15 Upcoming Web3 Crypto Projects in 2022 - Web3 Crypto List

Introduction

Over the last couple of years, crypto adoption has grown to unprecedented levels.

We are witnessing the mass adoption of web3 crypto technologies, not only by individuals,but also big corporations that were traditionally web2 oriented.

With a list of new upcoming crypto projects coming up every other day, how do you know which web3 crypto coins to invest in?

How do you know which web3 crypto projects are likely to still be relevant in 5 years?

With all the challenges facing the traditional banking systems, decentralized finance (De-Fi) seeks to solve these issues by building open, decentralized, and custodial web3 financial systems.

In this article, we are going to list several upcoming web3 crypto projects that we’re currently excited about, and why you should be a part of them too.

But first, we have to take a step back and understand what cryptocurrencies are.

What Are Cryptocurrencies?

A cryptocurrency or a digital currency is virtual money that is transacted on a public ledger known as the blockchain. There are thousands of cryptocurrencies, for example, Bitcoin, Ether, Ripple, Bitcoin Cash, and Dogecoin.

Cryptocurrencies are stored on a custodial (private keys are held by a third party) or a non-custodial (type of crypto wallet where you own and control the private keys) wallet, and are traded, exchanged, or yielded on exchange platforms such as Coinbase, Pancakeswap or Binance.

Types of Crypto

While most coins are always referred to as cryptocurrencies, there are different types of web3 crypto coins based on their use and how they are developed.

Coins

Coins such as Bitcoin, Ether (Ethereum), and Ripple are built on their native network, and their main use is to offer alternatives to fiat currency (paper currency). The main utility is financial transactions.

Tokens

Tokens are crypto coins that are built on top of already existing blockchain networks. A good example of this is the Shiba Inu ERC-20 token, built on the Ethereum blockchain network.

The drawback with tokens is that they inherit the shortcoming of the blockchain network they’re built on. This means all tokens that are on the Ethereum network will always have scalability issues and high gas fees, depending on the volume of the transaction.

Central Bank Digital Currency (CBDC)

After Bitcoin and other major coins took off, it was evident that a new financial system was inevitable, which is why some central banks started working on Central Bank Digital Currency (CBDC). The CBDC acts as a virtual alternative to central bank-issued fiat currency.

Some of the countries that are at the forefront of experimenting with CBDC are the United States, India, Nigeria, Sweden, Saudi Arabia, and China.

Stablecoins

Stablecoins are cryptocurrencies where the prices are informed by physical money, natural commodities like gold and silver, or other cryptocurrencies.

Some of the most popular stablecoins are:

Tether: One of the most widely used stablecoins, Tether is currently used in half of all Bitcoin transactions worldwide. Tether asserts that it is fully backed by fiat currency and financial equivalents.

USDC (United States Dollar Coin): USDC coin claims to be backed by a combination of fiat currency, Treasury bonds, commercial paper, corporate and government bonds, and certificates of deposit with international financial institutions. It’s an open-source project maintained by a collaboration named Centre. The option to redeem one 1 USDC coin for one US dollar is a big aspect of stablecoins attractiveness.

Binance stablecoin(BUSD): is a stablecoin issued by the Binance trading and exchange platform with the approval of the New York State Department of Financial Services (NYDFS). The value of the BUSD against the US dollar is 1:1.