Top Web 3.0 Crypto Programming Ecosystems

Jan 18, 2022
4 min read

Change is the only constant, and we can observe this change on the World Wide Web. The original version of the web, known as Web 1.0, was developed in 1990 and laid the foundation for the revolutionary internet we possess today. From the mid-2000s onwards, the idea of the web as a platform was born, and Web 2.0 came into existence. Web 3.0 is an anticipated and futuristic version of the web waiting to knock on our doors very soon. Some of the features that Web 3.0 will have include –

· System for centralized identification and verification of users' identities

· Authentication and verification of the data.

· Protection of personal information

· Ant-censorship

· Operation with a decentralized approach

Blockchain and Crypto in Web 3.0

The salient features of blockchain and cryptocurrency are immutability, security, and decentralization. Equipped with these essential features, blockchain and crypto will solve many challenges that plague Web 2.0.

· Blockchain and crypto will decentralize Web 3.0 – Giant digital corporations such as Amazon, Facebook, and Twitter make our lives easier But, they have an enormous amount of data, and their influence will only increase in the future. Thus, the possibility of the web’s monopolization looms over us all. However, there is a sliver of hope that Web 3.0may acquire some power and help people get back their data rights.

· Blockchain and crypto will condition the creation of a trustworthy and transparent economic system for web 3.0 – Web 2.0 is associated with the signing up of ‘user agreement’ and ‘privacy policies.’ Unfortunately, mega digital corporations link this seemingly benign motive with unfair profit extraction. The problem can be solved by applying data verification and authorization blockchain technology. Third-party platforms will not use the user’s data if they have not obtained approval. Moreover, everyone may get a share of the profits generated by personal data. In Web 3.0, these token economies will be established in the digital encryption money business.

· Blockchain Ensures the Security of Web 3.0 – In Web 1.0 and Web 2.0, people have minimal rights over their data. A decentralized We 3.0 will solve the problem of data security quickly. Blockchains such as Ethereum 2.0 will deliver rudimentary computing services for developers. User data will also be centralized through IPFS, Sia, OrbitD, etc.

Top Web3 Crypto Programming Ecosystems

1. Polkadot

It is an entirely decentralized platform for Web3. It connects private and consortium chains, public and permission-less oracles, networks, and future technologies. The objective of Polkadot is to make a revolutionary influence on blockchain and address the issues of interoperability and scalability. Polkadot is devised to converge multiple blockchains into a single unified network. Furthermore, it enables users to build various custom blockchains on its platform, enabling the seamless transfer of data between different blockchains.

2. Filecoin

Filecoin is a cryptocurrency that aspires to make the world's most valuable assets more accessible to everyone. It is a peer-to-peer network with in-built economic benefits. Some of the advantages of Filecoin are –

· Cost-saving –There can be cost-cutting as there will be the ushering in of a larger free market for data storage

· Scale – Bringing in millions of computers worldwide will create a colossal storage network.

· Economy – Filecoin makes use of existing resources.

· Safety – A decentralized network means no single point of attack, making it more difficult to compromise.

3. Ethereum

Blockchain-powered platform Ethereum is most known for its native cryptocurrency, ether or ETH or Ethereum, which serves as the platform's currency. Because of its decentralized design, Ethereum stands out as one of the most secure cryptocurrencies available. ETH's rising value is due in large part to its improved security. As a cryptocurrency, Ethereum is valued second in the market, after bitcoins as of January 2022. In addition to ether and dApps, the Ethereum infrastructure is capable of supporting a wide range of decentralized applications (dApps). Some of the features of Ethereum are –

· Smart Contracts – Ethereum allows the development and deployment of smart contracts.

· Ethereum Virtual Machine – Ethereum extends the underlying technology, architecture, and software that understands smart contracts and enables users to interact with them.

· Decentralized Applications (dApps) allow Ethereum to create consolidated applications.

· Decentralized Autonomous Organizations – Ethereum enables users to create DAOs for democratic decision-making.

4. Solana

Due to its distributed computing technology, it has been reported to have a throughput of over 60000 transactions per second as a decentralized protocol for developing dApps. The novel Proof of History (POH) mechanism accelerates scalability while maintaining network security. It was founded in 2017 as an open-source project and is currently run by the Solana Foundation, premised in Geneva. San-Francisco-based Solana Labs build the blockchain for the same. The salient feature of Solana is that it is incredibly fast in terms of the number of transactions it can process and has a lower transaction fee. The cryptocurrency operating on the Solana blockchain, known as Solana or SOLUSD, inflated almost 12000 percent in 2021. Moreover, with a market capitalization of USD 66 billion, Solana is the fifth-largest cryptocurrency globally.

5. Bitcoin

It is a digital currency that people can trade for goods and services with ventures that accept Bitcoin as a mode of payment. It is the most well-known cryptocurrency of current ties, and its value has risen tremendously since its launch in 2019. The creator of bitcoins, who goes by the pseudonym Satoshi Nakamoto opines that he created bitcoin as an electronic payment based on cryptographic evidence instead of trust. Unlike government issues currencies, Bitcoin offers lower transaction fees than traditional online payment mechanisms. A decentralized authority operates Bitcoin. There is no existence, no physical bitcoins but only balances kept on a public ledger that everyone can access. A mammoth-sized amount of computing power verifies all bitcoin transactions via a process known as ‘mining.’

6. Cosmos

Deemed as an ‘internet of blockchains’ by its founding fathers, Cosmos is a decentralized blockchain ecosystem wherein developers can build their blockchain into a network of interoperable other blockchains. Cosmos aims to create a network of cryptos united by open-source tools to streamline transactions among them. Its concentration on interoperability and customization sets it apart from other Web3 crypto programming ecosystems.