Best Web3 Coins 2022: The Next Phase of the Internet?

Best Web3 Coins 2022: The Next Phase of the Internet?  The Web3 Foundation feeds and oversees technologies and applications in the areas of protocols for decentralized web software.
Best Web3 Coins 2022: The Next Phase of the Internet? Photo: Mehmet Akkan /

Web3, or Web 3.0, was announced as the next stage of the Internet. While Web3 is still in its infancy, its elements such as decentralized finance (DeFi), non-fungible tokens (NFTs), and games played for profit have attracted attention.

Top executives from tech companies are migrating to blockchain companies to create Web3. Ryan Watt has left his job as Head of Games at Youtube to join Polygon’s (MATIC) Tier 2 NFT unit. Sherice Torres has jumped as chief marketing officer of the Meta Platform’s crypto and payments unit to join Circle, the company behind USD Coin (USDC). Eric Schmidt, the former CEO of Google, joined the blockchain oracle Chainlink (LINK) as a strategic advisor in late 2021.

Web3 is as diverse as it is exciting. In this article, we have listed the unique blockchain projects in their special offerings. The top five web3 coins identified below are based on a list of web 3.0 tokens by market cap compiled by CoinMarketCap.

Are they the best 3 web coins to invest in this year? Let’s dive into the projects and take a look at their performance so far this year.

Best 3 Web Coins of 2022 by Market Cap

As of April 11, 2022, the top web3 crypto projects by market capitalization include Polkadot (DOT), Chainlink (LINK), Filecoin (FIL), Theta Network (THETA), and Helium (HNT). Although they’ve all suffered double-digit losses year-to-date, they remain strong players in Web3.

Top Five Web3 Coins by Market Cap

Polkadot (DOT): Blocks Interoperability

First in the list of the best web3 cryptocurrencies collected by Coinmarketcap is the blockchain platform Polkadot and its native currency, DOT.

Unlike smart contract platforms like Ethereum (ETH), also known as Layer 1 (L1) platforms on which decentralized applications (DApps) are built, Polkadot is a zero-layer platform. Developers can build L1 platforms on the Polkadot network called parachains. These parachains are free to operate independently. Polkadot gives parachains common security and interoperability.

Polkadot is a heterogeneous multi-chain scalable. This means that unlike previous blockchain applications that focused on providing a single chain of varying degrees of generality to potential applications, Polkadot itself is designed to provide no inherent application functionality whatsoever. Instead, Polkadot provides a basic “migration chain” in which a large number of globally verifiable and coherent dynamic data structures can be hosted side by side,” as stated in Polkadot’s white paper.

Polkadot was founded by Gavin Wood, one of the co-founders of Ethereum. Its native currency, DOT, is used for governance and for participating in parachain slot auctions. Polkadot has limited parachute slots. Developers bid at auctions, where teams agree to lock DOT tokens to earn the right to build on Polkadot. As of April 11, DOT ranked the 13th largest cryptocurrency with a market capitalization of over $17 billion, according to CoinMarketCap.

Polkadot (DOT) perform all the time

Chainlink (LINK): Web3 Data Provider

Next in the list of best web3 coins is Chainlink (LINK).

Chainlink is a network of decentralized oracles that transmits data to smart contracts, enabling contracts to be executed based on inputs and outputs from the real world. The network was founded by Sergey Nazarov and Steve Ellis in 2017. It quickly established itself as a market leader in the Oracle blockchain sector.

Oracle networks like Chainlink are essential to the functionality of Web3, which is organized and maintained by pre-written code and smart contracts. In Chainlink, users can form decentralized oracle networks (DONs) that deliver data to and from existing block chains, and work to ensure data accuracy.

According to Chainlink, the Associated Press, AccuWeather, Switzerland-based telecommunications company Swisscom, Amazon Web Services and Google Cloud Platform have launched Oracle nodes on the platform.

Its native token, LINK, is used to pay Chainlink node operators to retrieve data from off-chain data feeds of smart contracts, format data into blockchain-readable formats, and off-chain arithmetic and runtime guarantees offered by operators. Chainlink also operates a network-wide staking mechanism.

