Not even a week out from the last Amazon (NASDAQ:AMZN) Web Services outage, another one tanked portions of the internet. December’s second outage was reported this morning, impacting popular sites like Facebook, DoorDash (NYSE:DASH), the PlayStation Network and Slack. This outage, like the one last week, has spurred discussion around Web 3.0 cryptos to buy in hopes of leaving centralized internet issues behind.
Web 3.0 promises to alleviate the issues which plague AWS — a service so large in scope that it controls a third of the internet’s cloud computing. The chances are quite high that the internet services upon which you rely to connect with others, shop online or even play games are powered through AWS. As such, when AWS goes down, it takes much of the internet down along with it.
But, with Web 3.0, this wouldn’t be a problem. Users themselves would power the internet through hardware and nodes and there wouldn’t be such reliance on a single entity to keep things running 24/7. Moreover, these users would have greater control over the changes that come to the internet, and the ways in which power is limited or broadened.
For those looking to invest in the future of the web, consider these cutting-edge cryptos:
- Polkadot (CCC:DOT-USD)
- Flux (CCC:FLUX-USD)
- BitTorrent (CCC:BTT-USD)
- Helium (CCC:HNT-USD)
- Filecoin (CCC:FIL-USD)
Web 3.0 Cryptos to Buy: Polkadot (DOT-USD)
Polkadot is leading the Web 3.0 cryptos to buy because it’s the largest crypto that’s pushing directly to usher in the next generation of the internet. DOT is the ninth largest cryptocurrency in the world, boasting a market capitalization of over $26 billion. Of course, with capital that expansive under its belt, it has the necessary funds to build a desirable product. It has certainly done that so far, seeing developers throw millions at the opportunity to join the network.
But what is it about Polkadot that makes it a Web 3.0 play?
It’s the network’s cross-compatible, highly scalable parachains. These parachains can be a key component to the future of Web 3.0, allowing projects to quickly and efficiently communicate with one another. A parachain is an individual chain — one of the 100 total which ultimately make up the Polkadot network. Only one project operates on each parachain, allowing developers more space and dedicated resources to funnel into their products.
Of course, there being only 100 parachains and thousands of developers in the world, these dedicated chains are highly sought after. The network decides which project to allot a chain to through its parachain auctions. Here, projects crowdsource funds to purchase a chain. The protocol has a tool in place to declare the highest grossing project the winner of the chain at a completely random time in a seven-day window.
These parachains will allow for a well-connected Web 3.0, where users can easily port their data from chain to chain, and transact between these chains with only the most microscopic fees. Of course, the project’s backing by the Web3 Foundation only helps to steer it further in the right direction.
The Flux network is one of the best Web 3.0 cryptos to invest in if your main focus is in finding a project to rid the internet of AWS-like outages. The service, which calls itself the “AWS of blockchain,” wants to revolutionize cloud computing by combining common software as a service projects with blockchain ledgers.
In a nod to this combination, Flux offers its suite of products under the label blockchain as a service. Using Flux, one can do many of the things afforded by AWS and other centralized cloud computing services. It invites individual users and businesses alike through its offerings as well.
The network’s flagship product is FluxOS, the operating system which drives all of its other products. Using FluxOS, an individual or business can deploy apps.
Outside of the FluxOS, the product suite allows users to host servers for things like gaming or oracles. Moreover, it provides infrastructure for node hosting through FluxNodes. FluxNode operators can help the Flux network run from anywhere in the world; Flux users can connect with FluxNode operators that are geographically close in order to get the fastest possible speeds. And, as a proof-of-work currency, users can mine for FLUX coins so long as they have the proper hardware.
Web 3.0 Cryptos to Buy: BitTorrent (BTT-USD)
BitTorrent is certainly not a new name. Many web-savvy adults will recall downloading all sorts of files using BitTorrent in the early 2000s. But now, as a crypto network, BitTorrent’s services are priming themselves to be very important in pushing the future of the web. That’s why the file-sharing service is one of the best Web 3.0 cryptos to buy.
BitTorrent’s business model has always been anchored in decentralization. Even as a Web 2.0 file-sharing platform, there was no central figure dictating the content being shared or who could or couldn’t use particular services. It exists for the purpose of allowing people to work together. This of course falls perfectly in line with the goal of Web 3.0 to put power into the hands of the individual. It also reduces the likelihood of massive outages like those seen with AWS.
For those unfamiliar with the service, BitTorrent allows users to collaboratively share portions of files. Users download “seeds” of files; the service then communicates with other computers who have the file being sourced. These computers then each generate a small piece of the file until the end user has the full download. Using this model, large files can be downloaded with the smallest bandwidth possible.
Nowadays, BitTorrent is a blockchain product, owned by crypto network Tron (CCC:TRX-USD). And with Web 3.0 moving specifically toward the blockchain, it’s becoming a power play once again. Users will be able to use BitTorrent, as well as its crypto services like BitTorrent Speed and BitTorrent File System, to containerize data among individuals. The services lessen the need for a massive cloud, and it would keep large swaths of the internet from collapsing in the event of some technical difficulty.
Access to the internet is crucial. Without the internet, remote work would not have been possible for much of the world during the onset of Covid-19. A world without internet removes instant access to information. A lack of internet also removes the massive connectivity which social media platforms provide. It’s so important to us that many people are calling it a human right. Helium takes a similar stance, and it aims to ensure the entire world can connect to wireless internet in any place, at any time.
Helium competes with corporate internet service providers by cutting them out completely for end users. It does this through the deployment of worldwide hotspots to its users. A user can purchase the physical hotspot from the Helium website. They can then deploy these hotspots in their homes, apartments or wherever else. These hotspots are then instantly accessible to Helium network users.
The goal of the Helium network is very noble, connecting each and every person to the internet without the need for greedy ISPs. Naturally, though, there is much incentive to hosting these hotspots outside of the feel-good nature of providing a service. The Helium network runs on HNT coins, and hotspot hosts can passively earn HNT simply by having users connect to their hardware. HNT is also burned in order to create data credits, which users spend to transfer data on the network.
Helium’s business model promotes a peer-to-peer internet service in the same way BitTorrent promotes peer-to-peer file sharing. In this sense, it is true to the vision of Web 3.0.
Web 3.0 Cryptos to Buy: Filecoin (FIL-USD)
So far, this list includes peer-to-peer file sharing and internet. But what about peer-to-peer data storage? One can use Helium to log onto BitTorrent and download a file. But can they also use a decentralized service to store their data. They can do this through Filecoin.
FIL is another high-cap Web 3.0 crypto play, with over $5 billion in capitalization. It’s also one of the leading options in data storage and one of the most appealing Web 3.0 cryptos to buy right now.
Filecoin is the filing cabinet for Web 3.0, allowing users to store their data safely in easily retrievable locations. The network also promises to be highly secure; it says it is a legitimate option for storing even the most sensitive of data. Like Helium, it works by using geospatial technology. Also like Helium, users can passively earn by participating in the network.
Users who want to lend help to others can do so on the Filecoin network by contributing free hard drive space. If one has a lot of memory on their personal computer they are not using, they can offer it up to the network. Then, if another user nearby wants to store data on the Filecoin network, the protocol can tap the storer for their unused space. Thanks to this model, the data would be nearly instantly retrievable. Those offering space find incentive in offering their services through FIL. By offering storage space, one passively earns FIL; the more storage that users offers, the more FIL they can earn.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.