Crypto has reshaped the way we use and look at technology, and it should not be worrying. The crypto industry comes with surprising and valuable technology updates, and many other industries can benefit from blockchain. Be it healthcare, retail, government, or media, blockchain technology can significantly contribute to streamlining plenty of processes.
And among all the innovations that occurred during the past years, Web3 is another great concept that truly changes the online space. And once Web3 started being developed, many Web3 companies and crypto projects started actively contributing to improving the Web3 concept and bringing it closer to worldwide users quicker.
Of course, all these innovations can be seen in the stock market as well as the crypto market through significant price gains. And with a crypto calculator, you can even evaluate the profitability if you invested at the right time.
Thus, let’s talk about some of the best Web3 crypto projects to consider for the next bull market. The Web3 crypto projects we chose to talk about were selected based on their cryptocurrency market cap. So, let’s see what we should look into in in the near future.
What is Web3?
There are many definitions of Web3, and each one brings more information to the table. Basically, Web3 is considered to be a better version or a new iteration of the internet. Thus, Web3 is better than Web2 and Web1, the first 2 versions of the internet.
And to have an even better view of what Web3 means, you can think of the following comparison: Web1 is “read-only,” and Web2 is “read-write”. How does Web3 differ from Web2 and Web1? Well, Web3 is “read-write-own”.
Web3 comes with a significant advantage – it changes the internet by offering worldwide users one of the most important concepts: ownership. Thus, while Web2 is owned by centralized entities, Web3 will be owned and controlled by its users.
Web3 in Crypto
Web3 will also help the crypto industry, considering its main features. Basically, Web3 will be permissionless, trustless, and decentralized, and this will allow cryptocurrencies to enter the space smoothly and without many limitations.
Furthermore, Web3 will use cryptocurrencies, among other concepts, such as blockchain and NFTs (Non-Fungible Tokens). Web3 will gather many new concepts and combine them to give users power in the form of ownership.
Top 10 Web 3 Crypto Projects
1. Polkadot (DOT)
Polkadot is a protocol that aims to connect various existing networks in order to help various users and blockchains interact with one another. Basically, Polkadot is a “network of networks” that also focuses on improving the technology that powers dApps (Decentralized Applications).
Polkadot was launched by Ethereum co-founder Gavin Wood and Peter Czaban. Gavin Wood is also the one who coined the term Web3 in 2014 and then launched the Web3 Foundation 3 years later. Polkadot helps networks interact through a concept called parachains, which are PoS blockchains that are able to run independently. The relay chain binds the parachains, being responsible for maintaining the security and interoperability of the network.
2. Chainlink (LINK)
Chainlink is a tech platform that allows non-crypto-related companies to connect with various blockchains via off-chain data. Basically, Chainlink supports hybrid smart contracts, which are on and off-chain computations. The crypto project was built on the Ethereum blockchain and is open-source, meaning that anyone can view the project’s core or contribute to it.
Chainlink was launched in 2017 and is also called a blockchain-based decentralized oracle network. LINK, the native token of the project, is used to pay network operators and collateralize the network’s smart contract agreements.
3. Internet Computer (ICP)
Internet Computer Protocol is a Web3 crypto project that allows developers to create various web-based services, such as websites or apps. The project was developed by Dfinity and has the main purpose of imitating the web space but making it decentralized.
Being a truly innovative Web3 crypto project, Internet Computer Protocol quickly became extremely popular among crypto enthusiasts and is still among the most popular cryptocurrencies in the world. And it is no wonder why, considering that ICP allows any user to build software on the internet.
4. Filecoin (FIL)
Launched in 2021, Filecoin is a decentralized open-source protocol that offers users the opportunity of joining a global network of computers that provide file-sharing and storage services. Through Filecoin, online users can either rent out or buy storage.
Filecoin uses PoW (Proof of Work) as a consensus mechanism, meaning that its users can mine FIL to be rewarded with more FIL. Filecoin is free to join, but users who aim to rent storage available on the network will have to pay for it.
5. The Graph (GRT)
The Graph is an open-source crypto project built on the Ethereum blockchain that aims to collect data from various networks to make it more accessible to worldwide users. The data collected by The Graph is organized in Subgraphs to make the entire platform efficient.
On The Graph, queries are made via dApps written in a programming language called GraphQL. GRT is the native token of The Graph, and users can get GRT according to their participation on the platform. Also, any user who aims to look for data on The Graph will have to pay GRT to do so.
6. Render Network (RNDR)
Render Network is a blockchain that allows users to help projects render motion graphics and visual effects by offering unused GPU power. Render streamlines the rendering of 3D environments by allowing users to access a P2P (Peer-to-Peer) network where they can reach unused computational power to complete such actions.
Render Network works based on a PoR (Proof-of-Render) governance system and relies on a multi-tier pricing model. Users can choose from 3 tiers: Tier 1 (Trusted Partners), Tier 2 (Priority), and Tier 3 (Economy).
7. Theta Network (THETA)
Theta Network is a decentralized video delivery network that improves the traditional video-streaming processes. Theta Network provides high-quality video streaming at low costs through a decentralized platform available to worldwide users.
Theta Network users can earn THETA for sharing videos with other network users. Online users can share videos through Edgecast, a dApp developed by Theta Network, especially for content transcription and distribution.
8. Stacks (STX)
Stacks was developed to bring on the Bitcoin blockchain some features that can significantly improve the overall activity of the network. Basically, Stacks is a layer-1 crypto project that aims to bring smart contracts and dApps to Bitcoin in order to make Bitcoin-related processes more efficient while ensuring that they do not affect other features of the Bitcoin network.
Stacks’ native token is STX, and it is used to execute smart contracts, process transactions, and register new digital assets. Users can earn STX by exchanging already mined BTC. This is a new concept, and although some may consider it mining, it does not actually imply mining at its core.
Even though Bitcoin smart contracts are challenging, Stacks has enabled developers to build on top of the security of the Bitcoin network. For example, ALEX is a Bitcoin DeFi (Currently with a total value locked above $15M+ as of October 2023) leveraging the security of the Bitcoin network made possible with Stacks.
9. Conflux (CFX)
Conflux is a permissionless blockchain that was built based on something unique – the project combines PoW (Proof-of-Work) and PoS (Proof-of-Stake). Basically, Conflux is a Layer-1 blockchain that works based on a Tree-Graph structure. This means that the network can process multiple blocks simultaneously, thus increasing its efficiency significantly.
CFX is the native token of Conflux, and it allows users to pay various fees, such as gas fees or storage expenses. Users can also get CFX as staking or mining rewards. Furthermore, users who stake their CFX tokens can get voting rights.
10. Injective (INJ)
Injective Protocol is a DEX (Decentralized Exchange) that offers cross-chain margin trading, forex futures trading, and derivatives. Built on the Cosmos blockchain, Injective uses cross-chain bridges that allow traders to get coins and tokens from other blockchains.
Injective Protocol has 3 main components: Injective Hub, Injective Chain, and Injective Exchange. The 3 projects work together in order to allow users to trade crypto from various blockchains.
Final Thoughts
The crypto industry has brought many innovations to the table. Blockchain technology, NFTs, or various blockchains are extremely popular at the moment, and Web3 has started to gain surprising popularity.
While Web3 is still developing and improving, users can still invest in various Web3 crypto projects, considering that the whole concept will become extremely popular and will change the online space entirely.
We hope that our list of the best Web3 crypto projects helped you find your go-to for the next bull market.
