5 Web 3.0 Cryptocurrencies to Consider for the Future of the Internet

The internet is undergoing a significant transformation, moving beyond the traditional web to what is commonly referred to as Web3. This new paradigm leverages blockchain technology, decentralized applications (dApps), and cryptocurrencies to create a more open, user-centric, and secure online environment. In this article, we’ll explore five Web3 cryptocurrencies that investors should keep an eye on as they shape the future of the internet.

1. Helium (HNT): Building a Decentralized Wireless Network

Helium: The People’s Network

The Helium Network, often referred to as “The People’s Network,” represents a paradigm shift in decentralized wireless infrastructure. Here’s what you need to know:

What Is Helium?

Helium is a decentralized wireless network that enables devices worldwide to wirelessly connect to the internet and geolocate themselves.

It operates without the need for power-hungry satellite location hardware or expensive cellular plans.

The network leverages a technology called LoRaWAN, which allows low-power, long-range communication for Internet of Things (IoT) devices.

How It Works:

Individuals can set up small devices called “hotspots” to participate in the Helium Network.

These hotspots provide wireless coverage and earn HNT tokens as incentives.

The network’s coverage is extensive, making it accessible even in remote areas.

Use Cases:

IoT Devices: Helium enables various IoT devices, such as smart fridges, pet collars, and rentable scooters, to connect wirelessly to the internet.

Geolocation: Devices can determine their location without relying on traditional GPS systems.

Cost-Effective Connectivity: Helium offers a low-cost alternative to cellular networks, making it ideal for applications like asset tracking, environmental monitoring, and more.

Real-World Impact:

Helium has empowered businesses and communities worldwide:

Water Usage Monitoring: Helium devices help detect leaks and manage water usage efficiently.

Smart Cities: The network supports smart city applications and workplace solutions.

Asset Tracking: Helium-based devices disrupt solutions like tracking loved ones, packages, and pets.

Decentralized Connectivity: Helium provides peace of mind in connectivity, even where power outlets are scarce.

Future Prospects:

Helium’s global coverage continues to expand, allowing developers and entrepreneurs to innovate across various domains.

As more hotspots join the network, its impact on the future of wireless communication grows.

Helium’s decentralized wireless network is not only reshaping connectivity but also empowering individuals and businesses to participate actively in building the internet of tomorrow.

2. Flux: A Multifunctional Crypto for Web3

Overview:

Flux (FLUX) positions itself at the forefront of blockchain evolution.

It stands out with its inventive strategy, offering:

Ultra-speedy transactions

Low fees

An incredibly scalable network

Utility and Ecosystem:

FLUX serves as a multifunctional crypto within the Flux ecosystem:

Resource Purchases: It can be used to buy resources.

Node Collateral: FLUX collateralizes nodes.

Transaction Power: It powers up transactions on FluxOS, the operating system running atop the Flux network architecture.

Reward System: It motivates miners and FluxNode operators by rewarding their computing power contributions.

Emergence of Flux:

Flux emerged from the need for more accessible and dependable blockchain technologies.

Its focus:

Improved Interoperability: Flux aims to make decentralized systems more user-friendly.

Performance Enhancement: Striving for better user experiences within decentralized environments.

Blockchain Structure:

Flux’s unique layered architecture:

Scalability: Built for scalability, security, and ease of use.

FluxNodes: Decentralized computational network ensuring robust service delivery.

Application Flexibility: Developers can create various applications and services within the Flux ecosystem.

Consensus Mechanism:

Flux employs a hybrid consensus mechanism combining:

Proof of Work (PoW): Miners defend the network, providing security.

Proof of Stake (PoS): FLUX tokens are staked by FluxNode operators for transaction validation.

Real-World Impact:

Flux supports:

Gaming Servers: Hosting gaming servers like Minecraft.

DeFi Applications: Enhancing DeFi security and reliability

Collaboration with NVIDIA:

Through the NVIDIA Inception Program, Flux aims to advance Web3 capabilities by combining Blockchain and AI.

Flux’s innovative approach to decentralized computing and robust infrastructure positions it as a key player in shaping the norms of digital interaction and application development in the Web3 era.

3. Filecoin: Storing Humanity’s Information

What Is Filecoin?

Filecoin is a decentralized storage network designed to store humanity’s most critical information.

It operates on the principles of decentralization, security, and efficiency.

How It Works:

Storage Miners: Individuals become storage miners by allocating their excess storage space to the network.

Clients: Users can store or retrieve data by interacting with these storage miners.

Incentives: Miners earn Filecoin (FIL) tokens for providing storage services, while clients spend FIL to access storage.

Blockchain Structure:

The Filecoin blockchain differs from traditional blockchains:

Tipsets, Not Blocks: Instead of blocks, Filecoin uses tipsets—sets of blocks with the same height and parent tipset.

