Over the past few weeks, on AAX Academy, we have given a lot of attention to the rise of Web3 Tokens. In this post, we present an overview to give crypto traders a better insight into this important area of development and the types of investable assets associated with it.
Some of us may remember the years when the Internet went public and we slowly started to plug in to this exciting new world of information. It was around the same time we saw more people own simple mobile phones that were often too large for comfort. At the time, the Web was really just a network where people went to search for information. As the Web grew more complex, we saw the rise of an interactive digital environment with forums, shared drives, online gaming worlds, and social media platforms. Most of us would find it hard to imagine living in a world without it.
But the development of the Web is an ongoing project and where we stand now is far from ideal. Unreasonable concentrations of power have formed with large corporations holding our most private data (and selling it), and where it’s become increasingly difficult to distinguish facts from falsehoods, or “fake news”.
The rise of Web 3.0, enabled by blockchain technology, provides an avenue to reclaim the Internet by disrupting infrastructures around storage, data exchange, financial transactions, and more. This upgrade to the Web reintroduces real ownership, verifiability, and opens the Web back up to secure peer-to-peer interactions.
In a way, most open crypto projects can be regarded as part of Web 3.0, but we’d like to highlight a few projects that are particularly focusing on disrupting the Web. The projects are not listed in order of importance, success or impact.
Polkadot was founded in 2016 by some of the foremost builders in the blockchain space including Ethereum co-founder, Gavin Wood. It is the flagship project by Web3 Foundation, a Swiss Foundation founded to facilitate a fully functional and user-friendly decentralized web. Polkadot aims to have a revolutionary impact on blockchain addressing true interoperability, greater transactional scalability, easier innovation and a more secure environment that protects everyone.
Learn more about DOT.
Self-described as “Polkadot’s wild cousin”, Kusama is an experimental blockchain platform that is designed to provide an interoperable and scalable framework for developers. It is based on the same code as Polkadot, working as a test bed for new features before they are implemented in Polkadot.
Learn more about KSM
BitTorrent is a decentralized file-sharing operation that pre-dates the “Web 3.0” term and the creation of Bitcoin. Over time, it has evolved into one of the most used decentralized applications, was acquired by Tron, and it even issued its own cryptocurrency BTT which today stands among the top 50 most popular currencies.
Learn more about BTT.
Ocean Protocol is a decentralized, blockchain-based data exchange. It functions as a protocol that allows anyone to build their own decentralized data marketplace. Such data marketplaces enable individuals and organizations to share, exchange, and use data to create better products, services, and user experience. OCEAN functions as a utility token, which is used for buying, staking, and selling data as well as for the governance of community funding on the platform.
Learn more about OCEAN.
Described as the Airbnb of data storage, Filecoin is a cryptocurrency powered storage network where miners earn Filecoin by providing open hard-drive space while users spend Filecoin to store their files encrypted in the decentralized way.
Learn more about FIL.
In fact, data storage projects have been steadily rising. If this is an area that interests you, either for investment or for participating and earning an income, we suggest you also learn more about STORJ, BLZ, TFT and SIA.