As its name suggests, Filecoin is a blockchain project that aims to "store humanity’s most important information". Here’s a project that might not have the same brand recognition as Polkadot or Chainlink. The token, Link, has had a rough stretch, falling from its 52-week high price of $52.98 USD per token to its current trading levels of about 16.50 USD. Chainlink is the network that can help with this. For example, stablecoins need to constantly be in knowledge of the value of the US dollar. It’s a bit of a muddled definition for those who are new to cryptos, but essentially for smart contracts to perform, they need some access to real-world data. Chainlink was founded in 2017 by Steve Ellis and Sergey Nazarov as a way to incentivize networks that provide data to the smart contracts that run on top of existing blockchains. MLQ App: DOT Chainlink (LINK)Īnother well-known crypto project, Chainlink ranks as the 22nd largest market cap in the crypto markets with a $7.6 billion cap, nestled in between Litecoin and Uniswap. Polkadot’s governance token is called Dot and can be used for staking in DeFi pools to gain additional income. Until now, the two largest cryptos Bitcoin and Ethereum could not speak to each other, but now with the Polkadot protocol, they can. Polkadot links together different blockchains which allows the delivery of data across different networks. Many of the tokens on this list will be utility blockchains that serve a functional purpose, rather than just a store of value, like Bitcoin or the aforementioned DogeCoin. Polkadot itself is one of the larger crypto projects in general as it currently ranks as the 11th largest market cap in the industry at $18.5 billion, just a shade behind DogeCoin. It shouldn’t come as any surprise that the biggest crypto project associated with Web3 is Gavin Wood’s own Polkadot network. Which cryptocurrencies should you add to your portfolio in anticipation of Web3 coming to fruition? Let’s take a look at the top 20 Web3 projects right now and how they might fit into a crypto portfolio. It’s difficult to say, but if it does happen, it will likely be a gradual change over time.ĭeFi and cryptocurrencies are starting to gain mainstream attention from major companies, and this is likely the first step towards wide-scale adoption of blockchain technology. So much so that top Silicon Valley venture capitalists from Andreessen Horowitz visited Washington DC a few months ago to pitch the idea to policymakers. With the recent growth in popularity of cryptocurrencies, decentralized finance, and NFTs, momentum has been building behind the idea. The term was first coined back in 2014 by the founder of Polkadot and co-founder of Ethereum, Gavin Wood. While Web3 is still a ways off from being implemented, it is not a new concept at all. This includes things like social media, blogs, and content creation. Web2 is the current iteration where the internet is widely seen as a platform with user engagement. Web1 took place from the early ’90s into the mid-2000s where webpages were static and the internet was used more as a consumer-facing tool rather than something for creators to build upon. At this point, you might be wondering what the first two phases of the internet even were. Wait? Does that mean the internet will be run by cryptocurrencies? Not exactly, but they will form a major part of the financial side of Web3. Web3 or Web 3.0 as some people refer to it, is the proposed next generation of the internet that will be built upon blockchain technology.
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