Increased Throughput: Multiple storage providers can produce blocks for each epoch, enhancing network throughput.

Weighted Consensus: Tipsets are assigned weights, ensuring nodes build on the heaviest chain for security.

Built-in Actors: Actors (akin to Ethereum smart contracts) handle various functions within the network:

System Actor: General system operations.

Storage Miner Actor: Validates storage proofs and manages storage mining.

Storage Market Actor: Handles storage deals.

Ethereum Address Manager (EAM) Actor: Assigns Ethereum-compatible addresses.

User-Programmable Actors: Developers can write custom actors for specific use cases.

Distributed Randomness: Filecoin uses the publicly verifiable random beacon protocol (Drand) for leader election during consensus.

Real-World Impact:

Filecoin empowers:

Decentralized Data Storage: Splitting data across multiple computers globally.

Permanent References: Content addressing ensures permanent references without relying on specific devices.

Security and Efficiency: Making the web more secure and efficient.

Filecoin’s decentralized storage network revolutionizes data storage, ensuring accessibility, security, and reliability for humanity’s valuable information.

4. Polkadot: A Multichain Ecosystem

Polkadot is a groundbreaking blockchain ecosystem that aims to achieve interoperability and high scalability by connecting multiple individual blockchains. Here’s how it works:

The Relay Chain:

The Relay Chain serves as the central chain of Polkadot.

All validators of Polkadot are staked on the Relay Chain using DOT tokens and validate transactions for the entire network.

The Relay Chain’s responsibilities include coordinating the system, managing parachain auctions, and interacting with governance mechanisms.

Notably, smart contracts are intentionally not supported on the Relay Chain.

Parachains and Parathreads:

Polkadot supports a flexible number of execution slots, similar to cores in a computer processor.

Parachains have dedicated slots (cores) and run continuously. They handle various use cases, from specific applications to experimental architectures.

Parathreads share slots among a group and run less frequently. They pay on a per-block basis.

Both parachains and parathreads use the same API but differ economically. Parachains reserve DOT for slot leases, while parathreads pay per block.

Shared Security:

Parachains connected to the Polkadot Relay Chain share security.

The Relay Chain and all connected parachains maintain a shared state.

If the Relay Chain reverts for any reason, all parachains would also revert. This ensures the overall system’s validity and security.

Trust assumptions for Polkadot parachains rely solely on the Relay Chain’s validator set.

Use Cases and Impact:

Polkadot enables diverse applications:

Gaming Servers: Hosting gaming servers using dedicated parachains.

DeFi Applications: Enhancing DeFi security and reliability.

Custom Chains: Developers can create specialized parachains for specific features like smart contracts, privacy, or scalability.

In summary, Polkadot’s architecture fosters collaboration, scalability, and security across interconnected blockchains. As Web3 evolves, Polkadot plays a pivotal role in shaping the norms of digital interaction

5. Kusama (KSM)

Kusama, often referred to as Polkadot’s wild cousin, is a dynamic and experimental network that pushes the boundaries of blockchain technology. Let us dive into the fascinating world of Kusama:

The Canary in the Coal Mine

Origins of Kusama:

Kusama was founded in 2019 by Gavin Wood, the co-founder of Ethereum and the mastermind behind Polkadot.

It serves as a risk-taking, fast-moving platform—a “canary in the coal mine” for its more mature sibling, Polkadot.

What Is Kusama?:

Kusama is a scalable network of specialized blockchains built using Substrate, the same technology that powers Polkadot.

It shares nearly the same codebase as Polkadot but operates with a different ethos: innovation, rapid iteration, and disruption.

Developers flock to Kusama to move swiftly, experiment, and prepare for deployment on Polkadot.

Key Features:

Fast Iteration: Kusama’s risk-taking mentality allows developers to move swiftly through governance and upgrades.

Low Economic Barriers: Lean startups can launch custom blockchains (parachains) with low entry barriers.

Advanced Technology: Kusama adopts bleeding-edge features before they reach Polkadot.

Open Governance: Community-driven decision-making ensures a voice for all participants.

Engaged Community: Leverage Polkadot’s global brand and developer community for your projects.

Why Kusama Matters:

Innovation Playground: Kusama encourages experimentation, enabling teams to fine-tune their ideas before deploying them on Polkadot.

Scalability: Sharded blockchains and open governance provide a scalable infrastructure for businesses and applications.

Interoperability: Kusama brings multiple blockchains together, breaking down silos.

Customization: Developers can build app-specific blockchains tailored to their needs.

Ready to Start?:

If you’re ready to innovate, disrupt, and explore the edges of what’s possible, Kusama awaits.

Contact our team and bring your vision to life on this dynamic platform.

In summary, Kusama is not just a testnet; it’s a playground for rebels, visionaries, and change agents. As Polkadot’s wild cousin, it challenges norms and sparks the evolution of Web3.