TOP5 WEB3 altcoins – Features of the next Internet Revolution (IOTA, GRT, THETA, EWT, HNT)
If you regularly follow the cryptocurrency world, even casually, you know it generates regular jargon discovery. There are NFT, d-app(decentralized apps), Defi, and tokenomics, to name a few. Recently a new crypto technology has been added to the list: Web3. Here, the idea is that crypto is not just about sending money or speculating on it, but it can build a new web ecosystem.
Also, the software behind the internet is constantly changing over the period of time. But, What makes Web3 so unique and even more bizarre than other crypto technologies is that it will help in building financial assets, in the form of tokens, in the internal functioning of whatever you do online. And in doing so, its developers claim to be able to replace companies with private, online-based organizations governed by software principles and the votes of token owners.
Many experts claim that these things are far from over for the use of any niche applications. Many of them are mere tools intended for crypto traders. It may also be an attempt to circumvent the regulations when policymakers prepare to set clear crypto rules. Web3 has become an important component of new creative projects, techno-utopianism, and financial engineering.
Applications of the Web3
Web3 applications are usually based on the technology called Ethereum. It is similar to Bitcoin rewards users who help maintain its network. Applications themselves may also have associated tokens, which may pay for services and serve as voting shares that govern app development and payment structure. At least in advance, the main incentive for this activity is usually the opportunity to inform them of the token price. It may also increase as more users join the community, but speculation may also increase. There’s a lot of speculation that we currently see nowadays in crypto.
However, Web3 is often described in terms of sensible partnerships, and spatial segregation can also cover business as average and less accountable. Administrators raise concerns about specific projects, especially public financing, or Defi, applications that allow people to lend, borrow, and trade in coins, often without verifying user ownership or conducting anti-money laundering checks. Many developers say they are not responsible because they have passed control over their users.
Web altcoins of the next internet revolution
The concrete value brought by Web3 technology can best be understood based on use-cases, so we will review features of the top 5 web projects of the next internet revolution.
IOTA – Internet of Things
IOTA (MIOTA) is a digital ledger that can record and process transactions between machines and devices in the Internet of Things (IoT). People in the ledger’s network use a cryptocurrency called MIOTA to track how much money was exchanged. IOTA’s main idea is Tangle, a network of nodes that can be used to confirm transactions. People who use cryptocurrencies like IOTA say that Tangle is faster and more efficient than the typical blockchains used in them.
The Internet will be used by many people by 2030 because many things will be connected. For example, devices in this Internet of Things (IoT) ecosystem can share data and payment information with many other devices as they make transactions.
IOTA wants to become the standard way to make transactions on devices. People who made the ledger have called it “the backbone of the Internet of Things that don’t need any permission from anyone.”
IOTA’s creators say that it solves many problems for cryptocurrencies that are made on standard blockchains. These problems include that mining is done by a single group, slow network speeds, and the ability to scale.
These problems are caused mainly by many transactions on the Bitcoin blockchain. As a result of this, there are many backlogs caused by things like small block sizes and challenging puzzles that miners have to solve to get the cryptocurrency as a reward. By changing how the blockchain works into Tangle, IOTA solves these problems.Tangle is a new way of organizing data and confirming transactions.
IOTA has been the subject of criticism because of its technical flaws
As with most cryptocurrencies, IOTA’s system is still very new and hasn’t been proven. However, a phishing attack on its network led to the theft of $3.94 million worth of MIOTA, sent to a fake email address. The IOTA development team wrote a blog post about getting a solid seed for its cryptocurrency when this attack happened.
This is how IOTA’s answer to Bitcoin’s problems is to get rid of many essential concepts and rules about how a blockchain works. MIOTA, IOTA’s cryptocurrency, is premised, and the consensus of transactions is different than on a blockchain. For example, IOTA developers have developed a new way to store numbers in a computer’s memory called Tangle.
There are nodes in Tangle that don’t go together in a specific order. This is a Decentralized Acyclic Graph (DAG).
