A Technological Shift from Read & Write to Read, Write & Own it!
Web 3.0 is more than a set of useful and new technologies and services. It is a new version of the web that is built, operated, and controlled by its users and it is not managed by centralized parties like technology companies. Cryptocurrencies, NFTs, and decentralized autonomous organizations (DAOs) are all part of Web3. In Web3, ownership is not in the hands of a few entities and it is distributed among users.
Although, 2022 has been one of the most top sy turvy year especially for India, nevertheless, it has prevailed bear market conditions due to continuous evolution of the Internet has opened unimaginable opportunities. The users can create communities to form a decentralized, autonomous community built on Web3 technology. Web3 is more than a set of useful and new technologies and services. Web3 technologies offer an array of services. Instead of relying on a slow and bureaucratic banking system, payments will be done in cryptocurrencies. Anyone who has access to the network can utilize the services, no one can be banned or excluded because the network is decentralized and there is no centralized authority to verify data transmission, verification happens at the user level with the thousands of nodes participating.
This has given way for various Web3 startups to crop-up and facilitate services to combat problems and to reduce the delay of services. India has an inflow of developers interested in establishing a wide range of decentralized services, which is among the intriguing array of projects involving Cryptocurrency and other connected sectors like Blockchain, supplychain, education, banking, research, and more. These initiatives piqued the general public's interest in 2021, but this year might be the year of stabilization.
In StartupCity magazine the following edition on 'Web3 Startup' aims at promoting a broader understanding of the diverse possibilities with Web3 and the landscape of Web3 startups in India. This edition analyses the Indian Web3 startup landscape and highlights the strengthening of ecosystem further.