Check out top five web3 cryptocurrencies to watch out in 2022

We are a generation that has witnessed all three webs so far. The first generation of the internet (web1) was driven by singular websites while the second generation (web2) witnessed the rise of platforms like Facebook or Instagram. The third generation (web3) is dominated by decentralised services or DApps. Every DApps is a crypto token that powers respective services.

Web3 token can be explained in two ways – firstly, crypto platforms like Bitcoin, Ethereum are used to build new apps, and secondly, web3 that intends to make a real impact will have its token as well. 

Let us take look at the most important web3 tokens of 2022:

Polkadot

Polkadot is a blockchain platform that aims to connect different blockchains. It provides interoperability between Ethereum, Bitcoin, and other blockchain platforms. Polkadot design splits the platforms into two parts – mains or ‘relay chain’ and parallel chains or ‘parachains.’ Parachains help in connecting to other platforms. The first five parachains went live in December leading Polkadot to reach a record-breaking high of $51 at the end of 2021. According to market experts, Polkadot being backed by Wood and Web3 Foundation, interoperability, sustainability, and scalability are the major reasons for this token to power many future web3 services.

Filecoin

Though a bit old, Filecoin powers services in the third generation of the internet, however, hit directly at current web2 business models. Filecoin aims to bring users to join the network and share the storage space on the devices to store data over a decentralised and potentially global network. Reportedly, Filecoin has a huge network that offers a sort of data solution for developers who don’t intend to depend upon web2 anymore.

Arweave

This is also a decentralised storage solution. The company has described it as, “a collectively owned hard drive that never forgets.” Arweave takes a fee from other services, users, and companies to use its decentralised storage solution. The platform promises that a single storage GB data will be stored forever. Reportedly, with time the cost of storage data falls with more data being stored.

BitTorrent

This platform is a decentralised web and emerged at a time when the concept of web3 did not originate. It is the world’s largest file-sharing network and it could utilise BTT tokens to plug into future web3 streaming services and others.

Theta Network

Theta Network is a blockchain platform that aims for a video delivery network. Like Netflix, Amazon Prime, Hulu, and other video delivery platforms, depend on a centralised delivery network. This means that all the content resides in its own data centres. Theta Network focuses on breaking this network to a decentralised nature.