A new wave of cryptocurrencies, called Web3 cryptos, is dedicated to realising the decentralised Web3 concept. To give users control over their data and enable transactions without the use of intermediaries, they combine blockchain technology with smart contracts.
Web3 is a common name for the third generation of the internet. By operating in a decentralised manner owned, created, and managed by people, it seeks to take power away from powerful businesses.
The current level of cryptocurrency volatility makes it impossible to predict when the market will experience a significant decline.
Here are 10 cryptocurrencies that will likely be in direct competition with one another in 2023:
1) Tether (USDT)
Tether, a Hong Kong-based business, has created USDT, a stablecoin (stable-value cryptocurrency) that tracks the value of the US dollar. Realcoin, which was first introduced in July 2014, was then changed to USTether and finally to USDT.
2) Filecoin (FIL)
For Web3, Filecoin is like a filing cabinet. It is a decentralised storage network that offers a safe substitute for centralised cloud storage and a passive revenue stream. All data, including text, audio files, movies, and still photographs, can be stored with Filecoin.
3) Livepeer (LPT)
A decentralised video streaming network called Livepeer was created using the Ethereum blockchain. The protocol offers direct broadcast and streaming services at a reasonable cost at the Web3 video stack layer. It primarily focuses on two objectives: distributing real-time video and encouraging network users to participate.
4) Solana (SOL)
Decentralised finance (DeFi) solutions are offered by the highly active open-source project Solana, which relies on the permissionless nature of blockchain technology. The Solana protocol aims to make the development of decentralised applications simpler. Solana attracts interest from institutional and small-time traders because of its unique hybrid consensus strategy.
5) Ocean Protocol (OCEAN)
For those wishing to invest in a Web3 token with lots of potentials, OCEAN is one of the finest options. The protocol has developed several tools required to create Web3 apps.
6) ZCash (ZEC)
One of the earliest cryptocurrencies with privacy built in was called ZCash. The only difference between this coin and Bitcoin was the addition of a privacy feature.
7) Kadena (KDA)
With the use of braided chains, the scalable PoW layer-one blockchain system known as Kadena promises to be able to execute up to 4.8 lakh transactions per second. Unlike Bitcoin, Kadena has Ethereum-like smart contract functionality.
8) BitTorrent (BTT)
BitTorrent is the first torrent tracker and the world’s most effective peer-to-peer network. Large files are broken up into smaller pieces and sent over the internet, where they are combined into one whole on the recipient’s computer.
9) Flux (FLUX)
Users can create decentralised projects and Web3 apps with Flux’s assistance and then deploy them across numerous networks. Along with SaaS, it also provides blockchain-as-a-service (BaaS).
10) Polkadot (DOT)
When comparing the Polkadot network to Ether, it performs better due to its reputation for seeking scalability and higher rankings for low fees and quick speeds. DOT can be regarded as the market leader due to its dominant position and steady increase in market value.