- Web3 is the evolution of the internet, which will replace the traditional internet which we use today, also known as Web2.
- Web3 cryptos, as the name suggests are the digital assets that are associated in the development of Web3 and will be utilized there as soon as the concept becomes mainstream.
- Various Web3 cryptos are out there which are already contributing to the flourishing ecosystem, such as The Graph, Chainlink, etc.
What Exactly Are Web3 Cryptos?
We are using the current generation of the Internet called Web2, where the users are just products for the organizations as they are in complete control of the user data. Web3 is the next iteration of the internet, which vows to give the command over data back to users.
For instance, decentralized platforms can be utilized by musicians to post their works, instead of depending on centralized platforms like YouTube and Spotify to create profitability.
Web3 basically wants to eliminate those who are standing in the middle of the path unnecessarily, taking some commission out of the profits of the users (Which those useless middlemen do not deserve obviously).
Crypto assets linked to Web3 might offer several facilities which are provided by cloud services, like hosting services, identification, storage, bandwidth, and computation.
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Some Prominent Web3 Crypto Assets
The Graph is basically an indexing protocol fueling several applications in Web3, DeFi ecosystems, and for querying data for IPFS and Ethereum.
It allows the users to develop open APIs, or subgraphs, which the apps can query through GraphSQL for the retrieval of blockchain data.
As of now indexing data from POA, IPFS and Etereum is backed by The Graph, and more networks are expected to join this queue.
Chainlink (LINK) serves as a blockchain abstraction layer enabling unersally linked smart contracts. External data feeds, payments, and events can interact securely via Chainlink, offering vital off chain info required by sophisticated smart contracts.
It is among the initial networks bending the off-chain data into smart contracts. Several prominent data providers are working with tis trustworthy network, which involves Huobi, Brave New Coin, and Alpha Vantage.
We can consider Theta Network as the YouTube in the Web3 sphere. The network was especially developed for video streaming.
Theta Network has its own indigenous currency THETA, which also performs governance tasks inside the network, where Samsung, Sony Europe, Gumi, Blockchain ventures, Binance and Google are its Enterprise validators.
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