Humanity is on the verge of another technological revolution. The advent of Web 3.0 will be a revolutionary event not only for people but, possibly, for the future of their capital as well. Investors and developers who have grasped the power of the next-generation Internet will be in an advantageous position as the world begins to take advantage of the benefits of Web 3.0.
First, let’s take a look at what Web 3.0 is.
What is Web 3.0
Web 3.0 is the next stage of the Internet. It is currently still under development, so there is no single, established definition of what Web 3.0 is or whether there will be one at all.
The main advantage of Web 3.0 is that it tries to solve the biggest problem faced by Web 2.0. It’s the collection of personal data by private networks, sold to advertisers, or perhaps even stolen by hackers.
In Web 3.0, the web is decentralized, so no one controls it. And decentralized applications (dapps) built on top of the web are open. The openness of the decentralized network means that no party can prevent the data or restrict access. Anyone can create and connect to various applications without the permission of the primary company.
Web 3.0 has its own money. Rather than relying on traditional financial networks linked to governments and bounded by borders, money in Web 3.0 is instantaneous and global.
So what are the benefits of Web 3.0:
- Antitrust and privacy protection. Web 3.0 will provide the web with antitrust and privacy protection structures. It will not incentivize centralized platforms.
- Secure network. Web 3.0 will be faster than its predecessors. It will be more difficult for hackers or others to penetrate the network. In addition, if they can do so, each of their transactions can be tracked and canceled online. Without centralization, it will also be difficult for hackers to take complete control of the organization.
- Data ownership. It will be easy for users to trust Web 3.0. Until now, user-generated data has been stored and used by large corporations. With Web 3.0, end-users will have complete ownership of the data. Data that travels over the network will be fully encrypted.
- Interaction. Interoperability is one of the key features of Web 3.0. Thanks to the decentralized web, it will be easy for applications to work with devices and platforms.
- No service interruption. Since there is no central facility to function, it becomes difficult for DDoS or other forms of service disruption to take effect.
- Permissionless blockchain. There is no need to have a central authority to run the Web 3.0 blockchain. Thus, such a blockchain does not require permission and allows absolutely any user to join the address creation.
- Semantic Web. It allows data to be provided across systems and platforms. It will serve as a connection between the various data formats and the platform.
- Ubiquity. Ubiquity is the result of an interaction. Web 3.0 does not require a specific device to access information using multiple applications at once.
Cryptocurrency Web 3.0
In 2021, coins based on Web 3.0 are showing the maximum growth rates in the cryptocurrency market. The Web 3.0 sector expanded 244%, outpacing the growth of Bitcoin and other cryptocurrencies. With this indicator, Internet tokens came in second in terms of the speed of development in the space of digital payment systems. They are only beaten by NFTs, which have grown by 2970% since the summer of 2020.
Some digital coins have shown annual growth of up to 800%. The sector of tokens linked to internet applications includes over 40 coins. The capitalization of their part of the market is $ 25 billion.
Let’s take a closer look at what the best web 3.0 tokens are.
BitTorrent is the first torrent tracker and the most potent peer-to-peer network in the world. Large files are divided into fragments and transmitted over the web in a fragmented form, merging into one whole on the recipient’s computer. Everyone who downloads this or that file automatically becomes a participant in the distribution. Here is a ready-made solution to problems with the scalability of distributed ledgers.
BitTorrent cryptocurrency has many advantages:
- Optimization and expansion of the functionality of applications based on the BitTorrent protocol. The development of the system is facilitated by innovative technologies and their use in the protocol.
- Stimulation of users. Seeds that distribute downloaded content will receive a reward.
- No commissions. There is no need to pay to use the system, but you can reward using it.
- A generalized approach to system implementation allows developers to implement system updates quickly.
- Technical documentation of the project is detailed. It creates transparency of its development, which allows you to navigate the future of cryptocurrency and analyze trends in its course.
Livepeer (LPT) is a decentralized video streaming network built on the Ethereum blockchain. The protocol provides cost-effective broadcast and streaming services directly at the Web 3.0 video stack layer.
LPT has the following goals:
- It’s the link in the system of delegated proof-of-stake. The stake is charged to transcoders (or validators) who participate in video transcoding and validation protocol. The token and the potential shortening due to protocol violations are required to protect the network from various attacks.
- It directs work across the network in proportion to the number of tokens delivered and delegated.
- It’s a specific unit that participates in the formation of SectorCoin.
The Livepeer Protocol defines the secure and cost-effective participation of the various actors in the streaming ecosystem. The protocol was created to address two main goals: distribution of real-time video and encouraging network participants. The main goals also are:
- For sending live video to the network
- For video transcoding fee.
- For requesting video from the network.
- Let members contribute their computing power and bandwidth to the video transcoding and distribution service and be compensated accordingly.
The Livepeer protocol is designed to verify performance and prevent counterfeit versions. It offers solutions for automatic network scalability and built-in control for protocol evolution over time.
At the launch of the network, the issuance of tokens will continue by the inflationary schedule. In contrast, the token will be generated according to the inflation rate by round relative to the unpaid amount of tokens in circulation. The token is issued in proportion to all associated protocol participants’ shares.
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