Web 3.0 is becoming more unavoidable as the days go on. There’s more chatter each week about how Web 3.0 is the next revolution in the internet, and how our lives will be made much better through decentralization. Some think it’s all tech mumbo-jumbo, others think it’s the real deal. And, of course, crypto is expected to lead the charge for this new iteration of the web. As such, investors are seeking out the best Web 3.0 cryptos to buy before the wave crests.
The concept of Web 3.0 is rooted in the idea that our current internet, Web 2.0, is becoming far too centralized. Sure, we got on-demand e-commerce platforms like Amazon (NASDAQ:AMZN), powerful web oracles like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) and social media juggernauts like Twitter (NYSE:TWTR). Yet, in the process, Web 3.0 bulls argue we gave these entities too much power. Now, we are becoming aware of just how much companies like Amazon and Meta Platforms (NASDAQ:FB) control our internet, our emotions and the way we interact together.
Web 3.0 then will allow users to connect with one another through blockchain technology. The decentralized nature of the blockchain allows for entities like decentralized autonomous organizations (DAOs). These DAOs allow the users themselves to decide on what to change or what rules to enforce; thus, they drive a level of independence among end users. Moreover, Web 3.0 absolves companies like Amazon, whose Web Services suite powers roughly one-third of the entire internet, from their stranglehold on web infrastructure.
This all sounds great, and it’s already happening all around us. The advent of crypto investing is helping to drive this new web. But, what projects can one invest in specifically to bank on Web 3.0? Consider these Web 3.0 cryptos to buy:
- Chainlink (LINK-USD)
- Audius (AUDIO-USD)
- Flux (FLUX-USD)
Web 3.0 Cryptos to Buy: Chainlink (LINK-USD)
Chainlink is among the largest of Web 3.0 plays, existing long before the recent hype caught investors’ attention. The LINK token is the No. 22 crypto in the world, with a market capitalization of $7.5 billion. It has achieved this impressive valuation by offering a crucial service to DApp platforms that are leading the push into the new internet.
The Chainlink network is what is called a blockchain abstraction layer. The network simplifies blockchain coding into a simple interface that allows data to flow freely across any number of blockchain networks. Essentially, Chainlink data can move from one project to another seamlessly through smart contracts. But what does Chainlink actually do with this ability? Well, as a decentralized oracle, Chainlink can independently supply a variety of data types to DApps. If an app needs accurate crypto market prices for a DeFi platform, they can fetch these prices in real time through Chainlink. If an app wants to offer an external payment method which the underlying network doesn’t offer, it can do this through Chainlink. Thanks to the project’s Associate Press partnership, one can even use Chainlink to supply users with real-time news feeds.
One can look at Chainlink’s ecosystem page to see all of the integrations it has made in five years. It has been quite busy, partnering up with nearly 1,200 projects. Last fall, it made one of its biggest partnerships to date, teaming up with the burgeoning Cardano (ADA-USD) network as it starts rolling out smart contracts and DApps. If that’s not enough, the network is also planning on integrating its own DeFi functions this year by implementing LINK staking.
Music streaming is a huge topic right now, thanks to recent Spotify (NYSE:SPOT) drama. The company has been in hot water over its fumbling of the Joe Rogan news. Spotify, which exclusively licenses Rogan’s podcast The Joe Rogan Experience, has failed to alleviate anger over complaints of Covid-19 vaccine misinformation. Now, it’s seeing a flight of artists from its platform, including Neil Young and Joni Mitchell. This isn’t the first time Spotify has drawn criticism either; it is constantly shunned for failing to pay musicians on its platform at a rate competitive with other streaming services.
Enter Audius, the Web 3.0 player that wants to decentralize music streaming and put rewards into the hands of musicians and listeners alike. Audius, which runs on the Solana (SOL-USD) network, is one of the fastest-growing Web 3.0 platforms. Through Audius, one can listen to their favorite artists and ensure that they get more streaming revenue than other services offer. It also wants to reward the users themselves for creating network value; by listening to music on the platform, users can earn AUDIO tokens. Most prominently, AUDIO tokens are used for network governance, allowing users themselves to vote on changes to the network.
In keeping with the decentralized theme of Web 3.0, Audius relies on two types of nodes for content distribution. Artists themselves supply their work to content nodes. These content nodes then provide users with high-quality music streaming. The artists also send content to the Audius content ledger. This ledger automatically indexes the content metadata and sends it to discovery nodes. The discovery nodes provide end users with content suggestions that help improve the Audius experience.
Web 3.0 Cryptos to Buy: Flux (FLUX-USD)
Flux is one of the hottest Web 3.0 cryptos to buy, with investors enthralled by the network’s promise of being the Amazon Web Services of the blockchain. It’s not quite as flashy as Web 3.0 music streaming, that’s for sure. But, it could very well prove to be one of the most important Web 3.0 projects as time goes on, providing the tools to build the next evolution of the internet.
Flux most obviously stands to challenge Amazon Web Services as a decentralized server host. Amazon controls one-third of the internet with AWS, yet it oftentimes shows that it’s not fit for the job. The service sees several outages a year, which often brings down some of the most popular websites in the world. Flux can compete with this through its FluxNodes, which offer user-provided servers that promise better performance than competitors.
FluxNode operators exist all over the world, and the number of nodes grows every month. These node operators provide computing power to the network; users can then use this computing power for server hosting, DApp and oracle deployment, and more. Since nodes are all over the globe, users nearly anywhere in the world have access to high-performing computing. In exchange, node operators receive FLUX coins, netting them passive income for their services.
The network is fast heating up, with lots of support from investors. Since October, the coin grew over 450%, topping out at a $4.17 all-time high. Moreover, the network is getting support from some huge computing players. At the beginning of the year, the network announced a partnership with graphics procession unit (GPU) manufacturer Nvidia (NASDAQ:NVDA). The company is helping to push Flux development by putting the project in contact with Nvidia engineers and marketers.
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.