Direct online expenditures will see an explosive growth with web3 coins
4/6/2022
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Direct online expenditures will see an explosive growth with web3 coins

The promise of Web3 is seen as the internet's next stage. While Web3 is still in its early days, aspects such as decentralized finance (Defi), non-fungible tokens (NFTs), and play-to-earn gaming have piqued interest.

Web3 is as diverse and intriguing as it gets. We've compiled a list of blockchain projects that are distinct in their rights in this post. The top five web3 coins listed below are based on a list of web 3.0 tokens by market capitalization created by CoinMarketCap. But first, let's go through the basics.

What are web3 coins?

Web 3.0 refers to the next stage on the internet, which is anticipated to be decentralized and driven by cryptocurrency-based economies. Decentralized finance (Defi), non-fungible tokens (NFTs), and play-to-earn gaming are examples of Web3 components.

Are web3 coins a good investment?

Web3 coins, like any other cryptocurrencies, are highly volatile, making them high-risk assets. According to the Big Ideas 2022 report from Ark Invest, by 2030, direct online purchases will rise at an annual rate of 28%, from $1.4 trillion in 2022 to $12.5 trillion.

Should I invest in web3 coins?

Whether or not you invest in web3 coins is a personal decision based on your financial condition and tolerance for risk. Note that predictions of any cryptocurrency are prone to error. To determine whether a project's fundamentals are suitable for your trading objectives, analyze the project's foundations. Never invest money into anything that you can't

Top web3 coins 2022 by market cap

The top web3 cryptocurrencies by market capitalization are Polkadot (DOT), Chainlink (LINK), Filecoin (FIL), Theta Network (THETA), and Helium (HNT). Despite their year-to-date losses of more than 10 percent, they remain key players in Web3.

Polkadot (DOT)

Blockchain platform Polkadot and its currency DOT are at the top of Coinmarketcap's top web3 crypto coins list.

Polkadot is a layer-zero platform, which means it sits on top of other platforms like Ethereum (ETH), also known as layer one (L1) platforms that support decentralized apps (DApps). Parachains are L1 platforms developed on the Polkadot network. These parachains can operate independently. Parachains, a Polkadot feature, provide shared security and interoperability.

Gavin Wood, the co-founder of Ethereum, created Polkadot. The primary cryptocurrency in Polkadot is DOT, which is used for governance and to participate in parachain slot auctions. There are a limited number of parachain slots on Polkadot. Developers compete in auctions where they promise to forfeit their DOT. DOT is the 13th most valuable cryptocurrency, with a market capitalization of over $17 billion, according to CoinMarketCap.

Chainlink (LINK)

Chainlink (LINK) is another top web3 coin on the list. Chainlink is a decentralized oracles network that relays data to smart contracts, allowing contract execution based on real-world inputs and outputs. In 2017, Sergey Nazarov and Steve Ellis launched the network. Over the last few years, Chainlink has established itself as the market leader in the blockchain oracle industry.

Web3, which comprises pre-written codes and smart contracts, necessitates the Oracle network such as Chainlink. Users can create decentralized oracle networks (DONs) on Chainlink that provide data to and from existing blockchains. Chainlink claims that The Associated Press, AccuWeather, Switzerland-based telecom Swisscom, Amazon Web Services (AWS), and Google Cloud Platform have established oracle nodes on the network.

Chainlink is a "smart contract oracle" that enables smart contracts to interface with off-chain data feeds. Chainlink nodes are paid in LINK, the network's native token. Smart contracts can communicate with data feeds hosted off-chain using Link, the network's native currency.

According to CoinMarketCap, LINK is the 23rd largest cryptocurrency with over $6.5 billion in market capitalization.

Filecoin (FIL)

Filecoin (FIL) is a cloud storage marketplace that's open-source. The network relies on many storage providers and developers to assist businesses and projects in finding cost-effective, decentralized, and secure data storage solutions. Filecoin's main use cases are archiving non-fungible tokens (NFTs) and frequently-accessed data.

Most storage providers on Filecoin's network are "committed" to offering data center resources by investing in hardware and putting up collateral to verify the quality of service, data availability, and long-term data integrity, according to GigaOm's study. Its cryptocurrency, FIL, is used to pay storage providers for keeping and retrieving their data.

According to CoinMarketCap, FIL is the 37th most valuable cryptocurrency, with roughly $3.6 billion market capitalization.

Theta Network (THETA)

The Theta Network (THETA) is a blockchain-focused on lowering content delivery network expenses for the online video sector. It encourages end-users to offer their storage or bandwidth on any device in exchange for tokens.

One of the potential applications for Theta Network might be a web3 counterpart to a streaming firm like Netflix (NFLX), utilizing Theta Network's technologies to reduce video encoding, storage, and delivery costs across many devices.

The Theta Network is a decentralized cryptocurrency network that operates on the Ethereum blockchain. It has two systems known as Theta Blockchain, which gives users payment, reward, and smart contract abilities, and the Thetay Edge Network enables storage and delivery of media assets.

It likewise includes two tokens. The governance token is known as the Theta Token (THETA). The Theta Fuel (TFUEL) operational token is used to pay for on-chain activities.

THETA is the 40th biggest cryptocurrency with a market capitalization of over $3bn, according to CoinMarketCap.

Helium (HNT)

The decentralized wireless network Helium (HNT) is the last on our list of top web3 cryptocurrencies. The whitepaper for Helium claims that it is a decentralized wireless network that allows devices globally to connect to the internet and geolocate themselves without requiring satellite positioning equipment or cellular plans.

The Helium network is maintained by a network of miners and wireless network coverage providers. The Helium community governs vendor onboarding and third-party manufacturing of Helium-compatible hotspots. Deploying these hotspots earns HNT tokens for participants in the system.

Helium is a decentralized app that provides blockchain-based cloud storage. HNT tokens are the currency used to compensate miners who transmit data across the internet. Miners must stake HNT tokens to participate in the Helium network. Mining rewards are paid out as newly minted HNT tokens to participants in the consensus group.

HNT is the 47th biggest cryptocurrency with a market capitalization of over $2.4bn, according to CoinMarketCap.

The list of top web3 coins was compiled by measuring the cryptocurrency market capitalization, which cannot be used as standalone criteria for selecting.