- Chainlink (LINK-USD): A critical name among Web 3.0 cryptos for its facilitation of off-chain data.
- Filecoin (FIL-USD): Provides a cloud-based economic ecosystem where anyone can participate.
- ZCash (ZEC-USD): Privacy will command a premium in a Web 3.0 future, potentially lifting ZEC.
- Ontology (ONT-USD): Enabling businesses to build customized blockchains to spark greater utility.
- Casper (CSPR-USD): A scalable proof-of-stake protocol, Casper is designed for enterprise solutions.
- Fetch.ai (FET-USD): Delivering machine learning to the blockchain, FET can impart scalable efficiencies.
- Audius (AUDIO-USD): Brings decentralization to an inefficient and corrupt music industry.
Representing the next level of connectivity protocols, Web 3.0 is not limited to any one particular sector. Indeed, both “analog” businesses as well as the broader cryptocurrency community have embraced this latest development. Still, the concept can be rather confusing for newcomers. Therefore, I think using a football analog — America’s favorite sport — will be most appropriate for explaining the potential demand for Web 3.0 cryptos.
Imagine a basic I-formation where a quarterback hands off the ball to the running back. With only one way the play can materialize, the defense (big technology firms) doesn’t have to do much to dominate the proceedings. That’s Web 1.0. In this environment, Web 3.0 cryptos are irrelevant because participants don’t even know why they would be important.
But after tiring of the predictable, the team on offensive decides to add a new position to the I-formation: the wide receiver. Now, the quarterback can move the ball through the ground or go through the air, adding a dimension of variability. This is Web 2.0. The defense now has to account for one of two outcomes. Still, the game is relatively easy to control.
But enter Web 3.0. This is where the offense opens up its full arsenal of weapons, from different formations to audibles at the line of scrimmage to specialist players that only appear for specific gameday situations. Heck, the quarterback can also run the ball himself or catch a pass from a trick play. That’s the beauty and creativity of Web 3.0 cryptos.
Put another way, the offense is fully decentralized. Anything and everything can happen — and multiple players can put their name on their scoreboard, not just the quarterback. It’s a new way of thinking, thus the tremendous appeal for these Web 3.0 cryptos.
Web 3.0 Cryptos: Chainlink (LINK)
Though Chainlink often receives attention for its speculative potential based on encouraging chart patterns, it’s also fundamentally an appealing name among Web 3.0 cryptos. That’s because Chainlink is a leader in developing decentralized oracle networks, thus enabling the platform to securely interact with off-chain information such as data feeds, events and payment methods.
One of the biggest challenges for Web 3.0 cryptos is the very real threat of blockchain networks being bogged down into exclusive silos. Indeed, this silo effect is the antithesis of decentralized protocols. With Chainlink, though, enterprises can develop blockchain systems that engage with non-blockchain-based applications, further enhancing the practicality and utility of smart contracts.
With this innovation, the blockchain can become a multidimensional tool, allowing business and financial transactions to occur based on both blockchain and non-blockchain triggering mechanisms.
Whenever you think about cloud computing, the big names like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) come up. While the various programs that they undergird are impressive, all the rewards of the services that they offer go directly to these big tech firms.
The question then comes up: why can’t regular folks participate in the cloud-computing evolution. With Filecoin, the project delivers an ecosystem where users and service providers can come together and enjoy an open, capitalistic-driven marketplace. Therefore, FIL could really be one of the top Web 3.0 cryptos in the years ahead.
Essentially, Filecoin brings together people who need storage space via a cloud network and those who are willing to provide it. Anyone that can spare space receive crypto tokens as a reward, thus driving incentivization from both ends of the aisle.
A common myth persists, even among high-level public officials, that crypto users favor the relative anonymity of virtual currencies because they can cover up nefarious activities. While some of that is obviously true, it’s very debatable that this motivation applies to a majority of crypto adherents.
