The best web 3.0 cryptocurrencies to watch out for in 2022

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You may have come across the term web 3.0 a lot over the past year or so when discussing the cryptocurrency, metaverse, non-fungible token (NFT), and decentralized finance (DeFi) spaces.

Web 3.0 is the next iteration of the Internet that focuses on decentralization. It aims to create a level of transparency, where smart contracts will control user data and transactions instead of centralized organizations.

But automated transactions require cryptocurrencies. These coins and tokens that will support Web 3.0 are essentially decentralized projects using smart contracts to automate transactions on the Internet. Here is a list of the best decentralized projects or Web 3.0 tokens to watch out for in 2022.

BitTorrent Token

The BitTorrent client is a cryptocurrency that many people are already familiar with. It is a peer-to-peer file hosting and sharing protocol. It was purchased by the TRON blockchain in 2018, and later the BitTorrent Token (BTT) was created on the Tron blockchain.

The goal of the project is to create a token-based economy where token holders control the networking and storage of resources.

Basic Attention Token

The Basic Attention Token is a blockchain-based network that aims to ensure the security, fairness and efficiency of digital advertising through blockchain technology. It is the native token of the Brave web browser built on Ethereum (ETH). The BAT native currency is designed to be traded fairly by advertisers, users and publishers.

BAT tracks how users interact with digital advertising content and stores this information in a distributed ledger. There are currently over a billion tokens in circulation with a total supply of 1.5 billion tokens.

Audius

Audius is a decentralized music streaming platform that aligns the interest of artists, fans and node operators with its native token, AUDIO. The token can be used for governance, staking, and income incentive for artists. Audius also rewards its creators by showcasing their music in the weekly trend lists.

Project Audius recently announced a partnership with streaming platform TikTok and plans to introduce stablecoin to the network to offer paid content in the future.

Helium

Helium is a decentralized blockchain platform that aims to improve the communication capabilities of Internet of Things (IoT) devices. The Helium backbone enables low-power communication between various devices and sends data through its extensive network of nodes.

Users who operate the node within the network in helium are rewarded with the native HNT helium token. The network operates on a proof of coverage consensus mechanism that allows nodes in a network to reach consensus when connection quality varies.

Pair live

Livepeer is a decentralized video streaming platform built on the Ethereum blockchain. The open source nature of the platform allows developers and users to participate in the management and maintenance of the platform.

Its native token is the LPT, which holders can use to stake it into the network to earn both ETH and LPT as a reward. Network video miners can also transcode videos using their GPUs, and in return they receive ETH and LPT as a reward.

Chain link

Chainlink is a decentralized blockchain network built on Ethereum. It uses an oracle network that allows the blockchain to interact with off-chain (outside of the blockchain) data, thereby bridging the gap between conventional data and a decentralized environment. Simply put, it delivers critical information present outside of the blockchain to smart contracts. This helps smart contracts receive data like payments, the temperature of a sensor, and even scores from a soccer game.

The Chainlink network consists of large data providers and node operators providing information to blockchain smart contracts. Network users can act as node operators to generate revenue in the native blockchain LINK token.

It is currently the largest Web 3.0 coin with a market cap of over $ 13 billion.

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The graph is a crucial decentralized protocol in the DeFi world that aims to bring reliable decentralized public infrastructure to the mainstream market. It allows network users to create and publish an application programming interface (API), a workflow process that hides complex code behind a simple API.

APIs are called subgraphs in graph protocols and they use a specific request to get data from a blockchain. The participants in the graph network use the graph token (GRT) to ensure the economic security of the graph network. GRT is a work token that enables a community of stakeholders to provide indexing and curation services to the network.

Sia

Sia is a blockchain-based decentralized cloud storage platform that allows users to lease access to unused storage space on the network. Transactions in the network are facilitated by smart contracts. Siacoin, the native blockchain token, acts as the currency used to pay for data storage on the network.

Sia’s original white paper explained the purpose of the network as competing with existing storage solutions like Amazon, Google, and Microsoft. What gives Sia an edge over its competitors is that it offers competitive storage pricing due to its decentralized nature.

(Edited by : Abhishek Jha)

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