The term Web 3.0 is gaining popularity as a result of the introduction of NFTs and metaverse, but it is not a wholly new phenomenon.
Web 3.0 refers to the next generation of the internet, in which websites and apps will be able to handle data in a human-like manner using technologies such as machine learning (ML), Big Data, and decentralised ledger technology (DLT), among others.
Tim Berners-Lee, the inventor of the World Wide Web, dubbed Web 3.0 as the Semantic Web, with the goal of creating a more autonomous, intelligent and open internet.
Data will be interconnected in a decentralised form, which would be a big leap ahead of our present generation of the internet (Web 2.0), where data is largely housed in centralised repositories.
Users and machines will be able to engage with data as well. However, programmes must be able to comprehend information both conceptually and culturally for this to happen. With this in mind, the semantic web and artificial intelligence are the two cornerstones of Web 3.0.
INDIA AND ITS WEB 3.0 COMMUNITY
According to reports, global investors have agreed to spend millions of dollars on Indian Web3 start-ups, citing India’s strong ecosystem of 4 million engineers, experienced tech operators, and a well-knit web3 community.
Last week, Coinbase Ventures, the venture arm of the American cryptocurrency exchange Coinbase and Builders Tribe launched a startup pitch session for Indian web3 startups, with a prize pool of up to $1 million for the winners.
Cypher Capital, a UAE-based venture capital firm, allocated 40% of its $100-million blockchain fund to invest in Indian crypto and blockchain firms.
Similarly, General Catalyst, a US-based investment group, stated it is optimistic about India, citing Web3 as one of its key investment sectors.
Rajan Anandan, managing director at Sequoia Capital, also recently said in the shape of a rising number of firms working on web3 projects, India has a lot of promise, and this can help more Indian entrepreneurs succeed abroad.
Anandan noted during a chat with Shailendra Katyal, managing director for Lenovo PC and smart devices in India, at the Lenovo Tech World India conference, that web3 startups in India had some of the most promises among software-based enterprises.
It is expected that in the near future, Web 3.0 will be a game-changer for India in terms of every industry.
However, it also needs to understand that Web 2.0 is focused on search engines, whereas Web 3.0 is focused on discovery engines.
Additionally, it is believed that India can transform its income return by embracing the semantic web’s possibilities, which the rest of the world is eager to explore. Web 3.0 in India is also expected to improve people’s lives, while producing more jobs and possibilities for a successful economy if the correct policies and regulations are in place.
According to Business Line, CoinSwtich Kuber’s founder and CEO Ashish Singhal recently said: “What India missed out on during internet 1.0, building TCP/IP, HTTP, browsers, or any other internet infrastructure, we get that chance now. Tomorrow’s Amazon will come from India and probably be built on blockchain, for the world to use.”
Polygon (MATIC), backed by Sequoia Capital, is one of the most notable examples of Indian Web3 firms building for the global market. It is a layer-two scaling solution that addresses different Ethereum blockchain restrictions.
Sequoia Capital led a $450-million round in which over 40 prestigious venture capital firms participated.
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