Blockchain technology has been a hot topic for a while now and is gaining heavy popularity more than ever. Internet is one of the areas this technology has been doing a tremendous job at and will most likely grow with the help of its hybrid Web 3.0, which aims to be the decentralized version of the virtual world, bringing greater sovereignty over individuals’ digital lives. Read more to know some of the best Web 3.0 cryptocurrencies to invest in 2023.
With the rapid popularity of blockchain technology, many are focusing on developing new ways to invest in blockchain and cryptocurrency. Web 3.0, therefore, has the intention of becoming the foundation of something a lot bigger than the IT industry could have ever imagined. This new breed of the internet is aspiring to become the decentralized version of the virtual world. Web 3.0’s goal is transparency and users will have a limitless number of resources, content, and agreements at their disposal in the future. Web 3.0 will use tokens as smart contracts to make transactions on the internet automated. Therefore, TechTrends gathered a list of the best Web 3.0 crypto projects that are trying to build new technology.
Best Web 3.0 Cryptocurrencies to Invest in 2023
The cryptocurrency world has been eventful in 2021, with $3 trillion in market capitalization and Bitcoin becoming a legal tender in El Salvador, marking a milestone. For more information, read the article on cryptocurrency legal countries list 2020. A significant number of people are turning their attention toward Web 3.0. Is it the Internet of the future?
What Is Web 3.0?
Before exploring the best Web 3.0 cryptocurrencies to invest in 2023, let’s have a brief look into what Web 3.0 is. The decentralized web – Web 3.0 – is the internet’s third version, an improvement for Web 2.0, which we are currently using. With the use of Web 2.0, Internet has encouraged more socializing and connection, contributing to the creation of massive amounts of data and content. However, only a small group of tech giants like Amazon, Apple, Meta, Microsoft, and Google control these data and contents. Privacy issues have long been a concern and users believe that they don’t have freedom when it comes to their personal data since they have to accept all the terms and conditions in order to be allowed to use the service.
In addition, social media are putting stricter rules on what should and should not be shared on their platforms, leading to controversies over freedom of speech. Web 3.0, a decentralized and user-specific version of the internet where users are the ones controlling their data, however, wants to solve this problem. The following list mentions the advantages of Web 3.0
- Antitrust and privacy protection
- Secure network
- Data ownership
- Interaction
- No service interruption
- Permissionless blockchain
- Semantic web
- Ubiquity
Here are some of the best Web 3.0 cryptocurrencies to invest in 2023:
Flux (FLUX)
If you want to operate in a decentralized world, this cryptocurrency is helpful for you as it is one of the best Web 3.0 cryptocurrencies. The Flux network makes that a reality by giving its users support for creating projects and applications, like cloud infrastructure on a decentralized operating system, FluxOS. It aims to lay the groundwork for building out this new iteration of the web. Furthermore, it offers Blockchain-as-a-Service solutions in comparison with the Software-as-a-Service ones. Looking through the Best Web 3.0 blockchain projects, you can see that the Flux coins will revolutionize the internet in the near future.
Square, Inc., a digital payments firm, has supported coins like Flux to succeed and encouraged the Redditor spirit towards blockchain.
Helium (HNT)
Helium is also among the best Web 3.0 cryptocurrencies to invest in 2023. It is a decentralized network based on a blockchain to power IoT devices. It uses a global network of low-energy wireless hotspots and transfers data over and records it in the blockchain. A new algorithm is used by the Helium network that is called a proof-of-coverage consensus. It is utilized to validate that the hotspots provide legitimate wireless coverage. The Helium currency stands among the best Web 3.0 crypto tokens list as it will benefit from the shift to the third version of the internet.
One of the reasons behind this currency gaining wider acceptance is that companies like Visa Inc. – a payments firm headquartered – have made it possible by increasing public confidence in the innovative technology. They have launched a cryptocurrency advisory service for people to further contribute to that cause.
Filecoin (FIL)
The Filecoin network uses Filecoin as its cryptocurrency and works as the filing cabinet for Web 3.0. It is a decentralized digital shortage and data retrieval network. Users can store lots of audio, video, images, and text data. However, their long-term goal is to provide high-security levels that make them suitable for storing sensitive information like ownership and financial records. Redditors have supported this coin among the others on the Web 3.0 crypto coins list as an alternative to cloud storage that is centralized. It also allows users to make money by renting unused hard drive space, making it one of the most state-of-the-art solutions provided by the network.
PayPal Holdings, Inc. is among the companies integrating crypto-like Filecoin onto their digital payment ecosystem, contributing to its rise as one of the best Web 3.0 cryptocurrencies to invest in 2023.
Polkadot (DOT)
One of the cryptocurrencies that are gaining fast popularity on the market is Polkadot; however, investors may not be aware that it is on the Web 3.0 crypto tokens list. It is well-known for trying to ensure scalability, and when compared with Ethereum in terms of low fee charges and fast speeds, Polkadot ranks higher. That is one of the main reasons why Redditors prefer it over many others. Not considering Ethereum, the second most popular cryptocurrency, Polkadot is probably the best of the rest in terms of scalability. Due to this reason, it is expected to be one of the best Web 3.0 cryptocurrencies to consider for the next few months.
