5 Web3 cryptos that are driving innovation

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5 Web3 cryptos that are driving innovation

 5 Web3 cryptos that are driving innovation
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Highlights

  • According to a report, the global Web 3.0 Blockchain Market is expected to grow by 45.20% CAGR and will reach US$87,761.35 million by 2030.
  • As of 1 July, the Web3 tokens boasted a market cap of US$19,917,411,015 with a trading volume of US$2,350,713, 896, according to CoinMarketCap.

Following the emergence of NFTs, and metaverse, the concept Web3 is perhaps one of the biggest and most prized catchphrases of 2022. But from an ideation part, the very concept of forming a decentralised platform has already been the long vision of the crypto community.

The likes of Polkadot, Helium, Kusama etc. are already driving Web3 projects on a big scale with many more still lined up. At present, the Web3 changing the way we look at business operations, increased security, revamping financial infrastructure and many other sectors. With the world all set for a Web3 transition, many believe that it will play an integral part in the crypto space in the future.

According to a Prophecy Market Insights report, the global Web 3.0 Blockchain Market is expected to grow by 45.20% CAGR and will reach US$87,761.35 million by 2030.

So, let’s look at the top 5 crypto projects that may lead the way with Web3 innovations. As of 1 July, the Web3 tokens boasted a market cap of US$19,917,411,015 with a trading volume of US$2,350,713, 896 according to CoinMarketCap.

Polkadot (DOT)

The 12-ranked Polkadot protocol is perhaps one of the crypto projects that has been driving Web3 innovation. DOT through its Web3 foundation unites and secures a growing ecosystem of specialised blockchains called parachains. Polkadot offers cross-chain communication offerings across chains in a decentralised manner.

Polkadot offers greater transaction speed and lower fees and due to its ability to allow the independent blockchains to trustlessly share information, DOT can emerge as the market leader and even head the decentralised internet sector.

Flux (FLUX)

As a decentralised next-generation Web3 computational network, Flux is a decentralised computing service and blockchain-as-a-service solution, which allows the users to develop Web3 applications and deploy them across various networks. Operating on a Proof-of-Work consensus, it offers incentives and removes bottlenecks through its unique system.

Ocean Protocol (OCEAN)

OCEAN is another crypto that offers users the necessary tools to operate on various Web3 projects. The developers of various projects can monetise their data without having to worry about privacy or losing control. The users can access datasets that were earlier considered ‘difficult to find’. This allows the users to tokenise the data, thereby giving the developers to earn additional income.

ZCash (ZEC)

Zcash is primarily a decentralised cryptocurrency that is focused on privacy and anonymity. Using the zk-SNARK zero-knowledge proof technology, it allows the nodes of the network to verify the transactions without revealing the source of the transactions.

BitTorrent (BTT)

Founded by Bram Cohen, BitTorrent is the first torrent tracker and the most advanced P2P network in the world. On this platform, huge files can be divided into fragments. People who want to download files automatically become a part of the system. BTT’s goal is to disrupt the legacy entertainment industry and how consumers get the content.

Conclusion

With Web3 projects going to expand in the future, we could see several other ventures making their mark and several cryptos could turn to them for their operations. Having said that, market participants must understand that crypto markets are a volatile domain, and one must tread into it very carefully.

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