Which are the top Web3 crypto coins? The decentralized web, also known as Web3, is the internet’s next phase. While Web3 is still in its early days, it has elements of it such as decentralized finance (DeFi), non-fungible tokens (NFTs) and play-to-earn gaming that have piqued people’s interest.
Top web3 crypto coins 2022 by market cap
According to CoinMarketCap, the top web3 crypto projects by market capitalisation are Polkadot (DOT), Chainlink (LINK), Filecoin (FIL), Theta Network (THETA) and Helium (HNT).
Blockchain platform Polkadot and its native token, DOT, are at the top of Coinmarketcap’s list of top web3 crypto coins. Polkadot is a layer-zero platform, as opposed to Ethereum (ETH), which are also known as layer one (L1) platforms on top of which decentralized applications (DApps) are built.
On the Polkadot network, developers can create L1 platforms called parachains. These parachains are free to function on their own. Shared security and interoperability are provided by Polkadot for parachains.
Gavin Wood, the Ethereum co-founder, created Polkadot. The native coin of Polkadot, DOT, is used for governance and to bid in parachain slot auctions. There are a limited number of parachain slots on Polkadot.
Developers compete in auctions, where teams agree to exchange DOT tokens in order to gain the right to develop on Polkadot. According to CoinMarketCap, as of June 22nd, DOT was the 11th largest cryptocurrency with a market capitalization of over $7.3 billion.
The fifth best web3 coin is Chainlink (LINK), which offers a network of decentralised oracles that relay data to smart contracts, allowing contract execution based on real-world inputs and outputs. In 2017, Sergey Nazarov and Steve Ellis established the network. It has rapidly become the market leader in the blockchain oracle industry.
Web3 is made more useful by the Oracle networks such as Chainlink, which are required for its construction and upkeep. Users may establish decentralized oracle networks (DONs) on Chainlink to exchange data with existing blockchains and work to assure data accuracy.
Chainlink claims that The Associated Press, AccuWeather, Switzerland-based telecom Swisscom, Amazon Web Services, and Google Cloud Platform are among the firms that have deployed oracles on its network.
According to CoinMarketCap, as of June 22nd, LINK was the 22nd largest cryptocurrency with a market capitalisation of nearly $3.1 billion.
Filecoin (FIL) is an open-source cloud storage marketplace. The network is made up of a large number of storage providers and developers who can help businesses and projects locate cost-effective, decentralized, and secure data storage solutions. Filecoin’s most common applications include long archives, NFTs, and frequently-read data.
According to a GigaOm study, most storage providers on the Filecoin network are “committed” to providing data center resources by investing in hardware and putting up collateral to ensure the quality of service, data availability, and long-term data reliability. Fil is a crypto asset that enables data storage and retrieval on the network’s decentralized cloud infrastructure. It uses Fil as its native currency to pay storage providers in order to store and retrieve their data.
As of 22 June, FIL was the 37th biggest cryptocurrency with a market capitalization of over $1.2bn, according to CoinMarketCap.
Theta Network (THETA)
The Theta Network (THETA) is a blockchain dedicated to the media and entertainment sector that aims to lower content delivery network expenses for the online video industry. It incentivizes end-users to offer their storage or bandwidth on any device if they wish to earn tokens.
A web3 equivalent of a streaming firm like Netflix (NFLX) may make use of Theta Network’s technologies to reduce costs of video encoding, storage, and delivery to multiple devices, according to Theta Network.
The Theta Network is a blockchain-based content distribution network that consists of two subsystems: the Theta Blockchain, which serves as a payment and reward system for users, and the Theta Edge Network, which enables storage and delivery of media assets.
There are also two tokens on the network, each with its own unique characteristics. Theta Token (THETA) is a governance token, while Theta Fuel (TFUEL) is an operational cryptocurrency that may be used to pay for on-chain activities.
THETA is currently the 39th biggest cryptocurrency, with a market capitalization of over $1.2 billion, according to CoinMarketCap as of June 22.
The decentralized wireless network Helium (HNT) is the last on our list of top web3 cryptos. According to its whitepaper, Helium is a decentralized wireless network that allows electronic devices from anywhere in the world to connect to the internet and geolocate themselves without the need for satellite location hardware or cellular subscriptions.
The Helium network is made up of miners and wireless network coverage providers. Vendor onboarding and third-party manufacturing of Helium-compatible hotspots are handled by the Helium community. Participants earn HNT tokens as they deploy these hotspots in the network.
According to CoinMarketCap, HNT is the 43rd most valuable cryptocurrency with a market capitalization of roughly $1.2 billion as of June 22.,
What are Web 3.0 coins?
The Ethereum Virtual Machine, also known as Web3, is a proposed decentralized and public blockchain-based version of the Internet. Top executives from technology firms are moving to blockchain startups in order to realize Web3. Sherice Torres and Ryan Watt departed their posts as head of gaming at YouTube to join Polygon’s (MATIC) NFT unit, while Sherice Torres moved from Meta Platform’s crypto and payments unit to Circle, the firm behind USD Coin (USDC). In late 2021, Eric Schmidt became a strategic adviser for Chainlink, the world’s first blockchain oracle (LINK).