Web 3.0: The Internet of a New Era

Web 3.0: The Internet of a New Era

For preliminary preparation: Web 3.0, Blockchain Technology, Augmented Reality, Virtual Reality, Internet of Things, Cryptocurrency, Fungible tokens, E-commerce, Cybercrime, Genome sequencing

For the network: Pros and Cons of Web 3.0, Future Applications and Opportunities for India

Web 3.0 is the third iteration of the internet based on Blockchain Technology. The purpose of Web 3.0 is to create intelligent, autonomous, connected, and open internet. As we move towards Web 3.0, one of the key trends is expected to be decentralization. In fact, it is a concept transmits power from a single person or body to masses.

India has been one of the early adopters of Web 3.0 technology. according to Crypto Industry in India 2021 report by NASSCOM and WazirX, India is home to more people 230 Web 3.0 startups already.

With the development of Internet technology with Web 3.0, there is a significant possibility technology becomes weaponized, cyber threats become more prevalent, and national security problems may arise. Therefore, it is important to closely examine Web 3.0 in terms of its future viability and sustainability.

What are the different versions of the web?

  • Web 1.0: This is considered the first stage when most of the internet is accessible to people “Read Only”, allowing users to simply read the content and not actually interact with it.
    • Includes content like this news sites, portals and search engines.
  • Web 2.0: with web 2.0, is the main new aspect that emerges communication. the trend ‘liking’ something on social media, ‘commenting’ on videosand sharing interesting content has become increasingly popular.
    • This was also a stage ads started appearing on the pagesagain based on these data bits and monetization content began to grow.
  • Web 3.0: Web 3.0 represents a new stage in the evolution of the Internet, namely a visual dynamic, semantic and spatial Web with the concept of decentralization, openness and more user utility.

What are the advantages of Web 3.0?

  • An open and transparent network: Web 3.0 is an open network, all software and applications are used open source software.
    • The development code, which is essentially a virtual resource, is open to the community and the development process is also kept transparent.
  • A Perfect Ecosystem: Centralized control over data by platform companies is shifting to Web 3.0 users smart protocols on the blockchain, which eliminates the need for third parties.
    • Therefore, push a an untrusted, unsanctioned and flawed ecosystem.
  • Direct communication between sellers and customers: Web 3 technology can do it too eliminate middlemenenables direct interaction between sellers and customers.
    • Non-functional signs already allows most of this, mostly static digital art, but can be easily adjusted repeated in music, movies, and other media.
  • Personal Experience: It has potential blur the lines between the physical and digital worlds. For example, in case e-commerce Using AI powered Web 3.0, sellers could better understand their buying needs.
    • They will show buyers those products and services that they are interested in buying. Also, buyers will see more useful and relevant ads.
  • Independent Monetization: In centralized content management, user-generated content usually belongs to the platform on which it is published, but Web 3.0 can empower creators by giving them better opportunities. opportunity to earn money.
    • About 2 million professional content creators in India can benefit from it.

What are the disadvantages of Web 3.0?

  • Increase in cybercrime: According to some experts, Web 3 would be difficult to regulate. They then argue that decentralization could usher in new types of cybercrime. may be a reason increase in cyber crime and online abuseAmong other things.
    • Crime based on cryptocurrency remains an important issue to be addressed, especially considering an increase in total transaction volumes means the cost of illegal transactions increases.
  • Absence of grievance redressal mechanism: Due to its decentralized nature, it raises the question of who to turn to and whom to turn to in case of complaints. responsible for data breaches.
  • Lack of censorship mechanism: Web 3.0 remains silent on censorship. Can be gives birth to obscene and provocative things.
    • Also, obscene or removal defamatory information, photos or videos will be difficult for national and international authorities.
  • Scalability concerns: Scalability of Web 3.0 remains a major challenge because it relies on blockchain technology. Due to blockchain technology only an additional data storage mechanismcannot be changed and storage capacity is limited as demand increases.
  • Regulator Vacuum: Web3 is industries still navigating the regulatory space in India not yet cemented. In addition, many countries have not yet adopted space and established clear protocols for its use.

What should be the way forward?

  • Opportunity for India: India has used technology in the formation of its internal socio-economic development. This technology has brought greater inclusion and impactful social outcomes.
    • For example, through Aadhaar, Jan Dhan, UPI, CoWin for vaccinationIndia founded low-cost, high-impact technology for a better life.
    • On the lineIndia can too Take advantage of this early stage of Web 3.0 development acting as a leader and catalyst.
      • Web 3.0 can accelerate value India’s digital economy. There is a need to encourage and incentivize the startup ecosystem with such opportunities Place India well on the Web 3.0 Map.
  • Revitalizing e-Citizens and e-Governance: Web 3.0 can be used for better user experience of digital government services better quality data for more evidence-based policy making.
    • From the government’s point of view, inter-ministerial services can be established more quickly through blockchain technology.
  • Focus on interoperable and ethical standards: As all technologies evolve, the evolution of the internet is inevitable, Making Web 3.0 a powerful driver of global economic growthurgent action must be taken by nations and industries to have open, ethical and interoperable systems with firm standards.
  • Decentralized Science (DeSc): The decentralized nature of Web 3.0 can be used across fields science and research removing barriers to patenting and using available resources for global prosperity.
    • For example, blockchain technology used to store and classify large quantities information on the sequence of the DNA genome of the virus.

Drishti Mains Question

Discuss how India can harness the potential of Web 3.0 for its domestic socio-economic development.

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