In the modern retelling of Web history, the world has now fully entered the third generation of the internet. We have moved from decentralized protocols (Web 1.0) to centralized, monopolistic platforms (Web 2.0) and are now poised to move towards an era of decentralized blockchain-based architectures – Web 3.0. With Web 3.0 as the current narrative, the hold of power will shift away from a few dominant Web 2.0 companies and give control back to the masses.
Web 3.0 offers a myriad of opportunities for India and its software developers but there also exist certain obstacles in terms of blockchain regulatory measures, taxation and decentralization. If India succeeds in resolving these issues, it has a chance to become one of the key players as the next frontier of the internet is established.
Web 3.0 is a decentralized internet to be run on blockchain technology, which would be different from the versions in use, Web 1.0 and Web 2.0.
Significance of Web 3.0
- The large mass of creators and builders will leverage next-generation tools, co-opt themselves into self-governing organizations and participate in this new economy. The spirit of Web3 is Decentralized Autonomous Organization (DAO). Web3 will deliver a decentralized and fair internet where users control their own data.
- This will eliminate excessive rents levied by the large platforms and move the masses away from an obviously flawed business model of ad-based monetization of user-generated data that has become the hallmark of the modern digital economy.
- In Web 2.0, most of the data in the internet and the internet traffic are owned or handled by very few behemoth companies which created issues related to data privacy, data security and abuse of such data.
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