As the internet and the currencies that power it becomes more decentralized, its third generation cousin Web3 has seen massive growth. In this article, we’ll explore some of the top crypto tokens in the Web3 space, find out what their functionalities are, and why they could be good investments in the long term.
- Web3 is the decentralized version of the internet.
- FileCoin is a Web3 token with a platform that provides a solution for decentralized file storage.
- Polkadot is an open-source interoperability platform that facilitates the cross-chain transfer of data on the blockchain. It not only has its own token but also other types of assets.
- BAT is the token that powers a new concept: monetizing the attention of users in a deliberate fashion.
Top Web3 Tokens
Here are the top Web3 tokens that you can consider purchasing. They have been selected based on their functionality, popularity in the Web3 community, and their previous contributions to the technology.
Founded by Juan Beret, Filecoin is a happening web3.0 project that focuses on decentralized File Storage. But there is a lot more to it than just that.
- Unlike Amazon Web Services (AWS) or Cloudfare, which are very centralized services, Filecoin specializes in providing the same functionality in a permissionless manner. It thus lets people store sensitive information on the web without having to hand it over to mega-advertisers.
- Filecoin supports applications like Web3.Storage, applications that allow the internet to become permissionless.
- The P2P technologies it enables also offer an alternative imagination of how applications can be built with Web3, and in turn, how the internet can evolve in the future.
Here’s more exciting stuff about Filecoin:
- Its functionality prevents mega-corporations and governments from censoring information that belongs to private individuals.
- The decentralized storage on applications powered by Filecoin also lowers the entry barrier for developers who want to build innovative solutions on Web3 instead of Web2.
Since Filecoin is the native token for all these applications and forms the base for further development, it is a great token in terms of functionality.
Polkadot (DOT) is an open-source interoperability platform that facilitates the cross-chain transfer of data on the blockchain. It not only allows tokens but also other types of assets, thereby allowing blockchains to be interconnected with each other
Here’s some more information about Polkadot:
- DOT was designed by the Web3 Foundation in order to provide a foundation for a decentralized shift of the web. It is one of the only ones to do so—complete with mechanisms that allow users to control key aspects of the network.
- By virtue of its interoperability, Polkadot has the ability to interact and share data seamlessly with one another, it can also simplify the creation of new applications and services on its platform.
Polkadot is one of the top coins to consider buying in this category. Here are the functionalities it offers:
- Interoperability: It enables blockchains to interact seamlessly with one another and pass on data efficiently.
- Scalability: Its scalability has to do with the fact that it allows interconnected network validators to ensure the security and consensus of the blockchain. That way, it can scale efficiently by making it possible for multiple parallel blockchains to run at the same time.
- Upgradability: Polkadot can upgrade itself automatically and quickly fix bugs. All of this, without ever requiring a fork.
- Governance: DOT coins can also be used to take major decisions about the future of the network.
Basic Attention Token
The Basic Attention Token (BAT) powers a new concept: monetizing the attention of users in a deliberate fashion. BAT is the native token of a blockchain-based digital platform, Brave, that rewards users for their attention.
What is the BAT experience?
- The BAT experience entails users watching privacy-preserving advertisements and getting rewarded for it.
- Advertisers pay for the campaign in the form of BAT tokens, and a small percentage of that money is given out to the users who watch those ads.
- It gives advertisers a better return on their advertising costs, and users a revenue proportionate to their attention.
That’s not all.
Founded by Brendan Eich and Brian Bondy, both highly distinguished in the internet browsing software industry, the Brave ecosystem and BAT tokens are also unique because they enable payments to non-members as well.
This means that the platform has the capacity to tip users who are not yet part of the network, too, and hence enhance its outreach for the benefit of advertisers.
BAT allows advertisers to remove the middlemen from the advertising industry and serve their campaigns to the customers directly. By doing this, they cut out mega-corporations like Google and Facebook which have dominated the environment until now.
The Brave ecosystem promotes a culture where advertisers keep user information secure and care about privacy while still making a profit.
As of 2021, the BAT network has more than:
- 30 million active users
- 12 million connected wallets
- 400 direct advertisers based out of 190 countries
- 1 million publishers.
While these top tokens seem to be great investments, please remember that they are still very volatile and are controlled by unpredictable market conditions. We encourage you to do your own research and use due diligence before investing.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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