When speaking of Web3 coins, some may automatically think of cryptocurrency tokens such as Bitcoin and Ethereum – but it’s much more than that. Web3 coins are part of an even larger ecosystem that many consider the future of finance and the internet. Beyond being an online currency and allowing investors to vote for issues related to the protocols, digital coins allow investors to expand their reach.
The Basics:
Web3 is also known as Web3.0. It is the next generation internet. This ecosystem is decentralized and combines the power of cryptocurrency, blockchains, non-fungible tokens (NFTs), crypto, and Decentralized Autonomous Organizations. Although these concepts have been floating around the web for quite some time – some still find it difficult to fully understand what all of them mean. Blockchains, online ledgers which store data across multiple locations in a network make hacking and data leaks obsolete. The NFTs, unique digital assets, are available for purchase and sale on the blockchain. They can also be used as investments or to hold. The next generation of organisations is DAOs. They operate on the blockchain-encoded rules, ensuring transparency and democratic governing bodies.
Web3 coins will bring the Web3 ecosystem alive. These Web3 coins will make it possible for transactions to be made using crypto wallets. Many coins also give investors the ability to vote on important changes and decisions regarding the protocol. There are many Web3 coins available, making it difficult for some to choose which to invest in. There are many Web3 coins that can be used in a variety of ways, regardless of whether you’re a novice or an expert in crypto. They all have different purposes and each one has a different focus. The top Web3 coins you should be looking out for are GAL, FIL, and HNT. They are making great strides to bring Web3 to the forefront.
1, Project Galaxy
The Project Galaxy ecosystem was launched in 2022. It aims to offer users a collaborative, open credential network. Project Galaxy is the most extensive Web3 credential network, allowing developers and DAOs access to NFTs as well as digital credential data. This is done through curators utilizing their native GAL token and signaling a credential data set’s value, which is then incentivized through the split of revenue amongst credential stakeholders. The main goal of the Project Galaxy team is to build better products and communities via the credential data network they’ve built.
2. Helium (HNT)
Often being labeled as “The People’s Network”, Helium allows for low-power devices to communicate with one another and transmit data over a network of nodes, called hotspots. This decentralized network focuses on powering IoT devices, which are physical devices with the capability of connecting to the internet, such as light bulbs and thermostats. Think smart home devices – which you control from your phone. Users can rest assured that data on the Helium network is not at risk of being hacked. HNT is the native token that is used in this network. It is used to store all transactions and data.
3. Filecoin, FIL
Poor data security has been a problem for global corporations, resulting in private data being misused and hacked without consent. Filecoin, a blockchain-based storage platform that lets users rent out unused space on their hard drives through decentralized storage solutions like Filecoin, is standing by to help. FIL is the native currency used for recording and making transactions. This blockchain technology, which was developed by Protocol Labs on top InterPlanetary file System, ensures high-quality, secure storage.
Conclusion
Web3 is open to all, no matter if you are a beginner or an expert in crypto. Web3 coins allow users to explore the future internet and also protect their personal data while investing in different ecosystems. The present is the best time to invest and get involved.