Basically, Web3 is a vision of the internet that’s decentralized, incorporating artificial intelligence, machine learning, and digital currencies. This new internet is expected to be a transparent, safe, and secure environment for consumers. It will also provide convenient commercial activities, as well as leisure activities. Web3 also incorporates blockchain technology, smart contracts, and machine learning, and this is why it is considered the next generation of the internet.
The Web3 community is a diverse community. This includes companies like Netflix, Amazon, and Apple. While these companies are already part of the Web 2.0 community, they can’t hold on to exclusive access to users. This is why Web3 crypto projects aim to make Web2 providers more decentralized and secure.
One of the most promising industries in the Web3 world is gaming. These projects are using blockchain technology to build gaming platforms that enable players to compete in decentralized leagues. Moreover, they will be rewarded with native utility tokens such as IBAT. The developers of the gaming platforms are also planning to develop a decentralized virtual economy in their games. They have already created a metaverse-based gaming platform, called RobotEra, where players can customize robots and acquire resources.
Web3 crypto projects are also trying to make Web2 providers more decentralized and efficient. This is done by creating a decentralized version of APIs and making them available to everyone. For example, Uniswap leverages the decentralized liquidity protocol to provide a decentralized exchange and smart contract capabilities. It also enables users to pay for anything using any ERC-20 token.
Theta Network is another Web3 crypto project. This project enables storage of media assets, payment capabilities, and smart contract capabilities. It also has the potential to lower the cost of video storage and delivery. This is because video can be encoded on a decentralized network, reducing the need for intermediaries. The network also provides a way to create decentralized oracle networks.
Another Web3 crypto project is Biconomy. This project aims to simplify the Web3 infrastructure by providing a multi-layer protocol that speeds up transaction verification, streamlines user onboarding, and eliminates the need for gas fees. The project’s founders, Burak Benligiray and Heikki Vanttinen, have a combined experience of over 30 years in the blockchain industry. They are working together with Polygon, the NFT unit of Polygon, which is a layer-2 network.
Another Web3 crypto project is Calvaria, which combines gaming and finance. Its main goal is to bring an efficient solution to the problem of data collection. A lot of data is being collected by intermediaries. However, the more connected products and services are, the more information will be available to algorithms. This is why Calvaria has a high potential.
Another project that is aimed at facilitating the decentralized finance market is Uniswap. Uniswap offers a decentralized exchange and a liquidity mining protocol. It also uses smart contracts to provide users with a secure exchange platform. It is expected that the project will have a market capitalization of over $3bn as of April 11.
The API3 token is also a web3 coin. It is a governance token that enables holders to vote on the cryptocurrency projects and participate in discussions on the development of the network. It has a market capitalization of almost 70 million dollars. It reached a high of $8 in March 2021, but has since fallen to 1.9 in May 2021.