Web 3.0, the Game-Changer for Digital World
The world is preparing for the next internet revolution, Web 3.0, which will emphasize decentralisation. Web 3.0 is enabling websites and applications to process information in a more intelligent, human-centric manner. The digital ecosystem is ready to take the next step. Web 2.0 was propelled by three key layers of innovation: mobile, social, and cloud. Web 2.0 is still bearing fruit, and we are all benefiting from it. Meanwhile, Tim Berners-Lee believes that the Semantic Web will cause fundamental disruption around the world, especially in India. Web 3.0 will have a major and positive impact on existing work practises in India.
Web 3.0 Revolution in India
Several notable investors from around the world were drawn to India's startup atmosphere during the COVID-19 outbreak. It is now up to the country's Web3 startups to prosper.
Web 3.0 refers to an online ecosystem that excludes large corporations and does not rely on search engines such as Google to traverse it. It makes use of the same blockchain technology that is used by cryptocurrencies and non-fungible tokens. Web 2.0 focuses on search engines, whereas Web 3.0 focuses on discovery engines.
India can transform its income return by embracing the semantic web's possibilities, which the rest of the world is eager to explore. People in India are concerned about Web 3.0 since the digital divide has been a persistent issue in the country for a long time. When we talk about India on Web 3.0, it also includes certain obstacles in every area, such as technological, social, and cultural.
Aspiring entrepreneurs in India are enthused about leveraging Web 3.0 to capitalise on the semantic web's potential opportunities. Several venture capitalists are interested in investing millions of dollars in Indian firms that have begun to adopt, leverage, and invest in the semantic web to assist India in reaching Web 3.0. This is because they believe India would benefit greatly from Web 3.0's enhanced production and profitability through greater openness. With the proper rules and regulations, Web 3.0 in India can improve the lives of Indians while also creating more jobs and opportunities for a healthy economy. In order for India to be ready for the next digital revolution after Web 2.0, the government must impose a well-planned agenda.
India is regarded as having one of the world's largest communities of entrepreneurs, developers, and innovators. Despite its status as a developing country, India has one of the world's fastest-growing online consumer marketplaces. Web 3.0 in India has the potential to make the country a more inclusive digital society due to the democratising effects of digital technologies.
Web 3.0 is designed to discover and address the inefficiencies of Web 2.0 in a cost-effective and efficient manner. Telangana, one of India's state governments, has accepted Web 2.0 and Web 3.0 blockchain start-ups as part of the India Blockchain Accelerator Program. The primary goal is to help early-stage Web 2.0 and Web 3.0 start-ups deal with a variety of real-world difficulties. Investors believe that Web 3.0 in India has the potential to set a precedent for the rest of the world in the successful development of a blockchain and cryptocurrency ecosystem.
Funding Galore of Web 3.0 Starup Ecosystem
Total funding for these new-age incubators had hit a new high of $587.16 million as of October 17, 2021, up from $37 million the previous year. This has inspired hope in the country's blockchain startups.
Decentralized apps will be able to replace centralised social networks in this new ecosystem, but consumers will retain ownership of their data. These decentralised apps are currently available in the following categories: money, arts and collectibles, gaming, and technology.
According to Aurojyoti Bose, GlobalData's lead analyst, “Rising smartphone penetration and affordable mobile Internet have transformed India into a digital-first economy…As a result, the long-term prospects for the Indian startup-venture capital market look stable and promising,”
According to a study conducted by industry group Nasscom and Indian cryptocurrency exchange WazirX, the country might generate over 800,000 jobs in blockchain and other Web3-related industries by 2030.
On February 7, 2022, Polygon, an ethereum scaling platform that allows for cheaper and faster blockchain transactions, raised $450 million in its first institutional round. Among the more than 38 global investors were SoftBank, Tiger Global, and Sequoia Capital India.
This was significant for Web3 developers in India since Polygon, which was founded by Indians, intends to be Web3's Amazon Web Services (AWS), Amazon's cloud-computing platform that offers a number of capabilities to assist enterprises in scaling up.
Polygon co-founder Sandeep Nailwal said, “The ecosystem fund is very important, we want to help early-stage startups who are building these applications to keep building on Polygon…it has been our mission to make India a superpower in Web3.”
