Web 3.0 Coin: The Newest Crypto Trend in 2022
The internet of the future, Web 3.0, aims to give power back to users and creators using decentralized blockchain technology.
Learn how Layer 1 solutions like Ethereum support Web 3.0, and the role of Web 3.0 cryptocurrencies in the metaverse.
Web 3.0 is facilitated by decentralized blockchain networks and cryptocurrencies associated with it.
Find out how you can buy trending Web 3.0 cryptocurrencies with Binance.
Cryptocurrencies are facilitating the rise of Web 3.0, the Internet of the future built on decentralized blockchain networks. Here’s all you need to know about the up-and-coming crypto trend of 2022, Web 3.0 cryptocurrencies, and how to buy Web 3.0 cryptocurrencies on Binance.
Harnessing the power of decentralized networks, Web 3.0 is a new generation of the world wide web that aims to increase user utility and the number of online apps. In this post, we explore how Layer 1 solutions help support Web 3.0, how Web 3.0 can form the foundation for metaverses and how you can buy Web 3.0 tokens on the Binance Platform.
Trusted by millions worldwide, the Binance platform features an unmatched portfolio of crypto products and offerings, including decentralization and infrastructure solutions. And now, you can buy Web 3.0 cryptocurrencies too. Sign up for a Binance account and start buying Web 3.0 cryptocurrencies.
Web 3.0 And Its Predecessors
Web 3.0 is the vision for what the web of the near future could look like. To understand what Web 3.0 truly means, one needs to know about its predecessors, Web 1.0 and 2.0.
Traditionally, Web 1.0 is the first generation of the world wide web, where websites were mostly static and used to broadcast and browse for information. Web 1.0 was built on decentralized and community-governed protocols, and the user demographic was mostly content consumers rather than content creators.
Web 2.0 is the familiar Internet that we know and use today, and comprises more user-generated content and an increased number of use cases other than information browsing, including social media interaction and online shopping. Web 2.0 is dominated by centralized services run by corporations with the power to censor user-generated content and store data in a single database or repository. Examples of Web 2.0 sites include Facebook, Wikipedia and Twitter with the authority to censor user content, or payment companies denying someone access to their services.
Web 3.0, also known as Web3, refers to an evolved state of the world wide web boasting a blockchain-powered decentralized ecosystem where users can interact without worrying about central data-specific repositories. In simpler terms, in the era of Web 3.0, search engines, social media platforms, marketplaces etc. will be built on the blockchain and facilitated by cryptocurrencies, giving rise to novel developments like uncensorable content and more inclusive payment services. Cryptocurrencies that are associated with Web 3.0 are known as Web 3.0 tokens, or Web 3.0 cryptocurrencies. Ideally, Web 3.0 aims to give users more control over their digital content with the help of a decentralized infrastructure, shifting the dependency of transactions and permissions away from a central authority. This is promising for the creator economy, where users can be financially rewarded when they own or bring digital data and value to the online community. While there are several early Web 3.0 applications, the era of Web 3.0 will only reach its true potential when the majority of current and future web applications and websites have embraced a decentralized web infrastructure.
Web 3.0 And Layer 1 Solutions
In order for Web 3.0 to take off, it has to be powered by networks offering security, scalability and decentralization. Because Web 3.0 invites more user interaction and applications, scalability is key in supporting the future Web 3.0’s apps and user operations.
The "scalability trilemma”
Scalability refers to a blockchain’s ability to accommodate rapid growth and demand without compromising performance. If Web 3.0 were based on a blockchain that was incapable of doing so, we may experience slow loading websites and poor user experience in general. While Web 3.0 is largely synonymous with a decentralized, blockchain-inspired web architecture, these decentralized networks currently face a unique challenge known as the “scalability trilemma” that potentially hinders widespread adoption. The “scalability trilemma” is brought about by the blockchain’s inability to juggle the three properties of security, scalability and decentralization, as any blockchain technology can only satisfy two properties at most. As such, Layer 1 solutions have been introduced to tackle the “scalability trilemma”.
Layer 1 blockchains as a solution for scalability
Currently, Web 3.0 applications are often run on the Ethereum network, a Layer 1 blockchain.
