Cryptocurrency Downturn Spells Trouble for all Web 3.0 Startups

Many top cryptocurrency projects have joined the movement to establish a viable infrastructure for Web 3.0 and facilitate a smooth user transition.

Amid the raging global polarities and the regulatory concerns, most of us deflect from the matter at hand. The matter focuses on the elementary concept of the fabled 'Cryptocurrency' tech. While the majority of the global populace is busy contemplating new ways to invest, crypto and blockchain need to be first regarded as cornerstones of something bigger, i.e., Web 3.0. No two tech manias are exactly alike. But the market collapse and the claims that it will not derail the cryptocurrency revolution recall another seminal moment in recent tech history: the dotcom boom and bust at the turn of the century. Both bubbles were sparked by a supposedly revolutionary technology that would weaken control over online activity by the political and business establishment, ushering in a decentralized online world in which power would flow to the people. In crypto's case, something that began as a vision of digital money around bitcoin has broadened into a movement known as Web 3.0. It holds that the same underlying blockchain technology, which records and tracks crypto assets, will support a new generation of user-controlled online services that will dethrone today's internet giants.

Non fungible tokens and digital assets from land in the Metaverse to virtual pets and video games were all the rage for new startups and investors looking to capitalize on the hype and promise of Web 3.0 Technology. But as the values of cryptocurrencies have plummeted, the companies that staked their worth on these digital assets are running into problems. In the podcast with Wall Street Journal, startups and venture capital reporter, Berber Jin, discussed how investors are re-evaluating their faith in these businesses and what the companies that claim to be the future of the internet are doing to evolve. That's after these headlines. Netflix plans to partner with Microsoft to offer a new ad supported version of its streaming service. The ad supported alternative will offer customers a lower cost option that Netflix hopes will boost subscriber numbers. Microsoft will act as Netflix's technology and sales partner. Microsoft is pushing back against antitrust complaints in Europe. Competitors have accused the company of abusing its position as the world's second largest cloud company after Amazon. They say Microsoft suppresses European competition by bundling its cloud software with its Windows operating system. Microsoft has been responding to criticism with a mixture of perks and persuasion. In one instance, offering to promote a company's logo in Microsoft's marketing materials. The company turned them down.

The Web 3.0 revolution will take place in the next couple of years, and the credit goes to blockchain technology. So, if you want to invest in the Web 3.0 era, why not headstart with these cryptocurrencies?

Helium: Helium is one of the most popular Web 3.0 cryptocurrencies and is responsible for making the internet accessible to everyone. This project offers a web service designed to compete with ISP giants like Verizon and AT&T.

Polkadot: If you are not new to the crypto market, then you have probably heard of Polkadot. It is one of the top 10 cryptocurrencies on the market and is a flagship project by the Web 3 Foundation, a Swiss company founded to facilitate a fully functional and user-friendly decentralized web.

Kusama: Investing in Kusama is almost a roundabout way of investing in Polkadot. It is because Kusama only exists as the companion of the Polkadot network. It has carried out many projects because the network is the benchmark for the success of parachains.

Ocean: Ocean protocol is a decentralized, blockchain-based data exchange. It functions as a protocol that allows anyone to build their own decentralized data marketplace. Ocean also functions as a utility token, which is used for buying, staking, and selling data for the governance of community funding on the platform.

Filecoin: As its name suggests, Filecoin is the file cabinet for Web 3.0. The network is decentralized storage that is created to be a safe alternative to centralized cloud storage and also a way to passively earn money. Filecoin wants its users to know that its storage is for anything and everything.