Crypto

Top 3 Web 3.0 Cryptocurrencies to Acquire Following Another AWS Outage

AWS Outage Affects dYdX, Causing Decentralization Worries

Another Amazon (NASDAQ: AMZN) Web Services breakdown hit the internet less than seven days after the previous one. On Wednesday morning, the second outage of December was announced, affecting popular sites such as Facebook, DoorDash (NYSE: DASH), the PlayStation Network, and Slack. This outage, like one days ago, has sparked interest in Web 3.0 cryptos as a way to avoid centralized connection issues.

Web 3.0 claims to solve the problems that afflict Amazon Web Services (AWS), a service with such a huge footprint that it oversees a third of the internet’s cloud services. AWS is likely to run the internet services people use to communicate with others, shop online, or even play games. As a result, once AWS breaks offline, a large portion of the internet slides down with it.

This, however, would not be an issue with Web 3.0. Individuals would fuel the internet with gear and nodes, and there would be less dependency on a single entity to sustain things working 24 hours a day, seven days a week. Furthermore, these individuals would have more say over the events that happen on the internet, as well as how power is limited or expanded.

Explore these groundbreaking cryptos for people wishing to invest in the internet’s coming years:

Flux (FLUX-USD)

If the primary goal is to identify a project that will rid the web of AWS-like outages, the Flux network is one of the greatest Web 3.0 cryptos to buy. By merging ordinary software as a service project with blockchain ledgers, the service, which bills itself as the “AWS of blockchain,” hopes to transform cloud computing.

Flux’s range of solutions is dubbed “blockchain as a service” as a homage to this combination. Many of the features of AWS and other centralized cloud computing providers are available through Flux. It also invites both individuals and corporations to participate in its offers.

FluxOS, the operating system that runs all of the network’s other products, is its flagship offering. An individual or a company can use FluxOS to deploy apps.

The product package, in addition to FluxOS, allows customers to run servers for activities like gaming and oracles. Furthermore, FluxNodes enables a platform for node administration. Flux subscribers can join with FluxNode operators who are physically nearby to get the best possible rates. Users can mine FLUX coins as a proof-of-work currency as long as they have the appropriate hardware.

Polkadot (DOT-USD)

Polkadot is the most popular Web 3.0 cryptocurrency to invest in since it is the largest cryptocurrency that is explicitly working to bring in the next generation of the internet. DOT is the globe’s tenth largest cryptocurrency, with a market valuation of over $26 billion. Of all, with such a large sum of money within its control, it has the resources to create a compelling product. Up to this point, it has done just that, with developers throwing millions at the chance to join the platform.

What is it about Polkadot, though, that renders it a Web 3.0 contender? It’s the network’s extremely scalable, cross-compatible parachains. These parachains could be a significant component of Web 3.0’s future, enabling projects to connect quickly and effectively. A parachain is a single chain that makes up the Polkadot network. There are 100 total chains in the Polkadot network.

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On each parachain, just one project functions, giving developers more room and tools to focus on their products.

Naturally, with just 100 parachains and many developers on the planet, these specialized chains are in high demand. Using parachain auctions, the network selects which project gets a chain. Projects use crowdsourcing to raise funding to buy a chain. At a completely random time in seven days, the protocol has a tool in place to designate the top-grossing project as the chain winner.

These parachains will enable a well-connected Web 3.0, in which users can effortlessly transfer their data from chain to chain and trade with only the tiniest fees. Of course, the Web3 Foundation’s support for the project only aids to propel it forward in the proper path.

BitTorrent (BTT-USD)

BitTorrent isn’t a brand-new concept. In the early 2000s, many web-savvy people will remember receiving a variety of files using BitTorrent. BitTorrent’s services are now preparing themselves to be highly crucial in advancing the web’s future as a crypto network. As a result, the file-sharing platform is one of the top Web 3.0 cryptos to invest in.

The commercial strategy of BitTorrent has always been based on openness. Even as a Web 2.0 file-sharing network, no leading player was determining what media was transmitted or who could utilize which services. It exists to make it possible for people to collaborate. This, of course, is in line with Web 3.0’s goal of putting power in the hands of the individual. It also lowers the risk of large-scale disruptions like those observed with AWS.

BitTorrent, for those new to the service, helps in sharing sections of files cooperatively. Users download “seeds” of files, which the service subsequently shares with other computers that have the file in question. After that, each of these machines generates a small portion of the file until the final user obtains the entire download. Enormous files can be accessed with the least bandwidths needed with this strategy.

BitTorrent has become a blockchain product controlled by Tron, a cryptocurrency network (CCC: TRX-USD). And, with Web 3.0 focusing on the blockchain, it’s yet again become a power play. Customers will be able to containerize data between individuals using BitTorrent and its crypto services, such as BitTorrent Speed and BitTorrent File System. The products eliminate the demand for a huge cloud and prevent wide portions of the internet from crashing in the case of a technical issue.

Disclaimer: The Zumm Staff member who was largely responsible for this content did not own any holdings in the securities discussed in the article whether directly or indirectly.

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.