Developed by Sergey Nazarov and Steve Ellis in 2017, Chainlink is a decentralized oracle network that enables contract execution based on real-world inputs. By using a combination of decentralized oracles and smart contracts, Chainlink enables consumers to verify transaction information in real time, ensuring the accuracy of data.
Unlike Web2, Web3 is decentralized, meaning that users do not need “permission” to access the Internet. However, a Web3 crypto coin is not necessarily a safe investment. The price of a Web3 coin is highly volatile, so it is best to choose a coin based on your risk tolerance. It is important to also research the fundamentals of each Web3 coin before making an investment. You can do this by examining their price performance, major price drivers, and news about the project.
While Web3 incorporates several new technologies and ideas, the main concept is to take control of data and make it more accessible to consumers. The core of this idea is the “semantic web,” which uses information to improve the quality of web browsing and search. Web3 incorporates concepts of decentralization, token-based economics, artificial intelligence, and machine learning. Despite its nascent status, Web3 is predicted to explode in the future.
Theta Network is a Web3 crypto project that integrates a smart contract and a payment system into its infrastructure. This allows it to provide payment capabilities and storage of media assets. It also has the potential to lower the costs associated with video encoding and storage.
Biconomy is another Web3 crypto project that is focused on simplifying the infrastructure of Web3. Biconomy uses a multi-layer protocol to eliminate the need for gas fees, streamline user onboarding, and speed up transaction verification. It also allows users to pay in any ERC-20 token. In addition, the project has an ICO which has raised more than $1.5 million in capital. The company is also planning to release a Web3 game, RadioCaca, in 2022.
In addition to being a crypto project, API3 is a Web3 crypto project that includes a governance token. This token allows users to participate in discussions regarding project development, vote on cryptocurrency projects, and vote on API3 DAO (decentralized autonomous organization). It is the native currency of the API3 network. It has a market capitalization of almost 70 million and reached $8 in March 2021.
There are several Web3 cryptos that are merging with cryptocurrencies. One of the hottest emerging sectors of the Web3 universe is gaming blockchain technology. These companies are implementing decentralized gaming leagues and playing a role in the creation of real estate projects. As a result, real estate projects from Decentraland ecosystem have been sold for millions of dollars.
Lastly, there is the metaverse, which bridges the gap between the digital and real world. It combines concepts from the semantic web, the augmented reality (AR) technology, and artificial intelligence. It is expected that this technology will become popular in 2022. The metaverse has a few major advantages over the traditional web. These include decentralized control and censorship resistance.