India’s participation in the global Web3 development community has seen significant growth, increasing from 3% in 2018 to 12% in 2023.
About Web3:
- Web3 is known as the third generation of the Internet, focusing on decentralization and peer-to-peer interactions.
- It allows users to engage directly without the need for middlemen, enhancing user autonomy and privacy.
Core Technologies of Web3
- The technology behind Web3 is decentralized and emphasizes user privacy. It is powered by blockchain technology, which is the foundation for various innovations in this space.
- Web3 supports crypto-assets and aligns with the semantic web, which is further enhanced by Artificial Intelligence (AI).
- This integration promises a smarter, user-centric internet where digital assets like cryptocurrencies and NFTs (Non-Fungible Tokens) play a crucial role.
Key Features of Web3
- Web3 gives users the power to control their own data and have a financial stake in the digital ecosystems they participate in.
- It includes features like cryptocurrencies, NFTs, and social networks based on blockchain technology.
- These platforms are collectively operated by their users rather than centralized corporations, promoting a more equitable Internet environment.
Impact and Growth of Web3
- Web3 seeks to revolutionize how data is created, monetized, shared, and distributed across the internet.
- Users in a Web3 environment can do more than just read and write content; they also have ownership of the content and applications they use, marking a significant shift towards a more inclusive and user-empowered web.
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