Web 3.0 India: Top Blockchain Development Company
Web 3.0 India: Top Blockchain Development Company Web3 is the next generation of the internet, focusing on shifting power away from large tech companies and toward individual users.Web3 – also known as “Web 3” or “Web 3.0” – is a term you may have heard a lot recently. It simply refers to the next version of the internet, which promotes decentralised protocols and seeks to reduce reliance on large tech companies such as YouTube, Netflix, and Amazon. But what is it, and why is everyone talking about it.
What is Web3?
It makes sense to understand Web 3.0 India: Top Blockchain Development Company by first understanding what came before it. Web 1, the first version of the Internet, debuted in the late 1990s and consisted of a collection of links and homepages. Websites were not very interactive. Apart from reading and publishing basic content for others to read, you couldn’t do much.
In a speech to the United States Congress in December 2021, Brian Brooks, the CEO of Bitfury, put it succinctly: “If people remember their original AOL account, it was an ability to look in a curated ‘walled garden’ at a set of content that was not interactive, but was presented to you on AOL, the way that Time Magazine used to show you the articles they wanted you to see inside of their magazine, only you could see it on a screen.” Web 2 followed. Some refer to this as the “read/write” internet, referring to a computer code that allows you to open and edit files rather than just view them. This version of the Internet allowed people to create their own content and publish it on blogs like Tumblr, Internet forums, and marketplaces like Craigslist. Later, with the rise of social media platforms such as Facebook, Twitter, and Instagram, content sharing reached new heights.
After a while, the general public became aware of how tech giants were harvesting their personal data and using it to create tailored advertisements and marketing campaigns. Facebook, in particular, has been scrutinised numerous times for violating data privacy laws, and was fined $5 billion in 2019 – the largest penalty ever imposed by the Federal Trade Commission (FTC.)Although Web 2 has provided the world with incredible free services, many people have grown tired of the new “walled gardens” that these massive tech companies have created and want more control over their data and content. This is where Web3 enters the picture.
Web3 can be thought of as the Internet’s “read/write/own” phase. Users can participate in the governance and operation of the protocols themselves, rather than simply using free tech platforms in exchange for our data. This means that people, rather than just customers or products, can become participants and shareholders.
Tokens or cryptocurrencies are used in Web 3.0 India: Top Blockchain Development Company to represent ownership of decentralised networks known as blockchains. You can influence the network if you own enough of these tokens. Holders of governance tokens can use their funds to vote on the future of a decentralised lending protocol, for example. “The real message here is that what happens on the decentralised internet is decided by investors, as opposed to what happens on the main internet, which is decided by Twitter, Facebook, Google, and a small number of other companies,” Brooks says again.
What can you do on Web3?
Web 3.0 India: Top Blockchain Development Company enables the proliferation of cooperative governance structures for previously centralised products. A meme, a piece of art, a person’s social media output, or tickets to Gary Vee’s conferences can all be tokenized.The gaming industry is a great example of a paradigm shift. Gamers are constantly complaining about the bugs that developers leave in their favourite video game, or how the latest patch has thrown off the balance of their favourite weapon. Web3 allows players to invest in the game and vote on how it should be run. Web3 is being used by large Web 2 companies such as Meta and Ubisoft to create virtual worlds. Non-fungible tokens (NFTs) will also play a significant role in reshaping the gaming industry by enabling players to become immutable owners of the items they acquire.
Criticisms of Web3
The main criticism levelled at Web3 technology is that it falls short of its lofty goals. Blockchain network ownership is not evenly distributed, but is concentrated in the hands of early adopters and venture capitalists. A public feud between Block Inc. CEO Jack Dorsey’ and various venture capitalists over Web3 recently erupted on Twitter, bringing this debate to the forefront.
The concept of “decentralisation theatre,” in which blockchain projects are decentralised in name but not in substance, is at the heart of the criticisms. Private blockchains, venture capital-backed investments, and decentralised finance (DeFi) protocols in which only a few people control hundreds of millions of dollars are all examples of decentralisation theatre. Moreover, despite the ostensibly leaderless community of protocols, there are distinct figureheads. Izabella Kaminska, the outgoing editor of the Financial Times blog Alphaville, highlighted the enormous amount of power that Vitalik Buterin, the co-founder of Ethereum, retains over the network despite the fact that he is no longer involved in its development.He operates as the spiritual leader of a de facto headless system, while wielding tremendous power and influence over the headless system he created and oversees, explained to The Crypto Syllabus.
Within decentralised finance protocols, things aren’t much better. They are plagued by voter absenteeism, frequently rely on centralised infrastructure, and the barrier to entry in developing them remains high, given that developing blockchains appears to be arcane magic reserved for only the most highly specialised engineers. Despite its flaws, Web3 has enormous potential. Over the next decade, everyday users will discover whether it is too idealistic to put into practise.