Global interest in Web 3.0 is growing, which will bring much positive attention to blockchain and cryptocurrency. Several currencies can impact this space, which we will cover in several articles. However, Polkadot, Kusama, And Filecoin have excellent chances of becoming key players in this industry segment.
Why Web 3.0 Gains Momentum
It is easy to see why so many people are interested in Web 3.0 and its potential. The internet is on the cusp of migrating to a blockchain-based infrastructure, giving birth to decentralized products, services, protocols, and tools. It is the next step in technology’s evolution, and Web 3.0 will put the power back in the hands of the people. As a result, analysts predict tremendous growth for this industry over the coming decade.
Whereas significant technology companies made Web 2.0 a tremendous success, Web 3.0 will remove those intermediaries once again. Technology companies aren’t always thinking of the users but rather their profit lines. With blockchain technology, applications, products, services, protocols, and platforms are no longer in the hands of a select few. Everyone builds them for everyone and makes them accessible to anyone. Web 3.0 will transcend imaginary country borders and unite the whole world.
Polkadot Is A Crucial Cog
Although there are dozens, if not hundreds of Web 3.0 projects to keep an eye on, Polkadot is at the top of the list. The network is in a prime position to lead the transition from Web 2.0 to the next stage. Its approach to decentralizing the internet via parachains creates infinite possibilities. A parachain provides much better scaling and is a brick to weave together applications. Under Polakdot, every project can have a parachain running in parallel to the rest.
The architecture of Polkadot lets developers experiment, create, modify, and explore to their heart’s content. Moreover, developers show a massive interest in acquiring a parachain for their projects. Unfortunately, only 100 slots are available at this time, although that number will increase in the future.
Moreover, Polkadot (DOT) is an excellent example of self-funding development. Roughly $1 billion in assets can be used to fund the development of native projects, providing financial support for years to come. In addition, the decision-making on who is eligible for a loan or grant is handled by the community, emphasizing decentralization.
Kusama Shouldn’t Be Overlooked
Man people see investing in Kusama (KSM) as a way to invest in Polkadot’s future. That is rather straightforward, as Kusama serves as the canary chain for Polkadot. It is a controlled environment for developers to experiment, develop, and test code before bringing it to Polkadot’s ecosystem. Before the Polkadot parachain auctions began, Kusama had multiple projects running on its code.
Additionally, Kusama is used by the Polkadot developers to iron out any bugs and kinks before bringing upgrades to the network. As Kusama also has 100 parachains available for grabs, demand for a slot is very high. For now, one can argue Kusama is ahead of Polkadot in every regard, although that gap will tighten over time. That doesn’t mean demand for Kusama or KSM will disappear, though, as having a canary network will remain crucial to overall ecosystem development.
Filecoin Is A Potential Powerhouse
Although it appears as if people ignore Filecoin (FIL), the project is booming. Decentralized storage can disrupt cloud storage and introduce passive revenue streams to anyone in the world. Rather than specializing in large or small data, Filecoin’s network can store any data regardless of size. Moreover, it can store private information, datasets, and so forth. All of this comes at competitive prices that make these services affordable globally.
The FIL token is essential in this ecosystem. Anyone providing storage space can earn FIL tokens. Virtually everyone has unused space on hard drives in any device to host data. Therefore, providing more space can help one earn more tokens. These tokens can be used within the Filecoin ecosystem or sold through secondary markets.
Moreover, data retrieval over Filecoin is straightforward due to geographical data to pair users and providers. Therefore, the network will seek a nearby provider for those looking to store data. That approach makes it easier and quicker to reaccess data. Faster data retrieval and submission to the storer will yield higher FIL rewards.
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