The Web 3.0 era is fast approaching our adoption rate, especially as more decentralized offers continue to make their way into the market. However, before we go any further, it will be helpful for our readers to understand the exact meaning of the word Web3
In its simplest sense, Web3 refers to a blockchain-based decentralized web consisting of many unauthorized applications as well as other token-based economies. Alternatively, Web3 can be used to illustrate a technical paradigm that seeks to reduce the capabilities of large technology companies by returning them to their users.
In this article, we will list some of the most interesting Web 3 projects to check out. So without further ado, let’s get straight to the heart of the matter.
QED can be thought of as a decentralized oracle complemented by a powerful economic model that connects various blockchain, smart contract platforms as well as off-chain data resources. Furthermore, the project seeks to achieve a high level of distrust by distributing data points across different digital entities.
When it comes to issues like Oracle accuracy, finality, decentralization, resilience, security, QED’s technical indicators seem to be ahead of its nearest competitors like ChannelLink. For example, the project helps provide a data refresh rate of 0.5s which is significantly faster than Chainlink’s 120s. Not only that, QED offers a final time of 3-5 seconds which is more effective than special projects like SupraOracles.
FileCoin is best described as a blockchain-based storage protocol that allows users to not only store their data on a decentralized network but also retrieve it without the need for a centralized server. From a practical standpoint, the project uses a token called FIL, which is used to encourage network participants – that is, to provide platform users with FIL instead of their free hard drive space.
Another way to look at Filecoin is as a decentralized data economy for the growing web 3 ecosystem that offers many competitive privacy benefits compared to its highly competitive storage price as well as its centralized competitors.
As a file sharing protocol, BitTorrent uses a blockchain-centric design to make data transfer seamless, secure, and more affordable. The platform utilizes the power of its native token – BTT – as an incentive for participants to share their computational resources.
Another aspect of BitTorrent is that it aims to establish collaborative partnerships between its network participants to help transfer unreliable large amounts of data. On an operational front, the project is complemented by a browser-based torrent platform and a fully functional streaming service.
One of the most exciting projects working in Web3 Arena is Brave, an open source browser that rewards its users instead of their attention. In detail, platform users can earn Basic Attention Token (BAT) (as passive income) only by viewing privacy-protecting ads. However, that’s not all; The project includes a website tracker as well as a “semi-private browsing” module thanks to the integration of the highly secure TOR framework.
After all, Brave comes with a “tip” feature that makes it extremely easy for an individual to tip their favorite content creators without the need for external payment processors. As a result, the intended recipient is able to fully accept the grant amount.
Since its launch in the market, IOTA has attracted the attention of technology enthusiasts around the world. This is because the platform is an Internet of Things (IoT) data transfer protocol that uses a unique form of distributed lasers referred to as Distributed Acyclic Graphs (DAGs).
The most interesting aspect of IOTA is that it helps to alleviate the problem of high transaction fees, low network throughput and scalability, thus allowing data exchange at a very affordable price.
Graph is a “middle-layer query protocol” that gives devs the ability to create new dApps over Etherium networks. The main goal of the project is to transform into a decentralized Web3 economy that helps bring dApps to market faster and more efficiently.
As part of the basic setup of the graph, participants (also referred to as ‘indexers’) are tasked with managing system nodes as well as processing queries across the network. Finally, to help prevent any malicious behavior, indexers need to share the platform’s native token ‘GRT’.