Currently, blockchain technology is becoming increasingly popular, 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 areas, as Web 3.0 networks will operate through decentralized protocols – the building blocks of blockchain and crypto technology. Web 3.0 cryptocurrencies are decentralized projects that use smart contracts to automate internet transactions. However, a number of Web 3.0 cryptocurrencies may overtake Bitcoin in the future.
Web 3.0 refers to the third generation of the internet, where applications and websites will process data in a more human-like manner. Web 3.0 will be powered by technologies such as big data, machine learning and decentralized ledgers.
Top 5 Web 3.0 Cryptocurrencies That Can Replace Bitcoin
Helium, a blockchain-based decentralized network, uses a proof-of-scope algorithm to connect Internet of Things (IoT) devices. Users of low-power devices can communicate and send data to each other through a network of nodes called hotspots, each covering a specific area of the network, using Helium, which allows users to build a decentralized wireless infrastructure at any scale. Hotspots also work as miners. Network users who purchase or build a hotspot control the network’s nodes and mine HNT, the native cryptocurrency of the Helium network.
Filecoin users can earn the platform’s token by renting space on their computer’s 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. Anyone can be a storage provider on the Filecoin network, be it an individual or a data center.
Flux is designed to make it easy for developers to build Web 3.0 applications and deploy them across different networks. Development of decentralized projects is another use for this. Users can access data both on-chain and off-chain with Flux’s oracle design, which only has a decentralized infrastructure.
BitTorrent is the best 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 world’s largest distributed network” and offers secure torrent streaming and downloading. However, users can upgrade to premium memberships for a fee to enjoy benefits such as virtual private networking capabilities and ad-free browsing.
Chainlink is an Ethereum-based decentralized network that enables the development of smart contracts based on factual 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 increased. At one point, it overtook Shiba Inu as the cryptocurrency most traded and held by the largest ether holders. It is one of the most effective Web 3.0 cryptocurrencies and will eventually replace Bitcoin.
Given the advent of Web 3.0, the rise of Web 3.0 cryptocurrencies is inevitable. The principles of increased utility, openness, and decentralization are at the core of Web 3.0. Given the growing number of people supporting these ideas, Web 3.0 tokens could become profitable investments as a result of increased support. But investing in cryptocurrencies is still very speculative.
Also read: What is Web3 and why should you care?
The content provided may contain the personal opinion of the author and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.