4 Web3 projects to watch

One of the goals of crypto is to rebuild the internet—and it’s gonna happen—so here are 4 Web3 projects to watch to keep you from missing the boat.

In case you didn’t know, Web3, or the decentralized web, is one of crypto’s hottest sectors. With censorship, lack of privacy, and an inability to protect everyone’s personal data, the current internet is a much more hazardous place than we like to think about. But there are projects that are working to change that. Here are several that you’ll want to keep your eyes on this year.

Polkadot

Market cap: $18,365,300,061

Polkadot is one of the most talked-about new blockchains and it’s got the highest market cap among Web3 projects by far. Its goal is to solve the blockchain trilemma that says only two of three characteristics can be maintained by a blockchain: security, scalability, and decentralization. In order for the decentralized web to run smoothly, fast, secure blockchains that remain decentralized are vital. Polkadot is trying to create multichain interoperability with “parachains” and “bridges” that increase speed without sacrificing security.

Filecoin

Market cap: $2,813,567,224

Another of the hot Web3 projects to watch is Filecoin. Unless you like losing all your data when your harddrive fails, you likely store a lot of your digital files in the cloud these days. The problem with that is centralized companies with centralized storage systems require trust and can be compromised. Even if they’re not hacked, if they’re down, you can’t access your data. Filecoin is bringing file storage to Web3 by allowing anyone to offer up storage space on their computer in the decentralized data network. Some people call it the Airbnb of data storage where anyone can rent out storage space.

Chainlink

Market cap: $7,311,686,020

Blockchain is an incredible decentralization mechanism, but that alone will not create the decentralized web. Smart contracts are an integral part of working applications in Web3 because they’re automated and self-executing and they don’t require centralized management or control. However, they’re just pieces of code that execute themselves. Sometimes outside information is needed after the contract is created. Oracles like Chainlink provide that real-world data to smart contracts so that information relevant to the contract can be verified.

Basic Attention Token

Market cap: $1,230,579,848

The BAT token rewards advertisers and users for creating a mutually beneficial advertising relationship. Instead of spamming everyone all day with unwanted ads like we now experience on the internet, BAT rewards viewers with tokens for watching ads. This allows advertisers to get valuable eyes on their product and viewers opt-in with a reward. The current free-except-for-ads model of the internet is a pain for both users and advertisers.

Conclusion

These are some of the most successful Web3 projects so far, but their growth is not over. Plus, there are many more Web3 projects to watch that have yet to take off. It’s a fledgling space in crypto with many opportunities and many cool projects working on a better, more secure decentralized web.