Looking for the Next Google of Web3? Research These Layer 1 Blockchain Networks
These Layer 1 networks provide distinctive benefits not offered by any other networks, and that gives them potential to grow 100x.
The market continues to rise, with Bitcoin leading the way and opening the floodgates for smaller Web3 projects to gain momentum and traction, not just in price, but also in active users on their dApps. As long as Bitcoin continues to rise from 25k to 28k-30k, altcoins and the rest of crypto will continue to follow.
The short-term narrative continues to be AI-driven projects, as well as ZK (zero-knowledge/privacy) projects, with a new narrative now arising in the past few days with hype around China/Chinese-based projects, in part from an expectation of more capital coming from Asia as this mini bull-run continues.
Long-term though, I continue to be a fan of platform plays and layer 1 networks that have a network effect and host dApps with thousands or even millions of users on them. The next Microsoft, Google, and Apple of Web3. So with that said, let’s dive into two (or three) different major networks that I think will do well this cycle.
Firstly, Hedera Hashgraph ($HBAR) is one of those blockchain ecosystems that has been around for a long time but has yet to explode because of minimal mainstream adoption of dApps on the chain like DeFi & NFTs. However, they are now entering the limelight with tons of dApps being built on the network.
I recently spoke with the Co-CEO of Hedera on the growth of their network and the expansion of the Hedera Governing Council to include Dell, one of the companies that runs a lot of the internet! It’s huge to have these big companies joining the advisory boards of major blockchains.
But one of the coolest pieces of information that Leemon Baird dropped in our interview is how Hedera is planning on reworking the private key management part of Web3 to decentralize access to private keys and make it safer for people entering Web3 to not lose the “12 words” they wrote down. When Hedera releases that, it could revolutionize the entire crypto world.
See my Interview with Leemon Baird here:
I also spoke with the HBAR Foundation, the entity responsible for providing funding to startups and companies looking to start building on Hedera, or to move to their blockchain from other chains. They told me they are funding every kind of startup, from idea and friends in a garage, to series A rounds and cross-chain blockchain expansions.
I expect that as this next mini bull run continues, many new applications and coins will start running on Hedera. It will grow their DeFi and NFT ecosystem, stablecoins, use cases, and real-world adoption by major companies that aren’t normally involved in Web3.
Watch my interview with the HBAR Foundation CEO Shayne Higdon to learn more about how fast the ecosystem is growing.
It would be great to see HBAR rally back 250% to reach its pre Luna-Terra crash levels of last year, and I think that’s just the beginning. Let’s see what happens with HBAR over the next 3 to 4 months
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Another Layer 1 we recently spoke about that you should pay attention to is Dfinity (Internet Computer $ICP). As a network, it has the potential to grow 100x in size beyond its current measure. One of the major differences between ICP and other blockchains is that all of the dApps on ICP actually run on-chain, unlike many other blockchains that only serve as a ledger for keeping track of transactions and where the source code is likely hosted on Web2 Amazon Web Services or a similar platform. Dfinity took the long, hard road to build the infrastructure required to support mainstream adoption of actual Web3 apps.
Here's a recent interview with the Founder/Chief Scientist of Dfinity, Dominic Williams, where he explains why their unique technology is poised to be one of the go-to platforms of Web3:
I also spoke to the VP of Growth at Dfinity to gain deeper insight into the kinds of decentralized applications running on Dfinity and where they anticipate the most growth. Surprisingly, some of their Social Media dApps already have over 200,000 users, and they hinted that there will be airdrops coming to the users of these dApps. It's not too late to try them out and potentially earn a lot of tokens as well. In our interview, Lomesh Dutta actually mentioned which dApps are guaranteed to have an airdrop for people who try out the application in the near future, so I highly recommend watching this video to avoid missing that airdrop and to learn more about the Dfinity ecosystem.
This interview with Lomesh Dutta is not yet available to the general public, but I am releasing it early to my newsletter subscribers so they can learn about these dApps and the airdrops first. Thank you for subscribing and following my work!
As far as $ICP in the markets, we are looking at a roughly 150% gain to return to the -re Luna-Terra crash of 2022 prices. However, with ICP launched during the hype of 2021 its price was over $400 per token. Currently at $7.26, there’s more than a 0% chance that it reaches that price once again in the future.
And if you’re looking for new Layer 1’s that are up-and-coming and have yet to be launched, follow these two projects:
Archway, launching on the Cosmos network with integrated developer incentives built into the network.
Ferrum Network Mainnet: Atomic cross-chain swaps and blockchain interoperability. their Substrate based testnet is now live and producing blocks and the mainnet lauch is getting closer.
Both Mainnet’s are launching around Q2 2023 (tentatively).
All 4 of these projects are bringing something unique to the table. Hedera with the private key management, Dfinity with the on-chain dApps deliverability, Archway with the integrated developer incentives, and Ferrum Network with their seamless cross-chain swaps.
To add value to the rapidly expanding Web3 ecosystem, Layer 1 networks must provide distinctive benefits that are not yet offered by other networks, as demonstrated above. I will be following these platforms over the coming months to monitor their potential as the next Google of Web3.
Other Crypto News:
Google acquires a $300 million stake in artificial intelligence start-up Anthropic.
Google’s Baird AI makes an error in its inaugural presentation and Google stock drops significantly in the botched announcement.
EngineeringRobo donates entire month’s revenues to the Earthquake Relief in Turkey. This is the trading indicator I use to trade this market and would recommend trying them out free and supporting their efforts here.
Revolut launches Ethereum & Cardano staking to its 25 million users.
Coinbase CEO says he is willing to take the SEC to court to prove that staking isn’t a security.
Crypto exchange Kraken charged $30 million from the SEC for its crypto staking service. I wouldn’t recommend staking your crypto in exchanges
SEC finally charges Do Kwon for the Luna Terra Crash. Better late than never.
Hong Kong will now allow retail investors to trade larger cryptocurrencies like BTC and ETH. The next leg of the bull run could be fuelled from Asia.
Wyoming lawmakers pass bill that prevents individuals from being forced to disclose their private keys in court.
It was released that SBF's $250 million bail was funded by former Dean of Stanford Law School Larry Kramer & Stanford Research Scientist Andreas Paepcke.
That’s all we have for this episode. Check out these Layer 1’s and keep your eyes on Bitcoin for the next move in the crypto markets!
Ashton Addison
-CEO, Crypto Coin Show