Thus, each node in a Tangle can be linked to many other nodes. But they are only connected in one way, which means that a node can’t point back to itself. It is a DAG because it is a chain of linked sets in a particular order. But IOTA’s Tangle is a different system that lets transactions be processed simultaneously instead of one at a time. This makes the Tangle even more secure and efficient at processing transactions as more and more systems connect to it.
THE GRAPH (GRT) – The Google of Blockchain’s
The Graph, sometimes also called the “Google of blockchains,” is a decentralised indexing protocol that makes it easy and fast to organise and search blockchain data. It has solved one of the most critical problems developers face in Web 3.0.
As most experts say, the first thing you need to know is that The Graph isn’t a chain. Instead, it’s an “indexing layer” that sits on top of a blockchain, making it possible for decentralised APIs, or application programming interfaces, to be used freely. Gathers and analyses data before putting it into subgraphs, which dApps can search through to get the correct information right away. This is how the Graph works.
THE GRAPH (GRT) – Future Potential
According to Armstrong, The Graph is growing at a very high rate. More than $135 billion has been spent on the service in 18 months. That includes about $5 billion from May to this year alone.
Many trader traders say that even though GRT has a working product, a clear use case, and many people use it, they won’t be able to make 100X any time soon. It’s hard to believe, but it all comes down to tokenomics.
It looks like the team and early backers own almost 60% of the original 10 billion. That’s not all; it also has a 3 per cent annual inflation rate to pay for indexing rewards, a 10-year vesting period, only a 1 per cent burn rate, and as many as 800,000. As time goes on, many people might want to sell GRT.
This does not mean GRT cannot pump 100 times as much. On the contrary, when Defi and Web3 grow so quickly, they will be doing that a lot more and a lot more.
In the long run, you’re not going to make money right away. But, on the other hand, the Graph could be used and have a value that we can’t even think of right now. I mean, it could have a significant impact on the lives of billions of people all over the world, right? Back in 2018, the project might have started out on Ethereum. But the project’s goal is to be part of a multichain world in the near future. And they’ve been steadily adding support for all of the significant layers over time.
The trader says that GRT is moving at a different speed than the rest of the market, even though it had a reasonable amount of time to consolidate after the May mini-crash.
Theta Network (THETA)
Like Ethereum, Theta is a native blockchain with an open-source protocol, allowing developers to construct decentralised apps on the network. In short, it’s a decentralised, peer-to-peer video distribution network enabled by blockchain technology. Tokens are earned by primary users who view videos and retransmit them to other users.
Theta Network aspires to revolutionise entertainment technology by delivering cheaper decentralised video streaming infrastructure than centralised companies. Users power the P2P video distribution platform, including e-sports, movies, TV shows, and music. A serial entrepreneur who co-created mobile gaming and internet advertising firms, Mitch Liu and Jieyi Long, established Theta in 2017. Behind the Theta Network is Theta Labs’ own streaming service, Theta.tv. The service rewards users in TFUEL to watch videos that are “forwarded” to other users using part of their computing power.
Theta’s blockchain network
Theta’s blockchain network uses a peer-to-peer (P2P) protocol to compensate members for content sharing in real-time. The network’s open-source blockchain technology also supports DApp development. Theta uses a proof-of-stake consensus method, like Tendermint’s blockchain system. Participants must deposit vast sums of THETA tokens to execute transaction blocks. Theta Network members that help disseminate video material as edge nodes are compensated with TFUEL for their transmit data. The platform pays for the content delivery; thus, the service is free. Edge nodes often transmit video in tiny chunks, so consumers see material from different community nodes. Theta uses blockchain technology and its network of validators to revolutionise the future of video distribution systems. Anyone may construct and maintain an utterly decentralised video streaming platform with the programme. However, centralised servers just can’t keep up with the ever-increasing demand for streaming quality.
Theta’s worldwide user network can relay movies using its computer capacity and spare bandwidth, bridging the quality and speed differences. In addition, Theta gives content producers more control over their content and revenue, which should improve the network’s appeal.
