Following the emergence of NFTs and the metaverse, the Web3 concept is perhaps one of the most important and prized slogans of 2022. But from an ideation perspective, the very concept of forming a platform -decentralized form was once the long-term vision of the crypto community.
Companies like Polkadot, Helium, Kusama, etc. are already carrying out large-scale Web3 projects and many more are still in the pipeline. Today, Web3 is changing the way we view business operations, enhancing security, revamping financial infrastructure, and many other sectors. As the world is poised for a Web3 transition, many believe it will play a vital role in the crypto space going forward.
According to a report by Prophecy Market Insights, the global Web 3.0 blockchain market is expected to grow at 45.20% CAGR and reach $87,761.35 million by 2030.
So, let’s look at the top 5 crypto projects that could pave the way for Web3 innovations. As of July 1, Web3 tokens had a market cap of $19,917,411,015 with a trading volume of $2,350,713,896 according to CoinMarketCap.
Perhaps one of the crypto projects that has driven Web3 innovation is the 12-rated Polkadot protocol. DOT through its Web3 Foundation unites and secures a growing ecosystem of specialized blockchains called parachains. Polkadot offers cross-chain communication offers across chains in a decentralized manner.
Polkadot offers greater transaction speed and lower fees, and with its ability to enable independent blockchains to share information with confidence, DOT can become the market leader and even lead the decentralized internet sector.
As a next-generation decentralized Web3 computing network, Flux is a decentralized computing service and blockchain-as-a-service solution, which enables users to develop Web3 applications and deploy them on various networks. Running on proof-of-work consensus, it offers incentives and removes bottlenecks through its unique system.
Ocean Protocol (OCEAN)
OCEAN is another crypto that provides users with the necessary tools to operate on various Web3 projects. Developers of various projects can monetize their data without having to worry about privacy or losing control. Users can access datasets that were previously considered “hard to find”. This allows users to tokenize data, thereby allowing developers to earn additional income.
Zcash is primarily a decentralized cryptocurrency focused on privacy and anonymity. Using zk-SNARK zero-knowledge proof technology, it allows network nodes to verify transactions without revealing the source of the transactions.
Founded by Bram Cohen, BitTorrent is the world’s first torrent tracker and most advanced P2P network. On this platform, large files can be split into fragments. People who want to upload files are automatically part of the system. BTT’s goal is to disrupt the legacy entertainment industry and how consumers get content.
With the Web3 projects that are going to develop in the future, we could see several other companies make their mark and several cryptos could turn to them for their operations. That said, market participants should understand that the crypto markets are a volatile realm and should be entered with a great deal of caution.
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