At the moment, blockchain technology is gaining traction, and one of the most unique areas where it is expected to make progress is the internet. We can expect a strong convergence and symbiotic relationship between these three technologies and other fields because Web 3.0 networks will operate through decentralized protocols—the founding blocks of blockchain and crypto technology. Web 3.0 cryptocurrencies are decentralized projects that use smart contracts to automate internet transactions. However, in the future, a number of Web 3.0 cryptocurrencies might surpass Bitcoin.
Web 3.0 refers to the third-generation internet, in which apps and websites will process data in a much more human-like manner. Web 3.0 will thrive thanks to technologies such as big data, machine learning, and decentralized ledgers.
Top 5 Web 3.0 cryptocurrencies that may eventually replace Bitcoin
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.
Users of Filecoin can earn the platform’s token by renting out space on their computers’ hard drives. Filecoin is a decentralized peer-to-peer storage network. Filecoin’s ability to store digital assets like music or art behind non-fungible tokens is one of its main advantages. In the Filecoin network, anyone can be a storage provider, whether they are an individual or a data center.
Flux was designed to make it easier for developers to create Web 3.0 applications and simultaneously deploy them on various networks. The development of decentralized projects is another use for it. Users can access data both on-chain and off-chain with Flux’s oracle design, which has a solely decentralized infrastructure.
BitTorrent is a top peer-to-peer file-sharing platform with more than 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. However, users can upgrade to premium memberships for a fee to benefit from advantages like virtual private network capabilities and ad-free browsing.
Chainlink is an Ethereum-based decentralized network that enables the development of smart contracts based on actual data. Its ability to integrate with any blockchain has led to its widespread use as a platform for oracle services. Recently, demand for Chainlink’s native coin, LINK, has grown. At one point, it surpassed Shiba Inu as the cryptocurrency that the biggest ether holders traded and held the most. It is one of the most effective Web 3.0 cryptocurrencies and will eventually replace Bitcoin.
The rise of Web 3.0 cryptocurrencies is inevitable given the arrival of Web 3.0. The principles of increased utility, openness, and decentralization form the foundation of Web 3.0. Given the growing number of people who support these ideas, Web 3.0 tokens may become profitable investments as a result of the increased support. But investing in cryptocurrencies is still very speculative.
Also Read: What is Web3 and Why Should You Care?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.