achieved “economies of scale,” which allow almost anybody to afford the services for whatever they need.


Polkadot (DOT-USD): Polkadot gives each project its own chain that runs parallel to the rest. Developers have more freedom, more room for experimentation, and more support through these parachains. As such, they are quite the hot item. In fact, Polkadot’s parachains are so sought after by developers, the network doesn’t need to try at all to attract new apps. On the contrary, the developers fight tooth-and-nail for their own chain through parachain auctions. As of right now, there are only 100 parachains that the network supports, and it is only just now opening up to developers. The first parachain auctions began early in November, pitting 10 total projects against one another to crowdfund the highest amount of DOT.


Kusama (KSM-USD): Just like Polkadot, projects vie for one of Kusama’s 100 parachains. Once a project gains its own chain, it gets to use Kusama as a training ground before moving up to Polkadot. Users can utilize Kusama apps normally, and developers can seek out any bugs or inconsistencies and fix them before hopefully moving up to Polkadot and its broader exposure. Kusama might be the better short-term bet between the two plays, since its network is long-running and more robust. However, Polkadot is sure to catch up as it continues with its auctions, and it continues to reel in billions in crowdfunding. But regardless of which coin one turns to, be it DOT or KSM, the nature of the two chains essentially means you’re investing in the success of both.


Conclusion


If we were to compare, if cloud platforms or on-premise infrastructure form the foundation for services in Web2, whereas, in Web3, all services are built on top of a blockchain. Cryptocurrency is a key building block for Web3 since one needs to transact crypto coins or tokens to participate in them. But Web3 is a lot more than that and its use cases are still evolving.


Thus, to understand why Web3 is important, it’s necessary to understand the purpose of the previous versions of the internet – Web1 and Web2, which spanned the period from the 1990s till date. Web1 started with static or personal web pages. At the beginning of the 1990s, people were just getting started on the internet and it was filled with web pages that were static. There was not much scope for interaction. Then came Web2 in the 2000s and with it Big Tech like Facebook, Google, and Amazon.


Source: Money Control | Economic Times | Investor Place

 



0 comments

Recent Posts

See All