Top 5 High Value Web3 Projects That Are Under Development
The phrase “Web 3.0,” often known as “Web3,” typically refers to what is viewed as the future phase of the internet. Web3 projects are the permissionless, decentralised, blockchain-based network that is administered and maintained by private individuals. The Web3 revolution aims to disrupt the current Web2 phase, which is controlled by centralised companies and technological titans such as Google, Facebook, Netflix, and Amazon, among others.
Evolution of Internet
Web3 is widely acknowledged as the third phase of the internet revolution.
Web1, often known as Web 1.0, was the initial version of the internet. It was built on a minimal foundation and was mainly used to distribute user-generated content. It was prevalent until the beginning of the new century and consisted of static visuals or web pages with little user interaction.
The introduction of Web2, sometimes known as Web 2.0, dramatically transformed our view of the internet. In addition to supporting internet connectivity, users are urged to engage in the real-time exchange of information. People may now like, comment, and publish images on social media sites like Facebook and Instagram and make money on social media platforms like YouTube. However, one of the major disadvantages of utilising these platforms was the loss of privacy people experienced due to the unlimited access companies like Facebook and Twitter had to the personal information of their users.
Also, read – Top 3 Web3 Projects That Are Hot In The Market
The fact that Web2 infringed the internet users’ right to personal privacy was one of the most major difficulties it caused. Many people have fallen victim to identity theft and financial loss as a direct result of the fact that major corporations now have access to vast quantities of data.
Web3’s attempts to discover answers are mostly focused on privacy, security, and centralised authority issues. Web3, based on blockchain technology, is a decentralised internet service whose owners are the users. It is a solution for the future generation of the Internet that removes control from large organisations by providing permission-free platforms on which anyone may share information. All critical information is encrypted to prevent unauthorised access. The proliferation of decentralised applications and Web3 efforts may be ascribed directly to the Web3 movement. Let’s examine some of the most fascinating Web3 projects under development in 2022.
Five of the trendiest Web3 Projects to Watch
The Polkadot protocol is a cross-chain interoperable Web3 project that facilitates the seamless transfer of data across two independent blockchain networks, such as Bitcoin and Ethereum. DOT is the native token of the platform, and it can be used for buying, selling, and staking. Token holders may also engage in the governance protocol of the Polkadot platform by casting votes using their DOT holdings.
Polkadot is a decentralised, scalable, and lightning-fast network that operates on several Para chains, also called parallel blockchains. These Para chains enable the execution of more than a thousand transactions per second. Moreover, the Polkadot platform employs the NPS (Nominated Proof-of-Stake) consensus protocol. This enables users to stake their Polkadot tokens in proportion to the amount of expertise and funds they provide to the Polkadot ecosystem.
— swankyfinance.eth (@swankyfinance) July 20, 2022
The Theta Web3 projects, a decentralised ledger, have been created to serve video streaming enterprises. This is accomplished via the Proof-of-Stake method, encouraging and incentivising content providers to share their bandwidth and content on video platforms.
Theta utilises a consensus method known as Byzantine Fault Tolerance, or BFT, to manage the platform’s high transaction traffic. The platform’s micropayment mechanism is based on a pay-per-byte basis to give financial aid to providers of video streaming content. “Theta, the native token of the economy, acts as the ecosystem’s driving power. The platform is built on smart contracts to give the best possible user experience and support for new decentralised apps (DApps).
BAT, the native currency of the Brave Ads ecosystem, is used for the tokenization of user attention. BAT is a platform that connects publishers and advertising through Web3 technology. It eliminates the need for intermediaries and allows publishers to send BATs directly to an advertiser’s wallet using the Brave web browser.
Users may profit from their attention and get BAT rewards just by viewing advertising. Publishers and ad creators get income. Additionally, advertisements get appropriate attention from the target audiences. Users can maintain their privacy while delivering their entire attention to adverts. This strategy may be advantageous for users, advertisers, and publishers, making it a win-win scenario for all parties involved.
The incorporation of InterPlanetery File System (IFPS), a peer-to-peer file-sharing network, inside the Brave web browser puts us one step closer to Web3, the next iteration of the World Wide Web. Brave has never wavered in its dedication to user privacy, and its most recent integration with IFPS will further ensure the feasibility of a decentralised online. Windows, macOS, and Linux are all currently supported operating systems by the browser.
Following the installation of the new system, users will be able to access URLs without the extension. Consumers will have less cause to be worried about censorship, connection, and downtime difficulties, and the whole surfing experience will be better.
Ocean Protocol, created on the Ethereum network, functions as an intermediary to facilitate data transfer between organisations and individuals. Purchasers may redeem “Data tokens” to have access to the data. In return for sharing their data, data providers may get the “OCEAN” token, the native token of the Ocean Protocol.
Not only can the OCEAN token be used to trade data, but it can also be used to participate in the platform’s governance protocol. All transactions involving the purchase and sale of “data tokens” will be conducted on the Ocean Market. The Ocean Market is an automated market maker (AMM) that supports the production and subsequent trading of new “data tokens.”
Internet users today confront a big issue with data security. In recent years, there has been an alarming rise in the incidence of data theft, resulting in several people having their valuable data and identities stolen. Above all things, Web3 prioritises the security and confidentiality of user information. Consequently, how people and businesses interact with the internet will be radically modified. In addition, it plans to develop new projects and applications that are more open, secure, and profitable for both consumers and businesses.