Energy web token (EWT)
Energy is the most essential feature of contemporary life. The industrial period helped to power the whole planet. However, the twenty-first century is the moment to transition away from fossil fuels and toward sustainability.
Energy Web was formed in 2017 to bring together the expanding energy markets and infrastructures to promote renewable energy. The Rocky Mountain Institute (RMI) and Grid Singularity (GSy), and ten associates co-founded it. In addition, the Energy Web Decentralized Operating System (EW-DOS) was released in December 2019. It is an open-source stack of decentralized software and standards.
The Energy Web Chain is an open-source blockchain-based on the Ethereum stack that aims to integrate many components of the future sustainable energy grid. Its security is provided by the Proof-of-Authority (PoA) authentication and consensus technique, which increases the number of transactions per second while also lowering energy usage. Furthermore, it is open to the public, with privacy and permission capabilities built-in, allowing developers to construct DApps (Decentralized Apps) on the Energy Web Chain. This enables integration with hardware and IoT devices.
The Energy Web Token (EWT) is the Energy Web Chain’s native first-layer utility token and cryptocurrency. Over the next ten years, there will only be 100 million EWTs produced, with 48,638,535 now in use.
Energy Web Solutions
The EWT and EW-DOS are designed to encourage the renewable, clean-energy sector’s expansion, progress, and acceleration.
Batteries, solar panels, electric cars, and thermostats are battery-powered equipment. Many IoT devices might also offer valuable data, insights, and certifications. Making these devices part of the power system and allowing them to engage in grid services will help monitor, extend, and democratize the energy grid. In addition, they become eligible for remuneration for delivering grid services by becoming members of the Energy Web Chain.
Every component of renewable energy infrastructure has its own carbon footprint and associated expenses. Therefore, it is critical to monitor the carbon footprint of these assets throughout their lives to get a detailed picture of any establishment’s carbon impact.
This tracking is made possible by the EW-DOS technology stack. EasyBat, which uses the Energy Web tech stack, is one example of this sort of tracking.
One of the most essential components of renewable energy marketplaces is the availability of portals for buyers and sellers. EW-DOS has developed SDKs to address this issue. Based on the EW-DOS, EW Origin catalyzes demand for electric cars and low-carbon fuel sources among purchasers.
As the earth heats and more people become aware of the need to decrease carbon footprints, EW-DOS app innovation is predicted to rise and pave the way for a better transition to renewable-energy power grids.
HNT is a network-enabled network blockchain for Internet of Things (IoT) devices. The Helium main net allows low-power wireless devices to connect and transmit data across its entire network of nodes. Nodes come in a form called Hotspots, which is a combination of a wireless gateway and a blockchain mining device. Users who use these nodes will receive rewards in the form of standard Helium cryptocurrency token, HNT. The main purpose of creating this network is to prepare for IoT connectivity in the future, considering the lack of current infrastructure since its birth in 2013.
The Helium network is founded by Amir Haleem, Shawn Fanning and Sean Carey who started the company back in 2013.
This network has active eSports and a game development platform. Also, Fanning is one of the best known for developing Napster, a music sharing service that was one of the first online peer-to-peer (P2P) online services in the late 1990s.
Helium HNT Solutions
Helium HNT’s aim is to improve the communication capabilities of wireless IoT devices. However, In 2013, the infrastructure around IoT was still small, but the developers wanted to add distribution to their network, which is why they referred to it as the “People’s Network” in official publications.
Its main appeal will be to device owners and those who love the IoT space, with financial incentives that provide more access opportunities.
Network participants purchase Hotspots – a combination of wireless gateway and mining activity – or build their own. Each hotspot provides a network somewhere, and mines a traditional Helium token, HNT.
The network works with installation proof, a new compatibility algorithm based on the HoneyBadger BFT protocol that allows nodes in the network to achieve compatibility when connection quality varies widely.
In addition to HNT, users pay transaction fees with a separate token called Data Credits, which are unchanged and tied to individual users themselves.
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Disclaimer: This article is provided for informational purposes only.
It is not offered or intended to be used as legal, tax, investment, financial, or other advice.