The crypto asset market has been on a roll since the beginning of 2021. Although most investments are in the speculative value of Bitcoin, there are still many projects that are creating value in different ways. According to the latest statistics from Nomics, there are currently more than 11,000 projects in the entire crypto asset space. Their tokens provide unique functions to help their networks perform certain operations. Many of these projects are still in their infancy, but we should know that the crypto asset space is far more than just Bitcoin. Web3 is still here, and there is a great opportunity for implementation. To understand what Web 3 is, we first have to understand previous versions of the Internet. The first phase of the Internet can be reflected in the way users initially interacted with the network. In the first iteration of the web, most users were passive consumers of content. In other words, Web 1.0 was a read-only, static model. Web 2.0 changed this. The next major phase of the Internet is about user interaction. In this phase, users create a lot of content on platforms such as YouTube, Facebook or Twitter. This Internet is more social and collaborative, but usually at a cost. The downside of this more participatory Internet is that by creating content, users must provide personal information and data to the companies that control these platforms. The issue of user privacy and data security is the most heatedly discussed topic nowadays. Web3 is the next step for the Internet. It is still under construction, so there is no unified or accurate definition of Web3 yet. But, in general, Web3 refers to the Internet enabled by decentralized networks such as Bitcoin, Ethereum, or Filecoin. The key innovation of these networks is the creation of platforms that are not controlled by a single entity, but everyone can still be trusted. This is because every user and operator of these networks must follow the same set of hard-coded rules, the consensus protocol. Another important innovation is that these networks allow the transfer of value or assets between accounts. Decentralization and the ability of the network to carry assets are the key to understanding Web 3. But Web3 is far from stopping there. We will explore new networks that continue to innovate and create value, and maintain value in the utility of the network. So what are some examples of Web3 projects ? Learn how different asset types can use Web3 technology to create different types of value through the following examples. Filecoin is a decentralized protocol that allows anyone to rent out spare storage space on their computer. Similarly, anyone can buy storage on the network. Think of it like Amazon Web Services or Google Cloud, but instead of one company controlling the flow of data, anyone can participate in the process. FIL, as the token of the project, is the medium for transactions in the above process. If Filecoin hopes to disrupt the existing storage industry, Golem hopes to disrupt the existing cloud-based computing industry. Golem is a distributed computing platform that provides shared computing power that users can use for a fee. The platform allows you to rent out your computer's spare resources to others who need extra power to perform complex calculations and tasks, and who need computing power (as opposed to cloud-based services like Amazon or Google). BAT is a utility token that was originally designed as part of the new digital advertising platform Brave. At its core, it is a web browser that blocks ads and protects personal data and identity. It is worth mentioning that the Brave browser has integrated IPFS file transfer technology. BAT not only keeps people’s identities safe, it also harnesses users’ attention. The distributed ledger it’s based on can collect accurate data about where ads are going and their effectiveness. With this information, advertisers can create better marketing campaigns and more appropriate budgets. The network also uses BAT tokens to pay publishers for their ad space and even compensate users for viewing or clicking their ads . The point is that users can commoditize their attention and monetize it directly without having to worry about being exploited by advertisers. Imagine if someone told you in the late 1980s that there was a technology (the Internet) that would change the way we communicate, work, travel, and entertain ourselves, but that this scenario would not be realized in the next 15 years. Would you invest? The Web3 era is creating new ways to quantify the value of our time, attention, and hard drive storage. It is also helping to create opportunities for investors to access tools and services that may only be available to institutional investors in fiat countries. Investing in Web3 assets will also help make this era a reality, as these projects need support at an early stage to reach a certain critical mass.
P.S. The original article was published by Matt Hussey on Decrypt. This article has been modified and does not constitute any investment advice. Click the bottom of the article to read the original article directly .
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