- Chainlink provides secure off-chain data crucial for DeFi projects like Uniswap and AAVE.
- Filecoin uses decentralized storage to support Web 3.0 and NFT markets, ensuring data permanence.
- Polkadot enhances blockchain interoperability, driving cross-chain communication for decentralized applications.
In the dynamic and evolving world of blockchain technologies, several projects tend to change the entire paradigm of Web 3.0. Chainlink, known for its unique interoperating capabilities, delivers blockchains to real-world data as an oracle network, while Filecoin focuses on modern ways of decentralized data storage. The Graph takes care of the decentralized applications. Polkadot is a cross-chain system, and the Internet Computer is an online system without the Internet. These initiatives do not only augment the capabilities of existing protocols but also address the need for a truly decentralized world and concepts.
Chainlink (LINK)
Current price:$11.14
Market cap:6.9B
Chainlink is remarkable as a data oracle network that serves real-time data feeds to blockchain technology-based applications. Working in a distributed manner, Chainlink can safeguard the information it disseminates to applications on the blockchain. This has made it a core undertaking in decentralized finance alongside projects such as AAVE, Uniswap, and Compound, which use its oracles to supply them with real-time data outside the blockchain. Moreover, Chainlink is also collaborating with the World Economic Forum to address the challenges of the Fourth Industrial Revolution.
Filecoin (FIL)
Current price:$3.56
Market cap:$2.1B
Filecoin stands out from the ocean of cryptocurrencies due to its grand vision of changing and ensuring safety in data storage, which is achieved through the decentralized network that utilizes the Interplanetary File System (IPFS). 2014 was the starting point for Filecoin to ensure data preservation in a distributed fashion by eliminating any form of central control. Filecoin services are helpful for online streaming industries, NFTs, and Large data files. FIL enables utilization in operations such as transactions and voting to support the Web 3.0 shift.
The Graph (GRT)
Current price:$0.1618
Market cap:$1.5B
As the index’s main function, the graph combines on-chain and off-chain data soaked in all coordination, which makes it easy to scale events. Developers can use subgraphs to interact and query Ethereum data, critical for blockchain application code development on platforms such as Filecoin and Ethereum. The Graph has been appropriately described as the ‘Google of every blockchain database.’ Top DeFi projects like Uniswap and Synthetix benefit greatly from data indexing offered by The Graph, while GRT, the network’s token, governs and strengthens the trustless system.
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Polkadot (DOT)
Current price:$4.19
Market cap:$6.2B
Polkadot is more of an educational tool than a proper implementation. A normal web user would not be aware that numerous different blockchains exist. And even some more decentralized censorship resistance, of course this refers to the many applications that exist on the Internet, Polkadot provides support for transferring data between different applications created on different blockchain systems using DApps. The core idea behind Polkadot is its unique structure that consists of the Relay Chain as the main component of the ecosystem and additional well-integrated Parachains, also called parallel chains. The DOT token allows participating in governance and staking to attach to parachains. It is a token necessary for developing the interchain of blockchains known as Web 3.0 to survive without conventional information technological systems.
Internet Computer (ICP)
Current price:$8.36
Market cap$:3.9B
The Internet Computer is not just a usable blockchain; at its core, it seeks to rethink how decentralized applications and systems can be created. Utilizing brute force computation, as opposed to physical computation, distinguishes the person from the body, and the building systems of platforms will shift to the web without using any backend systems relying on the cloud. The creation of the Internet Computer is based on the idea of building a ‘World Computer’ that could make all sophisticated and ‘smart’ applications fully running without any hosts. The technology aims to achieve complete decentralization by ensuring development does not require any restrictions on working with systems.
These five blockchain projects Chainlink, Filecoin, The Graph, Polkadot, and Internet Computer—are part of the building blocks of an advancing ecosystem called Web3.0, which encompasses a myriad of decentralization technologies.
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