Hottest Web3 Projects to Look Out for in 2022
Web3, also known as Web 3.0, refers to what is considered the next phase of the internet: a decentralized, permissionless, blockchain-based web that will be controlled and supported by individual users who can maintain their privacy. The Web3 revolution aims to disrupt the current Web2 phase controlled by centralized entities and tech companies like Google, Facebook, Netflix, Amazon, etc.
In this article, find out what Web3 is and learn about the biggest Web3 projects in 2022.
The evolution of the internet
Web3 is considered the third stage of the internet revolution.
Web1, or Web 1.0, was the first iteration of the internet, and centered around a basic structure that was mostly used to provide information to users. It consisted of static flat pictures or web pages with limited interaction and was prominent till the early 2000s.
Then came Web2, or Web 2.0, which challenged the way we looked at the internet. It allows real-time information sharing, encourages participation from users, and online interaction. With the advent of social media, people can like, comment, and share pictures on platforms like Facebook and Instagram, while earning revenue through social media platforms like YouTube. But, one of the biggest challenges of these platforms was the lack of privacy and increasing scrutiny of companies like Facebook and Twitter, who had free access to people’s personal data.
So, what is Web3?
One of the biggest challenges of Web2 was that it compromised the privacy of internet users. Big corporations now have power over massive chunks of data and as a result, many users have been victims of financial loss and identity theft.
Web3 aims to resolve the issues surrounding privacy, security, and centralized power. Web3 is a decentralized, blockchain-based web solution where users are the owners. It is the next-gen internet solution that takes away power from large corporations via permission-less platforms where users have the right to share information. All private data is encrypted to prevent unauthorized access.
The Web3 movement led to the rise of many decentralized applications and Web3 projects. Let’s look at some of the hottest Web3 projects in 2022.
5 Hottest Web3 Projects to look for in 2022
1. Ocean Protocol
Built on the Ethereum network, Ocean Protocol facilitates data exchange among businesses and individuals. Purchasers can redeem “datatokens” and get access to the data. Data providers can share their data and get “OCEAN” tokens, the native token of the Ocean Protocol, in return.
The OCEAN token is a multipurpose coin that can be used to trade data as well as to take part in the platform’s governance protocol. All purchases and sales of “datatokens” are done on the Ocean Market. The Ocean Market is an AMM (automated market maker) that helps to mint and exchange these “datatokens”.
The Polkadot protocol is a cross-chain interoperable platform that allows seamless transfer of data between two unrelated blockchain networks like Bitcoin and Ethereum. DOT is the native token of the platform, and can be used for buying, selling, and staking, and also allows token holders to take part in the governance protocol of the Polkadot platform.
Polkadot is a scalable and fast network that operates on multiple parallel blockchains, or parachains. These parachains allow more than 1,000 transactions within one second. The Polkadot platform also operates on the NPoS (Nominated Proof-of-Stake) consensus mechanism, where users can take part in staking depending on the knowledge and funds that they contribute to the Polkadot ecosystem.
The Theta blockchain protocol is a decentralized ledger that aims to serve video streaming industries. Based on the Proof-of-Stake consensus mechanism, it encourages and incentivizes content creators for sharing their bandwidth and content on video platforms.
Theta employs a BFT (Byzantine Fault Tolerance) consensus protocol for high transactions throughout the platform. The platform supports a micropayment pool through a pay-per-byte mechanism to support the video streaming content creators. The ecosystem is powered by “Theta”, the native token of the economy. The platform is built on smart contracts to maximize user experience and support other DApps.
4. Brave browser
The Brave browser takes one step closer to Web3 by integrating to InterPlanetery File System (IFPS), a P2P (peer-to-peer) file-sharing network. Brave has always focused on privacy, and now its recent integration with IFPS will further ensure the efficacy of a fully decentralized web. Currently, the browser is available for Windows, Mac, and Linux.
The installation of the new system will enable users to access URLs without the extension. It will improve the browsing experience, decrease costs, and users can worry less about censorship, connectivity, and downtime problems.
5. Basic Attention Token (BAT)
BAT is the native token of the Brave Ads ecosystem that tokenizes user attention. Based on Web3 solutions, BAT connects publishers and advertisers. It eliminates mediators or intermediaries, and publishers can send BATs directly to the advertiser’s wallet via the Brave browser.
Users can monetize their attention and earn BAT rewards for viewing ads. Ad creators and publishers earn revenues. Advertisers also get relevant attention from their target audiences. Users maintain their privacy and give their unique attention to the ads. It is a win-win solution for users, advertisers, and publishers.
Data security has been a major crisis for internet users. There have been alarming rates of data theft over the past years where users have lost their valuable data and their identity has been hacked. Web3 focuses on user-centric data storage and privacy. It will redefine how users, as well as businesses, interact with the internet. It also aims to launch new projects and applications that are more transparent, safe, and profitable for individuals and businesses.