As of April 11, LINK is the 23rd largest cryptocurrency with a market capitalization of over $6.5 billion, according to CoinMarketCap.

Chainlink (LINK) perform all the time

Filecoin (FIL): Decentralized Cloud Storage

Filecoin (FIL) is an open source cloud storage marketplace. The network is powered by a large number of storage providers and developers to help organizations and enterprises create secure, decentralized, and cost-effective data storage solutions. Common use cases for Filecoin include storing large archives, NFTs, and frequently accessed data.

According to a report from research firm GigaOm, most Filecoin network storage providers are “committed” to providing data center resources by investing in hardware and depositing guarantees to ensure quality of service, data availability, and long-term data reliability. Its original code, FIL, is used to pay storage providers to store and retrieve their data.

“Storage providers are highly incentivized to store critical data for end users by offering a 10x reward multiplier through the Filecoin+ program. Storage providers involved in the network have to pledge Filecoin collateral and can lose that money if it is not reliable enough,” GigaOm said. .

As of April 11, FIL ranked the 37th largest cryptocurrency with a market capitalization of over $3.6 billion, according to CoinMarketCap.

Filecoin (FIL) performance all the time

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Theta Network (Theta): Empowering the Content Industry

Theta Network (THETA) is a media and entertainment focused blockchain that aims to reduce the costs of a content delivery network for the online video industry. It rewards end users for sharing their storage or bandwidth on any device.

According to Theta Network, one of its potential use cases would be the Web 3 equivalent of streaming work like Netflix (NFLX), leveraging Theta Network’s solutions to lower costs for video encoding, storage and delivery to multiple devices.

The Theta network consists of two systems called Theta Blockchain, which provides payment, reward and smart contract capabilities to users, and Theta Edge, which enables the storage and delivery of media assets.

The network also contains two symbols. Theta Token (THETA) is the token of governance. Theta Fuel (TFUEL) is the operational code used to drive on-chain operations.

As of April 11, THETA was the top 40 cryptocurrency with a market capitalization of over $3 billion, according to CoinMarketCap.


Helium (HNT): Decentralized Internet Provision

Close the list of best encryption on the web 3 is Helium Decentralized Wireless Network (HNT). According to its white paper, Helium is a decentralized wireless network that enables devices anywhere in the world to wirelessly connect to the Internet and geolocate without the need for satellite positioning devices or cellular plans.

Helium is operated by a network of miners and wireless network coverage providers. The helium community controls vendor and third-party manufacturing setup of helium-compatible hotspots. Network participants earn HNT tokens that publish these hotspots.

Its native token, HNT, is used to pay miners to send data to and from the Internet. Miners must purchase HNT tokens to join the Helium Network. The newly minted HNT tokens are rewarded to miners who are part of the consensus pool.

As of April 11, HNT was the 47th cryptocurrency by market capitalization at over $2.4 billion, according to CoinMarketCap.

Helium (HNT) performance all the time

Web3 Market Forecast: Analysts’ Perspective

Kathryn Wood’s Arc Invest believes that Web3 will boost online direct expenditures at an annual rate of 28% from $1.4 trillion in 2022 to $12.5 trillion by 2030. The evolution of the video game industry and the increasing popularity of NFTs will create a new kind of “Active entertainment,” Ark Invest noted in its Big Ideas 2022 report.

The industry is signaling positive signs towards its expected explosive growth, with monthly active Web3 developers rising from less than 6,000 in January 2018 to more than 18,000 by the end of 2021, according to a report by the Web3 venture.

“Not only are cryptocurrencies and tokens transforming funding and money, but also the ways in which creators can form local online organizations to create and share value,” Consensis said.

“Web3 has become a proxy for new economic ideas about how the Internet is engineered, and how people should be involved in creating that value.”

Note that the list of the best web3 coins has been compiled by measuring the market capitalization of cryptocurrencies, which cannot be used as the only criterion for selecting the best and best web 3.0 cryptocurrency.

To compile your list of the best web3 investments, you should do a thorough research on project fundamentals, currency rate performance, market news and major price drivers. Note that cryptocurrency prices are highly volatile. Whether Web3 coins as an asset are right for you depends on your risk tolerance and how much you intend to trade.

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