Web 3.0 is the next iteration of the internet that focuses on decentralisation. It aims to create a level of transparency, where smart contracts will control user data and transactions instead of centralised organisations.
But automated transactions require cryptocurrencies. These coins and tokens that will support Web 3.0 are basically decentralised projects using smart contracts to automate transactions over the internet. Here is a list of the top decentralised projects or Web 3.0 tokens to keep an eye on in 2022.
The BitTorrent client is a cryptocurrency that many people are already familiar with. It is a peer-to-peer file sharing and hosting protocol. It was bought by TRON blockchain in 2018, and later the BitTorrent Token (BTT) was created on the Tron blockchain.
The aim of the project is to create a token-based economy where token holders control networking and storage of resources.
Basic Attention Token
Basic attention token is a blockchain-based network that aims to provide security, fairness, and efficiency in digital advertising through blockchain technology. It is the native token of the Brave web browser built on top of Ethereum (ETH). The native currency BAT is designed to be fairly exchanged by advertisers, users, and publishers.
BAT tracks how users interact with digital advertising content and stores that information in a distributed ledger. There are more than a billion tokens in circulation right now with a total supply of 1.5 billion tokens.
Audius is a decentralised music streaming platform that aligns the interest of artists, fans, and node operators with its native token, AUDIO. The token can be used for governance, staking, and incentivising artists earnings. Audius also rewards its creators by featuring their music in the weekly trending lists.
The Audius project recently announced a partnership with the streaming platform TikTok and plans to introduce stablecoin on the network to offer paid content in the future.
Helium is a decentralised blockchain platform that aims to improve the communication abilities of Internet of Things (IoT) devices. The Helium mainnet allows for low-powered communication between various devices and sends data across its vast network of nodes.
Users who operate the node within the network in helium are rewarded with helium’s native token HNT. The network runs on a proof-of-coverage consensus mechanism that allows nodes in a network to reach a consensus when the connection quality varies.
Livepeer is a decentralised video streaming platform built on the Ethereum blockchain. The platform’s open-source nature allows developers and users to participate in the management and maintenance of the platform.
Its native token is the LPT, which the holders can use to stake it in the network to earn both ETH and LPT as rewards. Video miners on the network can also transcode videos using their GPUs, and in exchange, they receive ETH and LPT as rewards.
Chainlink is a decentralised blockchain network built on Ethereum. It uses an oracle network that allows the blockchain to interact with data that is off-chain (outside the blockchain), bridging the gap between conventional data and a decentralised environment. Simply put, it provides critical information present outside the blockchain to smart contracts. This helps smart contracts receive data like payments, temperature from a sensor and even scores from a football game.
The Chainlink network consists of large data providers and node operators feeding information to the smart contracts in the blockchain. Users in the network can act as node operators to earn revenue in the blockchain’s native token LINK.
It currently is the most prominent Web 3.0 coin with a market cap of more than $13 billion.
The graph is a crucial decentralised protocol In the DeFi world that aims to bring a reliable decentralised public infrastructure to the mainstream market. It allows network users to build and publish an application programming interface (API), a workflow process that hides complex code behind a simple API.
APIs are known as subgraphs in the graph protocols, and they use a specific query to get data from a blockchain. Participants in the graph network use the graph token (GRT) to ensure the economic security of the graph network. GRT is a work token that allows a community of stakeholders to provide indexing and curating services to the network.
Sia is a decentralised blockchain-based cloud storage platform that allows users to lease access to unused storage space in the network. Transactions in the network are facilitated through smart contracts. Siacoin, the native token of the blockchain, acts as the currency used to pay for storing data on the network.
The original whitepaper of Sia explained the goal of the network as being a contender to existing storage solutions like Amazon, Google, and Microsoft. What gives Sia an edge over its competition is that it offers competitive storage rates due to its decentralised nature.
(Edited by : Abhishek Jha)