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Since Web3 is intended to work through decentralized conventions, which are the establishment squares of cryptographic money innovation and blockchain, it has a direct connection with the development of cryptocurrencies. Here are the top 10 cryptocurrencies that will lead the Web3 race in 2023.
USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token's peg to the USD is achieved via maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills in reserves that are equal in USD value to the number of USDT in circulation. Originally launched in July 2014 as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain through the use of the Omni platform, it was later renamed to USTether, and then, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains.
BitTorrent is the first torrent tracker and the most potent peer-to-peer network in the world. Large files are divided into fragments and transmitted over the web in a fragmented form, merging into one whole on the recipient's computer. Everyone who downloads the file from the network automatically becomes a part of the distribution.
Kadena is a scalable PoW layer-one blockchain protocol that claims to be capable of processing up to 480,000 transactions per second (TPS), thanks to the use of braided chains. Unlike the top PoW cryptocurrency Bitcoin, Kadena offers smart contract capabilities similar to those in Ethereum.
Solana is a highly functional open-source project that banks on blockchain technology's permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike.
Filecoin is like the filing cabinet for Web3. It is a decentralized storage network that serves as a secure alternative to centralized cloud storage and a passive way of making money. Filecoin can be used to store almost any type of data, be it audio files, videos, still images, or text. It also claims to be secure enough to store more sensitive information like private company information and records.
Polkadot is one of the most popular cryptocurrencies in the global market, but investors might not know that it is a Web3 project. The network is known for seeking scalability and compared to Ether, it ranks higher when it comes to charging low fees and offering fast speeds. Because of its top-ranking position and gradual rise in market value, DOT can stand as the market leader, and head the decentralized internet sector.
ZCash is one of the first privacy-built cryptocurrencies, which was developed by a group of scientists from John Hopkins, MIT, and other eminent academic and scientific institutions. Interestingly, this privacy coin was originally built on the Bitcoin codebase with the only difference of being a privacy feature option.
Flux aims to provide the groundwork for the developers to build out this new iteration of the web. With the help of Flux, users can develop Web3 applications and decentralized projects and then deploy them across various networks. This becomes especially efficient with the help of FluxOS- a decentralized operating system made just for Flux users. It also offers blockchain-as-a-service (BaaS), which is very similar to SaaS.
Livepeer is a decentralized video streaming network built on the Ethereum blockchain. The protocol provides cost-effective broadcast and streaming services directly at the Web3 video stack layer. The Livepeer protocol defines the secure and most cost-effective participation of the various actors in the streaming ecosystem. It mainly addresses two goals- distribution of real-time video and encouraging network participants.
OCEAN is another crypto that offers all the tools needed to build a Web3 solution. The token makes one of the best investments for those looking to invest in a Web3 token with much potential. The protocol has developed several tools needed to develop Web3 applications. The protocol also focuses on decentralizing the concept of data sharing on the internet, which offers access and transparency when handling data.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
