What Web 3 is and EVERTHING you need to know [2024]

Web 3

Web3, whether you’re new to crypto or not, is a concept that you may have heard about recently. Some believe that web 3.0 will be ushered in by digital currencies like bitcoin and litecoin.

What web3 is

However, before we can grasp what Web 3 is, we must first examine the Web 2.0 and Web 1.0 eras. Web 1.0 existed between 1991 and 2004. Recall typing a phrase into any search engine and being sent to a particular website associated with that keyword.

The static websites with no style, no images, no logins, or anything other than text and links.

Many considered it as a read-online page, and on reflection, we concur. During that time period, the majority of users were unconcerned with their online experience. As they were just ingesting the available knowledge.

Then came Web 2.0, which began in 2004 and continues to this day. We’ve seen the web undergo a dramatic transformation throughout this time period. When seen through the lens of web 1.0, the web has gone a long way.

Social networking platforms or websites you visit may monitor your activity, ascertain user preferences, and provide you with customized advertisements and information, among other things. This is all part of what Web 2.0 delivered.

What is Web3 in crypto?

According to Wikipedia, Web3 or “Web 3.0” is a notion for a new version of the World Wide Web built on blockchain technology and including principles such as decentralization and token-based economies.

There has been a great deal of discussion around Web 3.0, with some saying that the user would have total control over their data in Web 3.0. That is, whatever information you share on the internet, you will retain the ability to preserve or delete it.

The concept of web 3 was coined in 2014 by Gavin Wood, co-founder of Ethereum. This grew in popularity inside the cryptocurrency community and seems to be gaining traction beyond the crypto

community as well.

What are Web3 Applications?

Here are several applications that are taking the lead in web 3.

• Bitcoin – a decentralized digital currency
• Diaspora – this is a non-profit, decentralized social network
• Steemit – steemit is a social media site powered by blockchain
• OpenSea – NFT marketplace for buying and selling.
• Sapien Network is a social network that rewards content creators and is powered by the Ethereum blockchain.
• Uniswap – A crypto exchange that used a decentralized network protocol.

What are Web3 Tokens

Web 3.0 tokens are tokens that are utilized by DApps (decentralized apps) that are also developed on the Ethereum network. Web 3 tokens are commonly coupled with their own platforms.

Web 3.0 Crypto Tokens List

• Polkadot (DOT)

Polkadot is an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, allowing for the cross-chain transfer of any data or asset type, not only tokens, and thereby making blockchains interoperable.

• Chainlink (LINK)

Chainlink allows blockchains to securely interface with external data feeds, events, and payment methods, giving critical off-chain information needed by complex smart contracts as they become the main form of digital agreement.

• Filecoin (FIL)

Filecoin is a decentralized storage system that claims to “store humanity’s most vital information.” The project raised $205 million in an initial coin offering (ICO) in 2017, with a targeted launch date of mid-2019.

• Theta Network (THETA)

Theta (THETA) is a blockchain-based network that is specially developed for video streaming. Theta mainnet, which was released in March 2019, is a decentralized network in which users trade peer-to-peer (P2P) bandwidth and processing resources.

• Helium (HNT)

Helium (HNT) is a decentralized blockchain network for the Internet of Things (IoT) devices. The Helium mainnet, which started in July 2019, allows low-powered wireless devices to communicate with one another and transmit data through its network of nodes.

As nodes, hotspots, which are a hybrid of a wireless gateway and blockchain mining equipment, are used. Users that operate nodes are rewarded with HNT, Helium’s native cryptocurrency token.

• The Graph (GRT)

The Graph is an indexing protocol for searching data for networks like Ethereum and IPFS, and it drives numerous applications in both the DeFi and wider Web3 ecosystems. Anyone can create and publish open APIs, known as subgraphs, through which apps can query blockchain data using GraphQL.

The Graph already has a hosted service in place that enables developers to get started immediately, and the decentralized network will be available later this year. The Graph currently indexes data from Ethereum, IPFS, and POA.

• Basic Attention Token (BAT)

The Basic Attention Token, or BAT, is the token that powers a new blockchain-based digital advertising network that intends to correctly recompense consumers for their attention while simultaneously delivering advertisers a more significant return on their ad spending.

• Audius (AUDIO)

Audius is a decentralized music streaming system that began on the POA network but is now built on Solana. Audius was developed to solve the inefficiencies of the music business, which are compounded by a lack of transparency in music rights ownership and the presence of middlemen between artists and their consumers.

How to Buy Web 3.0 Tokens on Binance

• The first step is to sign in to your Binance account if you haven’t already done so on their official website.
• Fund your account with fiat cash through credit or debit card, bank transfer, or other means.
• On Binance, convert your fiat cash to stable currencies like BUSD and USDT.
• Purchase any web 3.0 token of your choosing, and that’s all there is to it. Web3 token has now been added to your Binance account.

If you enjoyed this article,  please share this article, it will go a long way for us. Also, subscribe to our newsletter, follow us on Facebook, Twitter, Pinterest, Google News, and  Instagram for more

Source: fifty7tech.com