Cryptocurrency Race In 2023: Will These Tokens Face Off Against One Another?

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Cryptocurrency race next year

A new wave of cryptocurrencies, called Web3 cryptos, is dedicated to realising the decentralised Web3 concept. To give users control over their data and enable transactions without the use of intermediaries, they combine blockchain technology with smart contracts. 

Web3 is a common name for the third generation of the internet. By operating in a decentralised manner owned, created, and managed by people, it seeks to take power away from powerful businesses.

The current level of cryptocurrency volatility makes it impossible to predict when the market will experience a significant decline.

Here are 10 cryptocurrencies that will likely be in direct competition with one another in 2023:

1) Tether (USDT)

Tether, a Hong Kong-based business, has created USDT, a stablecoin (stable-value cryptocurrency) that tracks the value of the US dollar. Realcoin, which was first introduced in July 2014, was then changed to USTether and finally to USDT.

2) Filecoin (FIL)

For Web3, Filecoin is like a filing cabinet. It is a decentralised storage network that offers a safe substitute for centralised cloud storage and a passive revenue stream. All data, including text, audio files, movies, and still photographs, can be stored with Filecoin.

3) Livepeer (LPT)

A decentralised video streaming network called Livepeer was created using the Ethereum blockchain. The protocol offers direct broadcast and streaming services at a reasonable cost at the Web3 video stack layer. It primarily focuses on two objectives: distributing real-time video and encouraging network users to participate.

4) Solana (SOL)

Decentralised finance (DeFi) solutions are offered by the highly active open-source project Solana, which relies on the permissionless