According to a report by the Pew Research Center, most Americans believe that their personal data is less secure now than it’s ever been. Moreover, they’re concerned about online privacy issues and rightfully so. Is anyone accusing these survey respondents of wanting to hide criminal activities?
I don’t think so. They’re normal folks that simply want discretion and that’s where ZCash comes into play.
A decentralized crypto focusing on privacy and anonymity, ZCash enables the verification of transactions on its network without revealing any sensitive information about said transactions. ZEC enables greater personal freedoms for users, thus making it an appealing name among Web 3.0 cryptos.
Web 3.0 Cryptos: Ontology (ONT)
Although cryptos have made a significant mark on mainstream societies, integration is relatively muted. For instance, it’s true that more than 15,000 businesses accept certain virtual currencies. While that sounds like a lot, keep in mind that nearly 214 million companies conduct operations worldwide.
Therefore, that 15K is a drop in a bucket – an extremely big bucket. Still, fans of Web 3.0 cryptos shouldn’t despair. Ontology can help shift the framework to a more conducive direction for decentralized protocols.
Designed to bring trust, privacy and security to Web 3.0 applications, Ontology bills itself as a high-speed, low-cost public blockchain. It exists to deliver trusted access to next-gen platforms, thus sparking innovative synergies. Further, Ontology enables enterprises to build custom blockchains on its network, enabling broader practicality and efficiencies for the mainstream business community.
Back when Casper made its debut in the decentralized market, it started off trading above a buck. But quickly, CSPR became a literal penny stock, eventually finding itself in single-cent territory. Multiple headwinds including inflation and geopolitical flashpoints didn’t help. But in recent days, Casper is making a big comeback, boding well for it and perhaps other Web 3.0 cryptos.
Perhaps investors are starting to realize the potential undergirding CSPR. Featuring a proof-of-stake (PoS) protocol – as opposed to the almost ubiquitous proof of work (PoW) – running applications on the Casper network will be significantly more energy efficient than legacy blockchains.
While Web 3.0 cryptos emphasize connectivity, this holistic evolution in digital technologies also articulates broader responsibilities. For instance, as mining virtual currencies increased in popularity, the enormous energy suck is greater than the power consumption of certain nations.
Casper may make such profligate use of critical resources a thing of the past, thus possibly boosting CSPR.
Seemingly every day, we hear stories about new innovations that can make our lives easier and/or more productive. For instance, artificial intelligence and machine learning protocols are getting more advanced, thus potentially drawing the paradigm shift of autonomous vehicles closer to reality.
However, a glaring issue regarding such tech is that big tech always seems to have a monopoly on such innovations. You can enjoy them but you’re going to have to pay. Well, Fetch.ai might bring disruption to the disrupter to the benefit of all, thus drawing attention as one of the Web 3.0 cryptos to watch closely.
According to its website, Fetch.ai represents artificial intelligence for everyone. For enterprises, Fetch.ai enables companies to run machine learning protocols to enhance both efficiency and security for various functionalities. As well, individuals can participate as validators, delegators or even ambassadors, creating an economic ecosystem where anyone can help build and participate in an exciting digitalization initiative.
Web 3.0 Cryptos: Audius (AUDIO)
Although reality TV shows like American Idol are popular with audiences across the country — indeed the world — they hide a darker truth: the music industry is corrupt. I don’t want to get bogged into the shenanigans of the entertainment industry as a whole, in part because you’re probably well aware of them. But let’s just say that the best talent doesn’t always get to shine.
Well, Audius may be able to put an end to this flawed framework. Combining decentralization with entertainment, Audius proves that Web 3.0 cryptos don’t always have to take themselves seriously. Here, open sourcing is used to bring a better experience for listeners and help true talent get their well-deserved recognition.
Basically, Audius is decentralized music streaming platform that also has the potential to be a self-sufficient economy. Aligning the financial interests between artists, fans and network participants, AUDIO may be able to prove that entertainment does not have to be a zero-sum game.
On the date of publication, Josh Enomoto held a LONG position in LINK. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.