Here’s All You Need to Know About the Top-3 Web3 Crypto Projects
Web3 is basically a theory that places a strong emphasis on decentralized applications. Web3 is the third generation of the World Wide Web. Web3 is decentralized, Blockchain based, cryptocurrency enabled,semantically organized technology. Its potential benefits are many like it provides transparency, privacy,etc. Also, Web3 will enable better visibility into transactions.
What is Web3 ?
When you visit a website, you see lots of ads, and when you notice those ads, you see that the ads are of the products you recently searched on google or any platform. How is that possible? Well, this is possible as you provide this platform with your data. Your data is shared with bigger corporations.
The need for Web3 arises because of privacy. In the later version of the World Wide Web, privacy is in the hands of a few big players like Google, Facebook, Youtube,etc. They can easily manipulate our data for their own benefits. Web3 operates in the same way democracy operates. It is the technology of the people, by the people and for the people.
Top 3 Crypto Projects of Web3
The Web3 ecosystem can be used to create Metaverse projects, Decentralized Finance(DeFi), and Crypto projects. Here, we bring Top 3 crypto projects that are booming in the market of Internet.
Polkadot is the flagship protocol of the Web3 Foundation. Polkadot is an open-source sharded multichain network, meaning it can process many transactions on several chains in parallel. It provides interoperability in different blockchains. Polkadot has four core components: Relay Chain, Parachains, Parathreads, and Bridges.These four core components help Polkadot to work in an efficient manner by performing their individual tasks.
Polkadot is the best example of the Web3 ecosystem as it is based on decentralization of authority. However, Polkadot is scalable too, as it has many different chains interlinked with each other.
Chainlink is a decentralized blockchain network based on Ethereum. It uses smart contracts to integrate with external payment networks. Chainlink secures off-chain computations for enabling feature-rich applications. It helps developers to build more robust and diverse blockchain applications using real-world inputs and outputs.
The Chainlink network is highly flexible and provides transparency to the users.
Filecoin is the decentralized form of Amazon Web Services. Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” In Filecoin, developers have the opportunity to create cloud file storage services like Dropbox or iCloud. It protects the integrity of data, making it easily retrievable and hard to censor.
Filecoin gives the community a place to store their data in their own terms and conditions. Filecoin is a good example of Web3 as it allows users to store their data in a decentralized manner.