Must-Have Technologies For The Web 3.0 Economy

The Web 3.0 age has here, with adoption expanding at a rapid pace, especially as more and more decentralized solutions enter the market. However, before we go any further, it is important for everyone to grasp what the phrase Web3 means.

Web3 is, in its most basic form, a blockchain-based decentralized web comprised of a number of permissionless applications as well as other token-based ecosystems. Web3 can also be used to describe a technology paradigm that aspires to minimize the power held by large tech corporations by redistributing it to their customers.

In this article, we will look at some of the most intriguing Web 3.0 projects that are worth checking out. So, without further ado, let’s get to the core of the matter.

QED

QED can be viewed as a decentralized oracle, complete with a strong economic model that connects a variety of blockchains, smart contract platforms, and off-chain data resources. Furthermore, by spreading data points among a variety of distinct digital organizations, the initiative aims to generate a high level of trustlessness.

QED’s technical indicators appear to be considerably ahead of even its closest rivals, such as Chainlink, in areas such as oracle accuracy, finality, decentralization, robustness, and security. For example, the project contributes to a data refresh rate of 0.5s, which is significantly faster than Chainlink’s 120s. Not only that, but QED has a finality time of 3-5 seconds, which is faster than even specialized projects like SupraOracles.

Filecoin

Filecoin is best described as a blockchain-based storage system that allows users to not only save but also retrieve data on a decentralized network without the need for a centralized server. From a functional aspect, the project employs a currency called FIL to incentivise network participants — for example, platform users are given FIL in exchange for their free hard drive space.

Another way to think of Filecoin is as a decentralized data economy for the emerging Web 3.0 ecosystem, with incredibly competitive storage pricing and numerous privacy features when compared to its centralized competitors.

BitTorrent

BitTorrent, as a file sharing protocol, employs a blockchain-centric design to make data transfers more efficient, safe, and cost effective. The platform leverages the power of its native token, BTT, which is distributed to participants as a reward for pooling computational resources.

Another characteristic of BitTorrent is that it seeks to form collaborative partnerships among its network participants in order to support large-scale data transfers in a secure manner. On the operational front, the project includes a browser-based torrent platform as well as a fully working streaming service.

Brave Browser

Brave is an open-source browser that rewards users for their attention, making it one of the most fascinating initiatives in the Web3 space. To be more specific, platform users can earn Basic Attention Token (BAT) (as passive income) by merely watching privacy-preserving advertisements. However, thanks to its inclusion of the extremely secure TOR infrastructure, the project also includes a website tracker and a “semi-private browsing” module.

Finally, Brave includes a “tip” function that allows users to tip their favorite content providers without the need for an external payment processor. As a result, the donation amount is received in its entirety by the intended recipient.

IOTA

IOTA has captured the attention of IT fans all over the world since its introduction to the market. This is because the platform is an Internet of Things (IoT) data transfer protocol that employs a distinct type of distributed ledger known as Directed Acyclic Graphs (DAGs).

The most intriguing part of IOTA is that it helps to overcome the issue of high transaction fees, low network speed, and scalability, allowing for data interchange at a minimal cost.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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