Taking the Internet to the next level, Web3 incorporates smart contracts and blockchain technology to create a decentralized platform that allows consumers to access the internet without intermediaries. This new version of the internet is called “the semantic web”, which teaches computers to understand information and facts in a more natural way. Web3 also incorporates machine learning and artificial intelligence, which will increase the quality and efficiency of its applications. Web3 is also a proxy for new economic ideas, which can transform how value is created.
Web3 incorporates three important concepts: machine learning, artificial intelligence, and smart contracts. These technologies will enable users to interact with multiple consumers at the same time, and also provide accurate information and data to algorithms. Web3 also includes digital currencies such as cryptocurrencies. These tokens allow users to participate in discussions on projects. They can also be used as voting shares.
One of the most exciting industries in Web3 is gaming. Gaming players can earn native utility tokens, IBAT, which are stored on the blockchain. They can also invest in digital land plots to build real estate projects. A popular gaming world called Decentraland uses this technology. These real estate projects have been sold for millions of dollars. A new industry, GameFi, has emerged from this market. Gaming players can compete in decentralized leagues. They can also earn cryptocurrency points, which can be used as voting shares.
Decentralized Autonomous Organizations are another concept in Web3. These organizations use tokens to share decision making authority and to distribute ownership. These tokens allow users to participate in projects, vote on them, and participate in discussions on the development of these projects. The tokens are stored on the public blockchain.
There are many Web3 crypto projects in the market, and each one focuses on different aspects of the Web2. For example, the API3 network is a Web3 crypto project that aims to create decentralized versions of APIs. This project has three co-founders, and it launched in December 2020. In May 2021, the token reached $8, but it has since retraced. The token is currently trading at about $1.8. The market cap of the API3 token is about 70 million dollars.
ANKR is a Web3 crypto project that uses smart contracts to support DeFi protocols. It also helps to settle transactions between the network. It supports transactions between ERC-20 tokens, and also supports transactions between BEP-2 tokens.
Another Web3 crypto project is Theta Network. It aims to provide smart contract capabilities, reduce the cost of video storage and encoding, and provide payment capabilities. It is estimated that Theta Network could be comparable to Netflix. It will also allow for more secure video transmission.
Theta Network is the 40th largest cryptocurrency in the market, and its market cap is over $3bn as of April 11. Theta Network is expected to become the de facto standard for video storage and delivery. Theta Network is also a platform for the development of games and augmented reality apps.