When speaking of Web3 coins, some may automatically think of cryptocurrency tokens such as Bitcoin and Ethereum – but it’s much more than that. In fact, Web3 coins form part of a much larger ecosystem which many believe is the future of both the internet and finance as we know it. Expanding further than just being an online currency, digital coins also give investors the power to vote on issues concerning the relevant protocols.
Starting With the Basics
Web3 (also known as Web3.0) is the next generation of the internet, an ecosystem that is decentralized in nature, integrating the power of blockchains, Non-Fungible Tokens (NFTs), cryptocurrency and Decentralized Autonomous Organizations (DAOs). Although these concepts have been floating around the web for quite some time – some still find it difficult to fully understand what all of them mean. Blockchains are online ledgers that store information across a number of locations on a network, which makes hacking and data leaks a thing of the past. NFTs are one-of-a-kind, digital assets, which live on a blockchain, can be purchased and sold freely, or be held as an investment. DAOs are the next generation of organizations, which function on rules that are encoded on blockchains, ensuring full transparency and decentralized, democratic governing bodies.
What brings the Web3 ecosystem to life is Web3 coins, which will allow for all transactions to take place, through the use of crypto wallets. On top of this, many coins give investors voting power when it comes to important decisions and changes regarding the protocol. Seeing as so many different Web3 coins exist, some may find it confusing to decide which one/s to invest in. Whether a beginner or expert in the crypto universe, a vast number of Web3 coins exist which facilitate different uses across a number of industries, all focusing on different functions. Coins such as GAL, HNT and FIL are certainly the top Web3 coins to look out for in 2022, as they are…
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