What currencies are based on web3?
Web3-based currency
What is Web3?
Web3, also known as Web 3.0, is the next iteration of the Internet, based on blockchain technology and decentralization principles, designed to give users more control and ownership.
Which currencies are based on Web3?
The following are some major currencies based on Web3:
- Ethereum (ETH) : Ethereum is an open source decentralized area Blockchain platform that allows developers to build and deploy decentralized applications (dApps). ETH is the platform’s native token and is used to pay transaction fees and interact with smart contracts.
- Binance Coin (BNB) : Binance Coin is the native token of the Binance exchange and is used for trading fees, staking, and participation in other activities within the Binance ecosystem.
- Solana (SOL) : Solana is a high-performance blockchain designed to speed up transactions and reduce costs. SOL is the platform’s native token and is used to pay transaction fees and for staking to secure the network.
- Polkadot (DOT): Polkadot is a sharded blockchain platform that allows the creation of multiple parachains connected to its main chain. DOT is the platform’s native token and is used for staking, governance, and payment of transaction fees.
- Cardano (ADA) : Cardano is a research-driven blockchain designed for scalability, security, and equality. ADA is the platform’s native token and is used to pay transaction fees and be staked to participate in network governance.
Advantages of these currencies based on Web3
Web3-based currencies have the following advantages:
- Go Centralization: These currencies do not rely on centralized institutions such as banks or governments. They are maintained by a network of nodes distributed around the world.
- Transparency: All transactions are recorded on the blockchain and can be viewed publicly, increasing transparency and accountability.
- Security: Blockchain technology protects transactions through cryptography and encrypted security algorithms, making them highly secure.
- Scalability: Some Web3-based coins, such as Solana and Polkadot, are designed to be highly scalable and able to handle large volumes of transactions.
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