Microsoft Corporation is among the companies that supported the crypto revolution in the last 10 years and they now aim to benefit from the growth of digital coins. Polkadot’s position in the crypto verse can be compared with the Microsoft Corporation’s in the technology universe. It is one of the best 3.0 cryptocurrencies to invest in 2023.
Livepeer (LPT)
Internet streaming has skyrocketed in popularity in the past decade, now enjoying hundreds of millions of paid subscribers. Livepeer, which is a digital currency used in the Liverpool network and one of the best Web 3.0 cryptocurrencies to invest in 2023, is gaining benefit from users’ shift toward decentralized services. It runs on a video streaming network that is decentralized. When compared with traditional streaming services, some of its benefits are providing users with cost-effective and safe services. The streaming demands of Web 3.0 will most likely be handled by Livepeer.
In Web 2.0, which is also known as the “social” craze, Meta Platforms, Inc., formerly known as Facebook, is the most powerful firm on the planet. Meta owns some of the biggest social media platforms in the world that have millions of users. They have now turned their attention to cryptocurrencies and have invested heavily in the Metaverse. For more information on “What is Metaverse and why it matters,” check the previous article of oZone News on the matter.
Kusama (KSM)
This network has nearly the same codebase as Polkadot and is managed on specialized blockchains. This scalable network attracts teams and change agents that aim to move fast, innovate and take back control. Experts believe that Kusama is a profitable investment on the Web 3.0 crypto coins list. It is because the network has been around longer and is more substantial. Kusama has advanced technology built on a next-generation, multichain network, whereas employing the newest features before Polkadot deploys them. The other advantage of Kusama is that it has low economic barriers, which makes it perfect for startups that plan to move fast. Due to its sharded blockchains and open governance, Kusama offers a scalable infrastructure for businesses, as well as marketplaces and applications in order for them to mature.
Ocean Protocol (OCEAN)
Ocean Protocol is another one on the list of the best Web 3.0 cryptocurrencies to invest in 2023. It offers all the necessary tools to build a Web 3.0 solution. Moreover, it is also built to decentralize the data exchange concept on the internet and can unlock data made by artificial intelligence. It is based on blockchain and uses crypto to connect data consumers and providers. In this network, owners have total control over their information without being in only one marketplace; hence, users will be able to join a new Data Economy that is all around the world, touching every business, device, and person. In this Ocean Protocol community, there can be many individuals ranging from data developers to companies, corporations, crypto enthusiasts, and others who believe in the future of the internet with Web 3.0 and Ocean Protocol’s proposal.
Kadena (KDA)
This scalable PoW layer-one blockchain protocol is able to process more than 480,000 transactions in a second. It is courtesy of the braided chains used. Kadena’s innovative contract capabilities are similar to that of Ethereum, not like the top PoW cryptocurrency Bitcoin. What does it mean smart contract capable? Well, it indicates that this network can host decentralized finance (DeFi) as well as Non-Fungible Tokens (NFTs) protocols. In addition, it can host other projects from stablecoins to payment processors. Its purpose is to fix the problem there is with high costs of transactions and network congestion in Ethereum. Moreover, it wants to offer marginal transaction fees and develop a “crypto gas station” feature. It encourages creation of accounts that are there to fund gas payments on the user base’s behalf if some requirements are met.
ZCash (ZEC)
Among the first privacy-built cryptocurrencies, there is ZCash, a decentralized, peer-to-peer digital currency and payment network like Bitcoin. However, it offers more privacy and security and is known as one of the best Web 3.0 cryptocurrencies. This exciting technology allows individuals to prove something’s truth without the need to reveal the “secret” through innovative mathematical proofs. In other words, transactions can be validated but not displayed. Users are provided with a chance to enjoy strong transaction privacy when using ZCash. ZEC has even highly increased since there was an emphasis on the importance of privacy and an enhancement plan set for the network.
BitTorrent (BTT)
The last one mentioned on our Web 3.0 crypto tokens list that is worth investing in is BitTorrent. It is the first and most vital peer-to-peer filesharing network there is in the world. Many big files are divided into pieces and transmitted over the internet using this format, which is later merged into a single file on the receiver’s computer. After downloading the file, users automatically join the distribution.
Final Thoughts
With the importance of data growing, so should the security and privacy in the way it is used. As many of you are already aware, every single website you click on gathers information about your browsing habits. Websites show in the popups that they use cookies, and the privacy of the users is essential to them. But is it really? Not many spend time reading their terms of service. However, those who do, know that websites collect information about you in any way they can and use that data in any way that best serves them. That is why you see an advertisement that is based on your browsing history, but they do not stop there. They even sell data to other companies so that they can advertise to you as well.
With humanity being on the verge of another technological revolution, those problems could well be fixed as a shift to Web 3.0 is picking up steam. If you plan to invest in the Web 3.0 era and get ahead of the revolution, this article tried to help you make a wise decision as to what cryptos to consider and what the best Web 3.0 crypto projects are.