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- 1 Web3 facilitated the creation of decentralized applications that run on the blockchain.
- 2 There are different blockchain platforms, which facilitate the technology for Web3 projects like Ethereum, Polkadot, etc.
In Web3 projects most of the users will be connected through decentralized networks and have access to their data. These projects bring new possibilities for internet users. It tries to connect technologies like machine learning, artificial intelligence, digital currencies, blockchain technology, smart contracts, etc.
Although there are many Web3 projects but based on the features there are some projects which are discussed below.
Ethereum 2.0
Ethereum 2.0 upgraded the Ethereum network. It is a shift from proof of work (PoW) to the proof of stake (PoS) model. It brings improved scalability, transaction throughput, and accessibility. It is more efficient than Ethereum. Ethereum manages 15 transactions per second while Ethereum 2.0 manages 100,000 transactions per second.
It has an expanding developer community therefore it will continue to lead the way for other Web3 projects.
Solana
Solana is famous for its low fees and fast transaction speeds. It is a high-performance platform. This Web3 platform provides unique features and it works on consensus mechanisms, parallel transaction processing, and more. It is considered a convenient option for NFT marketplaces and DeFi projects.
Solana follows Proof of History (PoH), which is less secure but more efficient which leads to high-speed and low-cost transactions.
Polkadot
Another known innovative Web3 project is Polkadot which facilitates easy interoperability between different blockchains. They provide shared security to the blockchain networks to work together. It is designed to be fast and scalable. Simply it is said that this Web3 project facilitates an accessible relay chain where other blockchains can connect and communicate with each other.
Avalanche
Avalanche Web3 platform is considered a competitive blockchain platform to Ethereum. It has good scalability and transaction processing speed. Avalanche is in the top ten by market cap and it shows good potential over the coming years. It has the advantage of transaction speed. It can process up to 4,500 transactions per second. Avalanche provides more staking payouts
Cardano
Cardano Web3 platform works on decentralized proof of stake blockchain platform. It is creed in 2017. This platform has a loyal community and is considered a good investment in the long term. It allows users to create tokens, decentralized applications, and also other utilities for the scalable blockchain network
Conclusion
Web3 platforms facilitate power distribution. It changes the way we interact with the internet. This makes it more efficient and secure. Many Web3 platforms provide the ability to use and create decentralized applications that run on the blockchain.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
