Top 5 Web3 Tokens by market cap

Highlights

• Web 3.0 is often considered a possible future version of web technologies and internet-based blockchains.
• As of 31 August, the top Web 3.0 market cap stands at US$23,531,792,534 with a total volume of US$1,750,703,253, according to CoinMarketCap.

As the world of cryptocurrencies zooms towards decentralisation and increased adoption, Web 3.0 technologies will have a critical role to play. Web 3.0 is often considered a possible future version of web technologies and internet-based blockchains.

What makes Web 3.0 unique is its ability to be permissionless and protect the users' privacy. Hence, the users who create the content technically own it or own the digital assets purchased. Therefore, it wouldn't be wrong to assume that Web 3.0 may be key to further space development. In fact, as of 31 August, the top Web 3.0 market cap stands at US$23,531,792,534 with a total volume of US$1,750,703,253, according to CoinMarketCap.

According to a Market Research Report, the Web 3.0 blockchain technology by 2023 may be worth more than six trillion dollars and is expected to rise further at a CAGR of 44.6% from 2023 to 2030.

So, let's explore the top 5 Web 3.0 crypto projects by market cap.

Polkadot (DOT)

Market cap: US$8,003,843,603

Polkadot is an open-source, sharded multichain protocol and acts as a foundation for various Web 3.0 technologies. Operating on the proof-of-scale consensus, Polkadot offers economic stability and transactional scalability. Dubbed as a Layer-0 metaprotocol, it identifies a format for the Layer-1 blockchains, also known as parachains.

One of the key features of the DOT crypto is that it can connect with public and private chains, permissionless networks etc., and allows them to share information and transactions through the Polkadot Relay Chain.

Being flexible and adaptive, it also allows sharing of information between multiple participants and can be automatically upgraded without needing a fork.

Chainlink (LINK)

Market cap: US$3,316,652,891

Another popular Web 3.0 protocol, Chainlink, allows users to connect to smart contracts universally. The Chainlink Network operates as a smart contract developer and data provider, ensuring that all node operators who are looking to contribute to the network participate.

With the help of its oracle network, the Chainlink allows the blockchains to interact with each other securely.

Filecoin (FIL)

Market cap: US$1,566,814,616

Filecoin is a decentralised storage system which allows users to store important information digitally. The project was conceived as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network.

As an open protocol, it is governed by its native token FIL and operates on dual consensus technology -- proof-of-replication and proof-of-spacetime. Unlike other cloud storage platforms, Filecoin being decentralised can ensure data protection and is easier to retrieve should anything go wrong.

Besides, Filecoin allows users to access their data and will enable them to participate in mining and staking facilities.

Theta Network (THETA)

Market Cap: US$1,192,170,038

Theta Network is primarily a blockchain network which is built to stream videos. As the network is decentralised, it allows the users to not only share the videos but also allows them to share the bandwidth. Theta Network's primary motive is to become the ultimate content offering service, and as a service provider, it aims to offer cheaper content than other competing centralised platforms. Operating on the Proof-of-Stake network, the Theta protocol rewards the users with quality streaming service, improved earnings, and reducing costs.

BitTorrent-New (BTT)

Market Cap: $840,802,167

Bittorent (BTT) is another Web 3.0 project which offers peer-to-peer service to its users and allows them to share files seamlessly. Compared to centralised data storing services, the BTT protocol doesn't have any third-party interference and is cost-effective.

Besides, the protocol allows users to download files from the web and convert them to torrent files and an upload feature that enables them to transfer to multiple sources. The entertainment businesses that share files primarily use the users for consumption.

Conclusion

With the recent explosion that the Web 3.0 space has seen, it wouldn't be wrong to say that going ahead may very well change how we interact with real and virtual worlds. Several leading brands, such as Apple, Microsoft, Amazon etc., are exploring the space to improve their consumer offerings.

But while these are still emerging technologies, it is critical as a market participant to fully understand the space's nuances and then decide to invest. One shouldn't take any decision in haste or due to speculation, as it may lead to severe financial losses.

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