Web3 is the latest web technology or third generation web technology.
Have you ever wondered how the internet started working and in what form? If not, Then let me tell you the internet was not the same as it is today. The Web has evolved a lot over the period of time. The change has been divided in 3 stages or generations:
Web 1.0 - It is the first and basic form of web technology which consists more of static content. It can be considered as read only-web and we cannot write or rewrite it.
Web 2.0 - It is the current stage of web technology. It is more user friendly and interactive. The procedure to create content is easy and doesn’t require development skills.
Web3.0 - It is the future of web technology which would be running on decentralized blockchains and crypto’s economic norms.
What exactly is web3?
There is no exact answer to this question for now. According to the research, it is basically a decentralized blockchain network which would be free from any external control. Everyone will be set at an equal footing and there will be no intermediary or regulating body. Facebook won’t be able to delete your posts and the government won’t be able to censor your content. It will enable you to control your data. There will be no single database to store the information of users and there will be less chances of breach of privacy and you will never be asked about special permissions to enable some app or feature as of now. Basically, Web3 is going to transform how we use the internet and services.
SCOPE OF WEB3 IN INDIA
India has its own silicon valley situated in Bengaluru and it consists of a large number of engineers and work professionals. This environment creates India, a great option for investment in web3 start-ups. PolygonLEAP 2021 accelerator, launched by web3 unicorn and others has supported 31 start-ups out of more than 270 presented, Eighteen of those start-ups hail from India. India is a fast growing economy and it has potential to grow in every sector of the economy. To ensure the maximum growth, it is necessary to keep a check on policies and regulate them in a beneficial manner. In India web3 could have been beneficial if the environment had been conducive for the development. India has brought crypto trading into its taxation policy but didn’t recognize the legal status of the cryptocurrency. Scope of web3 has been undermined by the lawmakers. Some of the start-ups have also started moving out of the country, we need to keep in mind that we don’t want our young minds to go out of this place and let another human capital flight to happen. According to research by US India strategic partnership forum and digital currency exchange crossTower, India can add up to $1.1 trillion to its economy in a decade with right policies and regulation. India needs to understand the future technologies and take lessons from what happened to the Indian economy before the 1990s. It had to open up its economy in the end to handle the stifling financial crisis then. Web3 is the future and it cannot wait. Policymakers should take examples from the economies of US, UK and other European countries and make India conducive to growth of Web3 by bringing crypto currencies into the legal realm and providing them with other proper regulatory frameworks.
Web3 is still a developing concept and we need to learn more about it. How it works and on what it depends?
Web3 brings the best out of Web 1.0 and Web 2.0 in form of decentralized network chain of web 1.0 and interaction of web 2.0. Web3 is AI driven, decentralized, transparent and works on crypto based economic norms. Web3 has quickly become one the essential skills engaging with the future technology. If you are a beginner, you can find relevant material on Binance academy or Crypto Zombies. There are courses available online for learning Web3 on coursera, questbook and Web3 university. These platforms will help you out with learning the fundamentals like blockchain, Ethereum, NFTs, digital assets and smart contracts etc. once you are familiar with basics of the technology then, you can go for making your own app with Cloudflare. One of the most growing and great sources to work with Web3 technologies is ETHGlobal.
By Gavish Chaudhary
Content Writer
Social Journal
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