Top 5 Cryptocurrencies That Will Compete In The Web 3.0 Race In 2023

Last Updated August 24th 2022
5 Min Read

Web 3.0 is slowly becoming a reality, and here are the best cryptos in the race to become the top Web 3.0 coin. 

Web 3.0, the third-generation internet, has evolved to be more than a buzzword. The crypto market has several potential Web 3.0 projects that focus on decentralization. By combining blockchain technology with smart contracts, these coins aim to give people complete control over their data and facilitate transactions without relying on third parties. To diversify your portfolio, here are the top 5 cryptocurrencies that will compete in Web 3.0.

 

Filecoin (FIL)

Filecoin is a decentralized storage platform token that has been garnering massive attention from the crypto market. 

When it comes to Web 3.0, Filecoin performs as the “file cabinet.” It is basically a decentralized peer-to-peer storage network where users can earn FIL by renting out space on their computer’s hard drives. As a result, Filecoin is more secure than centralized cloud storage companies, such as Cloudflare or Amazon Web Services. These exchanges hold power over users' stored data. At the same time, Filecoin provides data storage and retrieval service through a network of independent storage providers that do not rely on a single coordinator. 

FIL has seen a tremendous rally over the past few years, hitting an all-time high of $237.24 in April 2021. Although it was trapped in the crypto winds of 2022, experts believe that the price of the coin will rise significantly in the coming years, as Filecoin is emerging as a potential competitor in the Web 3.0 sphere. 

Filecoin claims itself as a safe platform for holding more crucial information, like private company information and records. Yet another benefit of crypto is that it can store digital assets, such as music or art NFTs. It runs on a novel proof called Proof-of-Spacetime, where blocks are created by miners that store data. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

BitTorrent (BTT)

BitTorrent is the first torrent tracker and has established itself as the most potential peer-to-peer network in the world.

BitTorrent aims to create a token-based economy where token holders control networking and storage of resources. It has successfully addressed the issues of accessibility thanks to its hybrid consensus mechanism and high-bandwidth public blockchain platform. Touted as “the world’s biggest distributed network,” BTT provides secure streaming and downloading for torrent products. 

The price of BTT has been trading at a lower fee since the beginning of this year. Thanks to its technology, the network can expand its user base, and the price will outperform in the future. Furthermore, the platform’s involvement in numerous adventurous projects like BitTorrent Web, BitTorrent Classic, and BitTorrent Android would ensure its prices rise to new highs. With over 2 billion users and 200 million wallets, BitTorrent is growing rapidly, solidifying its position as one of the top 5 cryptos that will compete in Web 3.0. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Ocean Protocol (OCEAN)

Ocean Protocol is a pioneer within the Web 3.0 data economy, making it one of the top 5 cryptos that will compete in the Web 3.0 sphere. 

Ocean Protocol aims to unlock data, bridging the gap between blockchain technology and data scientists. OCEAN provides users with numerous tools to make web 3.0 solutions and applications. Its major purpose is to make the sharing of data on the Internet less central, making it easier for people to access data. 

By pairing with blockchain tools like decentralized finance, the platform’s technology allows data to become a decentralized asset class. Since Ocean Protocol’s technology strongly focuses on making datasets investable, it has positioned itself at the forefront in the competition of Web 3.0 coins. 

The price and value of OCEAN crypto has seen a significant rise as the protocol recently released data bounties, incentivizing the global data science community to solve numerous real-world problems.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Polkadot (DOT)

DOT is one of the best Web 3.0 coins to buy now, as it has garnered massive attention from investors and institutions from all spheres. 

Polkadot is one of the top blockchains that facilitates seamless transfers of any asset or data across blockchains. Using a unique technology known as parachains, Polkadot allows users to interoperate with multiple blockchains. 

Although parachains are unique and independent, they can communicate with each other, which is a significant function of Web 3.0. Moreover, the Polkadot network is growing at a rapid pace, and DOT will soon lead the decentralized internet sector, making it a good buy now. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

ZCash (ZEC)

ZCash is one of the first cryptocurrencies built with a strong focus on privacy, positioning it in the list of top 5 cryptos that will compete in Web 3.0. 

Privacy coins have an extremely significant role to play in this data-driven world. The proposed goal of Web 3.0 is to make data accessible to all, giving users complete control over them. Cryptos like ZCash use a unique ZK-SNARKs technology that allows shielded transactions, where the transaction history cannot be traced back to users. 

Users can also disable the shielded transaction feature seamlessly for auditing, KYC, and when using exchanges and brokers. This gives users control over their data, making ZEC one of the best cryptos that will compete in Web 3.0. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Bottomline

The rise of Web 3.0 and related cryptocurrencies is just inevitable, making them lucrative investments. These are the top 5 cryptocurrencies that will compete in the Web 3.0 sphere that could help you generate good returns over the long run.

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