Top 5 Web3 Cryptocurrencies to Follow in 2022
06 Jun 2022
In the last two years, there has been quite some buzz around crypto and Web3. And for a good reason.
As part of a movement to evolve from Web 2.0, Web3 is a movement to decentralize the internet, democratize access to the apps, sites, and services within the ecosystem, and challenge the dominance of tech giants.
Since the dawn of the sector, many top crypto projects have joined the movement to establish a viable infrastructure for Web3 and facilitate a smooth user transition.
And in this article, we have collected the top five Web3 crypto tokens that are worth considering for investors in 2022.
Let's see them!
1. Polkadot (DOT)
Founded in 2016, Polkadot (DOT) is one of the most popular top crypto projects within the Web3 space.
As a Web 3.0 interoperability platform, Polkadot's blockchain ecosystem aims to interconnect otherwise isolated chains, achieving seamless value transfers, data exchanges, and other operations.
Polkadot's ecosystem includes four key elements. The first is the Relay Chain, which functions as the project's primary blockchain and is responsible for communicating with other chains and maintaining a high level of security within the ecosystem.
Parachains and parathreads are independent chains that run in parallel with the Relay Chain, communicate via the Cross-Chain Message Passing (XCMP), and benefit from the security offered by Polkadot's main blockchain. A limited number of dedicated slots parachains can utilize to deploy – to lease one, a project has to win an auction.
As they don't require dedicated slots to operate, parathreads don't have to go through this process. However, as they share one with other chains, continuous uptime is not guaranteed for parathread projects.
Bridges also play a key role within the Polkadot ecosystem, as they are responsible for achieving interoperability between the Relay Chain and other blockchains.
While Polkadot's development has been going relatively slow (but steady), the crypto project completed the final stage of its roadmap last December by rolling out the first parachains, adding new functionality and use-cases for the interoperability-focused ecosystem.
2. Filecoin (FIL)
In addition to interoperability between different blockchain networks, decentralized storage is also an essential element of the Web3 infrastructure. And as one of the top leaders in this field, Filecoin (FIL) is just working on achieving the latter.
As a decentralized storage network, Filecoin users can host and retrieve their data on the project's dynamic distributed cloud solution that operates on the blockchain. From something as simple as a free hard drive on a desktop computer to full-fledged data centers, ecosystem participants can offer storage services via their hardware and earn FIL in exchange.
While cryptographic proofs guarantee that users' data remains unchanged and accessible over time, the web3 crypto project breaks the records into numerous chunks to store them securely.
3. Theta Network (THETA)
While Filecoin focuses on a distributed storage solution, Theta Network (THETA) has built a next-generation video and entertainment blockchain that offers decentralized media streaming and content delivery.
Like Filecoin users share their devices' spare storage for a reward, Theta viewers contribute their unused bandwidth and computing resources while watching videos. In exchange for optimizing the quality of the streams and the overall user experience, they receive Theta Fuel (TFUEL), one of the two of the project's native cryptocurrencies.
Users sharing their computing and bandwidth become caching nodes and form a video mesh delivery network together with others to deliver streams to viewers in a decentralized way.
One of the most important aspects of Theta is that content delivery is optimized for local usage via peer-to-peer technology, which not only improves the quality of the streams but also significantly reduces the bandwidth usage compared to large centralized CDNs and video streaming platforms.
Featuring partnerships with top companies like Samsung and Sony, Theta has been focusing on NFTs and the metaverse lately ahead of the launch of the 4.0 version of its mainnet in December, which will introduce Theta-based subchains for developers.
4. The Graph (GRT)
The Graph (GRT) provides a viable solution to the lack of decentralized indexing and querying software within the blockchain space.
Before this top crypto project, developers had to resort to centralized servers to process and collect data as well as develop their own methods for this process.
As a crucial element in the Web3 infrastructure, the Graph allows top crypto projects and developers to utilize its immutable application programming interfaces (APIs) called subgraphs to pull data from external sources in a decentralized way.
Due to important benefits in enhancing ecosystem decentralization, decreasing complexity, and providing a better overall user experience, 23,000 developers were using the Graph in September 2021 to leverage the protocol's advantages.
5. Basic Attention Token (BAT)
Basic Attention Token (BAT) is one of the top Web3 tokens with the most extensive history.
Launched in 2017, BAT is a utility token that runs on the Ethereum and Solana blockchains and powers decentralized advertising on the open-source Brave browser.
Brave is a privacy-focused browser with built-in ad-blocking and tracker blocking features. However, users can optionally turn on advertising, which will allow them to earn BAT tokens. Since consumers can decide whether they want ads in their browsers, the project's ad network offers advertisers optimized results at more competitive prices.
Due to the above advantages, as well as the option for content creators to earn revenue via advertising and BAT tips, Brave has been growing steadily, featuring nearly 19 million daily active users, 10.6 million Basic Attention Token wallets, and 3.8 million on-chain transactions as of June 2.
Buy Web3 Cryptocurrencies on AAX
With the goal to decentralize the internet, the Web 3.0 space is growing rapidly.
As the infrastructure is being built by promising projects, the good news is that you can join the movement by trading these top Web3 tokens on the LSEG-powered institutional-grade cryptocurrency exchange AAX.Head to AAX and log into your account to start trading! If you haven't registered yet, you can use this link to sign up.
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