The emerging ecosystem is expected to grow from around $1.5 trillion to almost $50 trillion by 2030.
Web 3.0 is the most significant disruption to the internet since the internet was invented. But what in the world is Web 3.0, beyond the Bitcoin bubble?
Well, it’s a bit of a people’s revolution actually. A few companies ala Facebook, Google, Amazon and Twitter control too much of the internet as we know and experience it today i.e. Web 2.0. Now there’s a movement to snatch some of that power back and the umbrella term Web 3.0 broadly defines the different vectors in which this movement is progressing. This includes cyrptocurrencies such as Bitcoin, blockchain technology, NFTs, decentralised finance and virtual reality worlds. It sounds really complex and futuristic but the basic premise is that Web 3.0 empowers the individual over the company so that the internet can be accessed by everyone with security and privacy, without having to go through corporate gate keepers.
This emerging ecosystem is expected to grow by more than 40 percent per year, leading to a growth in blockchain technology market capitalisation, of which crypto assets are a core component, from around $1.5 trillion today to almost $50 trillion by 2030 (buy that Bitcoin on the next dip!). More importantly, Pakistan’s talent base has the capabilities to realise the benefits of this opportunity for the global Web 3.0 ecosystem. If empowered to do so, this talent can bring in significant foreign exchange earnings, develop globally competitive internet businesses within the country, and create an opening for the country to leapfrog ahead.
Top Web 3.0 Cryptocurrencies.
Ethereum is the king of decentralized finance (DeFi) and remains by far the blockchain home to the highest number of Web 3.0 applications and non-fungible tokens (NFTs) to date. It leads any decentralized network on the number of smart contracts ever created, and that position isn’t changing soon.
Although transaction (gas) fees remain high on the Ethereum blockchain, a transformation to a proof-of-work protocol in 2022 could drastically increase network speeds and reduce the computing power that the current proof-of-stake protocol gobbles to unleash a new growth trajectory for the ecosystem.
Ranked the world’s No. 2 cryptocurrency after behemoth Bitcoin (BTC-USD), the blockchain’s native coin, Ether (ETH), has a market cap of $350 billion market cap.
Polkadot: As the flagship protocol of Web3 Foundation, Polkadot has so far been a key innovation for the advancement of the next-generation internet. The blockchain protocol can process many transactions on several other chains in parallel, a feature that improves its scalability.
Polkadot’s native coin, DOT, is one of the best Web 3.0 cryptos to buy right now. The protocol enables cross-platform transfers of any data or digital assets. By nature, the blockchain can be automatically upgraded at any time without the need for a hard fork to upgrade its features or remove bugs.
Natural demand for the DOT should grow as usage expands when Web 3.0 popularity takes off.
Ranked the No. 12 cryptocurrency with a $17 billion market capitalization, DOT has gained 6% in the last week as cryptocurrency prices gained recovery momentum
Decentraland allows users to create, own, experience and monetize digital content and application. As a key Web 3.0 feature, virtual words where humans will work and play got massive attention from corporate users during the past year, and the prices of virtual spaces skyrocketed in 2021.
There is strong momentum in Decentraland’s growth, and new product launches and NFT tokens are already happening there to bring a new hive of activity such that “land” areas close to “foot traffic” are increasingly valuable.
Land in the Decentraland metaverse is scarce by design, and prices may keep rising with more institutional demand for virtual real estate in 2022.
As a pure metaverse crypto, Decentraland’s native coin, MANA should gain more value as patronage and user populations and transactions grow beyond 2022. Land payments and platform transactions are done using the MANA coin.
Helium is a decentralized blockchain that aims to improve the communication capabilities of wireless Internet of Things (IoT) devices through the creation of wireless networks for low-powered devices to communicate with each other.
The Helium blockchain uses a unique proof-of-coverage (PoC) consensus mechanism that rewards users for contributing to validating transactions (mining) and ensuring network stability.
As more devices join the internet with Web 3.0 growth, the Helium ecosystem could gain more usage. Its native coin, HNT, could thus increase in value as the network grows.
Priced at $22 as of March 4, HNT is the No. 46 cryptocurrency with a float-adjusted market capitalization of $2.5 billion.
Helium is anti-inflationary; its total supply is fixed at 223,000,000 HNT coins.
The opinions expressed in this articles are that of the writers and not a financial advise. Always do your due diligent research on any crypto you want to purchase.
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