• Image Credit: Internet

• Jul 26, 2022 | Kabir Chakraborty

Direct Communication between Vendors And Customers: Web 3 technology can also do away with middlemen, enabling direct communication between sellers and customers. For instance, social media platforms have made it simple for customers to interact with artists or producers.

Digital
Desk: Numerous ideas and practical answers to problems have resulted from Web
3. However, unless the new technology is properly integrated into the web
infrastructure, its full potential cannot be realized.

color:black;mso-themecolor:text1">"We are now entering the third phase of
the internet," says Dileep Seinberg, founder and CEO of MuffinPay, a
cryptocurrency financial platform. This is primarily made possible by its decentralized
structure, community-driven element, and ownership of data by individuals
rather than a small number of businesses. The Internet of Things (IoT),
artificial intelligence (AI), machine learning, data science, blockchain, and
5G telecom capabilities will be combined.

Web
3 Adoption In India color:black;mso-themecolor:text1">

color:black;mso-themecolor:text1">One of the first countries to implement Web3
technology was India. According to a survey carried out by Finder, a global
research platform, in July 2022, it was also ranked first in terms of crypto
acceptance globally. Additionally, India is now home to more than 230 Web 3
start-ups, according to the Cryptotech Industry in India 2021 research by
NASSCOM and WazirX.

color:black;mso-themecolor:text1">"India has long been a leader in IT and
software, and at the moment, major sums of money are being invested by foreign
investors in Indian blockchain and cryptocurrency enterprises." Even with
some prudence on the policy front, I think India will play a key role in
shaping the Internet of the future. "Web3 in India can simultaneously
flourish with the right people (founders), investments, and policy," says
Seinberg.

color:black;mso-themecolor:text1">But the new technology comes with its own
pros and cons.

Web
3.0 Advantages

color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">Faster
and Fairer: As more people engage in cryptocurrencies, they will want to use
them for all of the transactions that fiat currently permits, including lending
and borrowing, investing in assets, and paying bills.

color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">The
Chain mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast;
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">a mso-fareast-theme-font:major-fareast;color:black;mso-themecolor:text1;
font-weight:normal;mso-bidi-font-weight:bold">na font-weight:normal;mso-bidi-font-weight:bold">lysis State of Web 3 report,
which was published in June 2022 by blockchain data company mso-fareast-theme-font:major-fareast;color:black;mso-themecolor:text1;
font-weight:normal;mso-bidi-font-weight:bold">Chain analysis font-weight:normal;mso-bidi-font-weight:bold">, stated that Web 3 will allow
for quicker and more convenient transactions. Consider the time-consuming
mortgage application procedure that borrowers must go through in today's
society, which mainly relies on human judgement. This procedure gets quicker
and more equitable in a web-3 world. Borrowers only need to
link their wallets, and an algorithm may then instantaneously respond with
"yes" or "no" based only on their financial profile and
blockchain-based transaction history.

color:black;mso-themecolor:text1">Direct Communication between Vendors And
Customers: Web 3 technology can also do away with middlemen, enabling direct
communication between sellers and customers. For instance, social media
platforms have made it simple for customers to interact with artists or
producers.

color:black;mso-themecolor:text1">Much of this is already made possible by
NFTs, primarily in static digital art, but the setup could also be used in
music, movies, and other media. Decentralization: Web 3 has the
ability to mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast;
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">decentralize font-weight:normal;mso-bidi-font-weight:bold"> corporate hierarchical control
in favour of community ownership of businesses. With mso-fareast-theme-font:major-fareast;color:black;mso-themecolor:text1;
font-weight:normal;mso-bidi-font-weight:bold">decentralized font-weight:normal;mso-bidi-font-weight:bold"> autonomous mso-fareast-theme-font:major-fareast;color:black;mso-themecolor:text1;
font-weight:normal;mso-bidi-font-weight:bold">organizations font-weight:normal;mso-bidi-font-weight:bold">, or DAOs, where all customers
have a role in decision-making, we can see this happening right now.

color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">The
founder of the innovation management company Lumos Labs, Kavya Prasad, claims
that the mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast;
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">decentralized font-weight:normal;mso-bidi-font-weight:bold"> structure is a cornerstone of
Web 3 technology. Bypassing middlemen, bureaucracy, time-consuming paperwork,
and other administrative procedures, it enables users, innovators, and others to research the area. It also allows for direct paths to learning, earning, and
even mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast;
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">government. It
is gradually heading toward a DAO infrastructure where the community's members
have the governing power for the Web3 company in terms of voting rights,
decision-making power, etc.

The
Drawbacks of Web 3.0 color:black;mso-themecolor:text1">

color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">Increase
in Cyber Crimes: Some experts claim that Web 3 regulation would be challenging.
They further assert that mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast;
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">decentralization font-weight:normal;mso-bidi-font-weight:bold"> may result in the emergence of
novel forms of cybercrime. Among other things, it might cause a rise in online
abuse and cybercrime. color:black;mso-themecolor:text1">

color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">Given
that the value of mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:major-fareast;
color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">unauthorized font-weight:normal;mso-bidi-font-weight:bold"> transactions is rising as a
result of increased overall transaction volumes, cryptocurrency-based crime is
still a serious problem that has to be addressed. In particular, DeFi seems to
be experiencing comparable growing issues.

font-weight:normal;mso-bidi-font-weight:bold">Ambiguities in the regulatory
framework: The Web3 and cryptocurrency businesses are still figuring out the
still-evolving regulatory framework. Prasad continued, "The Government of
India has acknowledged business as a mainstream sector with the adoption of tax
reforms, which is a great move for the sector, but a clear regulatory framework
is still sought for it." Additionally, several nations throughout the
world have not yet developed explicit space protocols.

color:black;mso-themecolor:text1;font-weight:normal;mso-bidi-font-weight:bold">Stronger
Platform Needed: Web 3 won't work on devices with lower tech levels. "A
faster processing unit will be needed for Web 3. Older devices won't be able to
use Web 3. Upgraded devices with superior specs are required. Existing
companies that rely on apps and websites will need to adapt to Web 3 and make
investments to be competitive in their sectors. Seinberg said Web 3 can be
difficult for novice users to comprehend and use.