A comprehensive Guide to Web3 and Leading Web3 Companies

What is Web3 technology?

Web3 is a term used to describe the third generation of internet technology that aims to create a decentralized internet. Web3 is built on distributed ledger technology (DLT) that allows for the creation of secure and transparent digital transactions without the need for any third party. The design of DLT that Web3 is built on is called Blockchain. Web3 is designed to address the shortcomings of the present internet infrastructure. Web3 users have greater ownership and control over their data and digital assets.

Top 5 Web3 companies

Helium Systems

This company is one of the leading pioneers in the advancement of Web3 technology. Helium network is designed to provide long-range, low-power wireless coverage for the Internet of Things(IoT). The network uses a unique wireless protocol that is optimised for low-bandwidth operations. 

Devices that connect to the Helium network are rewarded with HNT(Helium Network Token), the native cryptocurrency. The Helium network is built on top of Helium blockchain, a public blockchain that is used to record wireless transactions and manage HNT. This blockchain is secured by Proof-of-Stake consensus mechanism, which ensures that the network is secure and reliable.

Coinbase Global

This is a major Web3 company that operates a cryptocurrency exchange platform. The platform is designed to be user-friendly, making it accessible to both experienced and novice cryptocurrency investors. This platform allows users to buy, sell or trade various cryptocurrencies. Coinbase is best known for its security and compliance. 

In addition to its exchange platform, Coinbase Global offers other services including a cryptocurrency wallet and a merchant payment gateway. The company has also expanded to include a range of Decentralized Finance products and services, such as staking and lending. The company works closely with regulators to ensure that its operations are compliant with applicable laws and regulations.

ConsenSys

ConsenSys is a Web3 company that specializes in building decentralised applications (DApps)and infrastructure for the Ethereum blockchain. One of ConsenSys’ key focuses is on developing tools and platforms that can help accelerate the adoption of decentralised technologies. This company has been a key player in the development of the Ethereum ecosystem.

The company has contributed to a number of open-source projects related to Ethereum, including the Ethereum 2.0 upgrade and the Ethereum Name Service (ENS). The company offers a variety of products and services, including developer tools, enterprise solutions and consulting services. For example, they introduced  Metamask wallet, Codefi, Quorum and Infura to establish Ethereum as one of the most important blockchain.

CoinSwitch Kuber

This is a cryptocurrency exchange platform that was founded in 2017. The platform is based in India and aims to simplify cryptocurrency trading for Indian users. This platform has a user-friendly interface, making it easier for beginners to navigate and trade cryptocurrencies. 

CoinSwitch Kuber’s biggest selling point is its quick and easy verification process. Users can get started within minutes, unlike other exchanges that may take days or even weeks to complete account verification.The company also offers a feature called “KuberVerse”, which is a gamified learning experience that helps users understand the basics of crypto trading.

Polygon 

Polygon is a Web3 company that aims to solve some of the scalability and interoperability issues faced  by blockchain networks. It was founded in 2017 by Jaynti kanani, Sandeep Nailwal, and Anurag Arjun. The company’s mission is to create an open, permissionless, and scalable framework for DApps. Polygon is a scaling solution that operates as an extension to the Ethereum network.

Polygon enables faster and cheaper transactions, making it all the more accessible. Polygon uses Proof-of-Stake consensus mechanism, which means that it is energy-efficient and more environment-friendly. Developers can build and deploy their DApps on the Polygon network without having any prior coding knowledge.

Overall, Web3 technology has the potential to revolutionise the way we interact with the internet, by creating a more secure and decentralised digital infrastructure. The above mentioned companies are at the forefront of the new Web3 era. As Web3 technology continues to evolve, we can expect to see even more innovative companies enter this new digital space. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)