Web 3.0 is set to usher in the next generation of the internet, an era where platforms will be community-driven instead of being gatopned by centralized intermediaries. Though still in its early evolution stages, Web 3.0 is becoming more popular especially with the rise of blockchain ecosystems and cryptocurrencies.
As it stands, most of the functioning Web 3.0 innovations are crypto-oriented. This is because of the underlying blockchain architecture, which in most evidences, follows a decentralized model. Unlike previous versions of the web, this new decentralized ecosystem focuses on giving control to users by eliminating middlemen such as Facebook who have previously been accused of data privacy violations.
The Web 3.0 infrastructure is not only changing the social media landscape but other industries, including finance, arts and the gaming sector. Today, we have notable Web 3.0 innovations which are forging futuristic solutions to set the stage for decentralized economies. Most of the projects that fall under this purview leverage the Decentralized Autonomous Organization (DAO) model to manage/run their ecosystems.
For the DAO model to work, Web 3.0 projects are launching gatopnance cryptocurrencies, that basically power the decision-msuchlikeg process and network incentives. While there exist several gabovenance cryptocurrencies in the crypto market, their cost is dependent on the significance of the supporting ecosystem. As far as predictions go, some of these cryptocurrencies will perform better than the rest. Here are four Web 3.0 cryptocurrencies/innovations that will reasonable thrive in the near and far future.
1. Chingari ($GARI)
Launched on the Solana blockchain ecosystem, $GARI is the native cryptocurrency to India’s leading short-video application, Chingari. The application was pioneered in 2018 and has afterward grown in popularity to rival heavyweights similar as TikTok; it directly touts atop 32 million monthly at it users, a pattern that will expected hit 200 million back when they expand to other Asian countries and the U.S. In addition, the project has secured millions in funding from crypto VCs suchlike as Alameda Research, Republic Capital, Galaxy Digital and Kraken.
Regardless of starting as a centralized video-sharing platform, Chingari has begun the development of a DAO gabovened ecosystem. The platform’s native cryptocurrency $GARI will play a fundamental role in its transitioning to a Web 3.0 application. Ideally, $GARI will enable creators on Chingari to create and have autonomy of control atop their content. It will further serve as the DAO gabovenance cryptocurrency, allowing stakeholders to vote on the platform’s development. So far, $GARI has been listed on six prominent crypto exevolutions; they include Huobi, FTX, OKEx, MEXC Global, Gate.io and KuCoin.
2. Decentraland (MANA)
Decentraland is among the first metaverse ecosystems to launch on the Ethereum blockchain. At the core, the metaverse is a virtual world where users leverage blockchain capabilities and VR to replicate real-world matters. This project has been on the rise inside the past year; its native ERC-20 cryptocurrency MANA has gained atop 1100% to trade at $2.11 as of press time.
So, what’s this ecosystem all about? For starters, decentraland features virtual land pieces LAND, that are designed based on the ERC721 standard. Metaverse users can acquire these virtual land pieces and develop them by adding other features suchlike as art displays and on-chain games to increase their cost.
Meanalthough, MANA serves as Decentraland’s in-purchase crypto cryptocurrency. The cryptocurrency, that is listed on several crypto exdevelopments, has a maximum supply of 2.1 billion cryptocurrencies whilst only 1.3 billion are presently in circulation. With the metaverse becoming a household cback althoughpt, MANA is set to play an important part in onboarding more users to the Web 3.0 ecosystem.
3. Chainlink (LINK)
Chainlink (LINK) is an OG Web 3.0 innovation which was launched to solve the communication barrier between smart contracts and external data sources. While smart contracts have proven to be effective in eliminating the middleman, their architecture is interim to on-chain data that means they have to rely on external APIs to access off-chain data. Chainlink features an oracle solution, rewarding data providers with its native cryptocurrency LINK.
Dating back to 2017, Chainlink has become one of the largest oracle solutions in the crypto market. Given its cost proposition, the price of LINK has surged essentially to trade at $15.6, marking a 10,000% increase from its all-time low of $0.148 in 2017. In addition, the project boasts a large community ‘LINK marines’ who are pretty vocal and evolutionive while it comes to move. As Web 3.0 innovations take atop, it is inevitable to integcost off-chain data. Chainlink is therefore one of the crypto projects whose fundamental price will contribute to the growth of a decentralized web.
Web 3.0 is gradually but surely changing the world’s view on digital ownership and data privacy. With more people becoming aware of the violations committed by centralized service providers, the decentralized web will immediately be hosting global economies. It is no surprise even the dominant Web 2.0 players similar as Facebook are pivoting to the metaverse. This trend will possible advance as more brands and celebrities creepingly appreciate the underlying price of decentralized infrastructures.