The rise of the Web 3 revolution in India
The term “Web 3.0” is used nowadays to describe the next phase of the internet. It is believed that Web 3.0 will disrupt life efficiently and effectively. But before this world saw two other revolutions of Web 1.0 and Web 2.0. A look at the previous technologies will make it easier to understand why Web 3.0 is crucial and required nowadays.
What is Web 1.0?
Web 1.0 technology was invented in 1989 and get popular around 1993. This technology is used to provide static data and has a read-only feature. However, there was an e-commerce website in a closed environment, but the users were unable to review or post a comment.
Web 1.0 does not contain login to different websites or monetization by ad feature. After some time, Flash and java helped to add some more features to the then existed technology.
What Web 2.0 brings?
It had started in some form in the 1990s, but most of the features were fully available in 2004. It got popular because it had been used by many companies who were doing business at that time. The crucial change during this period is that users can create content or data. The companies like Facebook and Youtube collect the data of users and provide advertisements according to the data of a particular user.
Web 2.0 created a data-sharing environment, but data privacy is compromised as data is permanently stored on servers.
What is Web 3, and why Web 3.0 is important?
Web 3.0 can address the issues experienced in the previous technology of Web 1.0 and Web 2.0. There are issues arising in Web 2.0 that today very few companies are handling a large amount of data which will be eliminated by Web 3.0.
Web 3.0 focuses on decentralization with the help of blockchain technology implementation. Due to its decentralized and fair internet feature, it has the potential to disrupt the health, financial, and education sectors efficiently and effectively. Web 3 assists many sectors to simplify their process, and it requires a talent for handling blockchain, persisting and indexing data in blockchain technology which would generate employment in India.
Blockchain technology is also used by companies that are responsible to create many trading options in India, such as Zebpay, Paxful, Binance, etc. hence generating employment.
Blockchain technology is used in cryptocurrency, NFT, and so on, but is not limited to this only. By observing the Web 3.0 revolution in India, many companies from different countries are investing in India. For example, Cypher Capital of UAE allocated a blockchain fund to India, General catalysts of the US are also interested in investing in Indian markets.
At last, there are always some advantages and disadvantages of any technology, but there is no doubt that Web 3.0 will bring technological improvement to India and around the world. Therefore, Web 3.0 should be accepted, and challenges related to it must be resolved for a better future for the world.