The definition of Web 3.0 is still being worked on, but thus far we know that it will encompass artificial intelligence, Big Data, machine learning, virtual reality, augmented reality, and real-time communications that can be conducted right on the browser. Where does blockchain technology and cryptocurrency fit in this scheme? There are three decentralized finance (DeFi) projects that give us an idea of where things are going.
The Kadena Layer
This new blockchain protocol is all about processing multiple transactions at high rates of speed. It is estimate that Kadena can handle up to 480,000 cryptocurrency transactions such as token transfers, smart contracts, and Proof of Work mining verifications each second. This is made possible through a mechanism that involves the use of braided chains.
The Helium Network
Blockchain applications have a great potential to augment the functionality of the Internet of Things (IoT). Helium is the first formal IoT blockchain project to gain a major partner; earlier this year, the development team struck an agreement with Dish Network in the United States, and this represents the first time a non-currency DeFi project is able to find a technology partner outside of the finance sector.
The Flux Protocol
Web 3.0 also comprises cloud platforms that enable the quick development and launch of online applications; to this effect, Amazon Web Services is considered to be the most prominent Web 3.0 company. Flux aims to provide a service similar to AWS but for blockchain applications.
In the end, the future of Web 3.0 and blockchain technology appears to be bright. Many business organizations are actively pursuing the adoption of this emerging technology, which is poised to be one of the most important aspects of future IT development. Even with the progress that has been made so far, much development is still to come, and it will likely continue to be along the lines of DeFi and non-fungible tokens, at least for the time being. Cryptocurrency traders who are usually interested in altcoin opportunities should take a good look at the fundamental developments of the three DeFi projects listed herein.