Layer 1 blockchains are also known as Layer 1 blockchain solutions, and are a set of proposed solutions that improve the base protocol to achieve better scalability for global adoption. Apart from Ethereum (ETH), Binance Smart Chain (former BSC), Litecoin (LTC), Cardano (ADA), Polkadot (DOT) and Terra (LUNA) are some of the other Layer 1 blockchain solutions used to tackle the “scalability trilemma”.
The ways in which different networks scale depend on their consensus mechanisms, with the common two being Proof of Work (PoW) and Proof of Stake (PoS). There are other consensus mechanisms like Proof of Capacity (PoC), Proof of Activity (PoA), Proof of Burn (PoB), Proof of Elapsed Time (PoET) and Proof of History (PoH) that have their own strengths and are employed by various networks to improve scalability. In order to supersede legacy systems supporting Web 2.0, Web 3.0 should use Layer 1 solutions that are highly scalable.
Interoperability of Web 3.0 And The Metaverse
In recent launches, we saw how blockchain technology, particularly NFTs, can enable users to participate in virtual reality such as the metaverse. Metaverses are digital 3D universes that operate on the blockchain and offer anyone the freedom to create assets, socialize, game, invest and more. Thanks to blockchain, these digital environments are interoperable and scalable.
Similarly, Web 3.0 can provide the foundation for people to create, buy and sell goods such as NFTs. Because Web 3.0 is a collection of apps and user interactions on a decentralized platform, it is likely to be highly interoperable and facilitate trade and communication. In fact, Web 3.0 aims to host more open, interconnected websites for greater user utility. One such example of a Web 3.0 app is Axie Infinity, a complex gaming metaverse that bridges gaming and decentralized finance (DeFi). This NFT-based online game requires users to first purchase an Axie avatar in the form of NFT to start playing and uses virtual currencies Axie Infinity Shards (AXS) and Smooth Love Potion (SLP). The play-to-earn game mechanics, self-regulating supply and ownership incentives are several features that increase community interaction, and we are likely to see more of these types of engaging DeFi metaverses and Web 3.0 tokens in the era of Web 3.0.
Popular Web 3 Coins
Web 3 coins have been gaining considerable traction since their launch, and the most popular Web 3.0 coins can be found on the Binance exchange:
Chainlink (LINK), at a price of $19.75 and $9,214.38 million market cap
Filecoin (FIL) at a price of $37.62 and $5,224.11 million market cap
THETA (THETA) at a price of $4.36 and $4,376.29 million market cap
Helium (HNT) at a price of $31.84 and $3,343.03 million market cap
The Graph (GRT) at a price of $0.6464 and $3,048.36 million market cap
BitTorrent (BTT) at a price of $0.002805 and $2,782.02 million market cap
Basic Attention Token (BAT) at a price of $1.17 and $1,754.92 million market cap
Arweave (AR) at a price of $43.39 and $1,456.26 million market cap
Siacoin (SC) at a price of $0.01602 and $794.66 million market cap
Livepeer (LPT) at a price of $37.40 and $789.82 million market cap
* These prices are a reflection of 16 December 2021’s prices
* This list is ranked according to market cap and does not constitute a recommendation or endorsement by Binance to buy or sell any currency.
How To Buy Web 3.0 Tokens in 3 Easy Steps
Get involved with the digital shift to the internet of the future now. Here’s how you can easily buy Web 3.0 cryptocurrencies.
Optional: Convert the fiat currencies to BUSD or USDT so that you can trade a greater variety of tokens.
To use your Web 3.0 tokens, transfer the tokens from the Binance crypto address to a MetaMask wallet address. For a complete guide on how to install, configure, and send Web 3.0 cryptocurrencies to your MetaMask wallet, click here.
Web 3.0 tokens offer immense potential to shape the future of the internet. Get involved in this exciting shift to Web 3.0 by simply purchasing or staking Web 3.0 cryptocurrencies. As always, remember to DYOR before buying crypto.
Ready to buy cryptocurrencies? Kickstart your cryptocurrency journey with Binance
Get started by signing up for a Binance.com account or download the Binance crypto trading app. Next, verify your account. After you have verified your account, there are three main ways to buy cryptocurrencies on Binance using cash: you can buy crypto with cash from Binance via bank transfer, card channels or e-wallets options.
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Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.
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