DOT, KSM, FIL – CryptoMode
Global interest in Web 3.0 is growing, which will bring a lot of positive attention to blockchain and cryptocurrency. Several currencies can impact this space, which we will discuss in several articles. However, Polkadot, Kusama, and Filecoin have excellent chances of becoming key players in this segment of the industry.
Why Web 3.0 is gaining momentum
It’s easy to see why so many people are interested in Web 3.0 and its potential. The internet is about to migrate to a blockchain-based infrastructure, giving rise to decentralized products, services, protocols and tools. It’s the next step in the evolution of technology, and Web 3.0 will put the power back in the hands of the people. As a result, analysts predict tremendous growth for this industry over the next decade.
While major technology companies have made Web 2.0 a huge success, Web 3.0 will once again cut these middlemen. Tech companies don’t always think about users, but rather their profit margins. With blockchain technology, applications, products, services, protocols and platforms are no longer in the hands of the privileged few. Everyone builds them for everyone and makes them available to everyone. Web 3.0 will transcend the imaginary borders of countries and unite the whole world.
Polkadot is a crucial cog
While there are dozens if not hundreds of Web 3.0 projects to watch out for, Polkadot tops the list. The network is in a privileged position to drive the transition from Web 2.0 to the next stage. His approach to decentralizing the Internet via parachaines creates endless possibilities. A parachain offers much better scaling and is a brick for weaving applications. Under Polakdot, each project can have a parachain running parallel to the rest.
Polkadot’s architecture allows developers to experiment, create, modify, and explore as they see fit. In addition, developers are showing massive interest in acquiring a parachain for their projects. Unfortunately, only 100 slots are available at the moment, although this number will increase in the future.
In addition, Polkadot (DOT) is a prime example of self-funded development. Approximately $ 1 billion in assets can be used to fund the development of Indigenous projects, providing financial support for years to come. In addition, decision-making about who is eligible for a loan or grant is community-driven, with an emphasis on decentralization.
Kusama should not be overlooked
People see investing in Kusama (KSM) as a way to invest in Polkadot’s future. It’s pretty straightforward, as Kusama serves as the canary chain for Polkadot. It is a controlled environment allowing developers to experiment, develop and test code before integrating it into the Polkadot ecosystem. Before the start of the Polkadot parachain auction, Kusama had several projects running on its code.
In addition, Kusama is used by the developers of Polkadot to eliminate bugs and problems before making upgrades to the network. As Kusama also has 100 parachains available for sale, the demand for slots is very high. For now, it’s safe to say that Kusama is ahead of Polkadot in all respects, although that gap will narrow over time. This does not mean, however, that the demand for Kusama or KSM will disappear, as having a canary network will remain crucial for the overall development of the ecosystem.
Filecoin is a potential power
Although it seems people are ignoring Filecoin (FIL), the project is in full swing. Decentralized storage can disrupt cloud storage and introduce passive revenue streams for anyone in the world. Rather than specializing in big or small data, Filecoin’s network can store all data regardless of size. Moreover, it can store private information, datasets, etc. All this at competitive prices that make these services affordable on a global scale.
The FIL token is essential in this ecosystem. Anyone providing storage space can earn FIL tokens. Most everyone has unused hard drive space on any device to host data. Therefore, providing more space can help earn more tokens. These tokens can be used within the Filecoin ecosystem or sold in secondary markets.
Additionally, data recovery through Filecoin is straightforward due to the geographic data to match users and providers. Therefore, the network will look for a nearby provider for those looking to store data. This approach facilitates and accelerates access to data. Faster data retrieval and submission to the storer will generate higher FIL rewards.
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