Despite the fact that there are currently only a few Web3 companies in India, analysts predict that the burgeoning industry will be a hotspot for venture capitalists this year.
Antler, a Singapore-based early-stage venture capital firm, intends to invest $50 million over the next 2-3 years in 25–30 blockchain and Web3 firms. Elevation Capital, an Indian venture capital firm that has funded companies like Paytm and Swiggy, is investing in bitcoin and blockchain firms this year.
This brings us to the requirement for skilled professionals to oversee technology-driven projects and strategies.
Blockchain Courses Gaining Traction in India
The demand for blockchain-related jobs in India is increasing as more companies enter this new market.
According to Indeed data, job listings in this industry increased by 37% in 2021 and by 138% in the three years after August 2018, when virtual tokens were still in their infancy.
In response to rising demand, edtech platforms, organisations, and even prestigious institutions in India are increasingly offering blockchain-related courses. The Indian Institute of Technology, Madras, for example, plans to construct a blockchain innovation centre on its campus.
In recent years, there has been a surge in demand for related courses at Byju's and Upgrad.
In Conclusion
According to new research from the United States-India Strategic Partnership Forum (USISPF) and digital currency exchange CrossTower, Web 3.0 has the potential to increase India's GDP by $1.1 trillion over the next 11 years. Bitcoin, Ether, Solana, Algorand, Stablecoins, and other blockchains are the gasoline that will power the future financial ecosystem and Web 3.0. The regulatory strategy we take with regard to cryptocurrencies will undoubtedly decide whether India is able to capitalise on the possibilities of Web 3.0 early on. The solutions to these questions will be uncovered in the coming future.
Web 3.0 Revolution in India
Several notable investors from around the world were drawn to India's startup atmosphere during the COVID-19 outbreak. It is now up to the country's Web3 startups to prosper.
Web 3.0 refers to an online ecosystem that excludes large corporations and does not rely on search engines such as Google to traverse it. It makes use of the same blockchain technology that is used by cryptocurrencies and non-fungible tokens. Web 2.0 focuses on search engines, whereas Web 3.0 focuses on discovery engines.
India can transform its income return by embracing the semantic web's possibilities, which the rest of the world is eager to explore. People in India are concerned about Web 3.0 since the digital divide has been a persistent issue in the country for a long time. When we talk about India on Web 3.0, it also includes certain obstacles in every area, such as technological, social, and cultural.
Aspiring entrepreneurs in India are enthused about leveraging Web 3.0 to capitalise on the semantic web's potential opportunities. Several venture capitalists are interested in investing millions of dollars in Indian firms that have begun to adopt, leverage, and invest in the semantic web to assist India in reaching Web 3.0. This is because they believe India would benefit greatly from Web 3.0's enhanced production and profitability through greater openness. With the proper rules and regulations, Web 3.0 in India can improve the lives of Indians while also creating more jobs and opportunities for a healthy economy. In order for India to be ready for the next digital revolution after Web 2.0, the government must impose a well-planned agenda.
India is regarded as having one of the world's largest communities of entrepreneurs, developers, and innovators. Despite its status as a developing country, India has one of the world's fastest-growing online consumer marketplaces. Web 3.0 in India has the potential to make the country a more inclusive digital society due to the democratising effects of digital technologies.
Web 3.0 is designed to discover and address the inefficiencies of Web 2.0 in a cost-effective and efficient manner. Telangana, one of India's state governments, has accepted Web 2.0 and Web 3.0 blockchain start-ups as part of the India Blockchain Accelerator Program. The primary goal is to help early-stage Web 2.0 and Web 3.0 start-ups deal with a variety of real-world difficulties. Investors believe that Web 3.0 in India has the potential to set a precedent for the rest of the world in the successful development of a blockchain and cryptocurrency ecosystem.
India is regarded as having one of the world's largest communities of entrepreneurs, developers, and innovators. Despite its status as a developing country, India has one of the world's fastest growing online consumer market places
Funding Galore of Web 3.0 Starup Ecosystem
Total funding for these new-age incubators had hit a new high of $587.16 million as of October 17, 2021, up from $37 million the previous year. This has inspired hope in the country's blockchain startups.
Decentralized apps will be able to replace centralised social networks in this new ecosystem, but consumers will retain ownership of their data. These decentralised apps are currently available in the following categories: money, arts and collectibles, gaming, and technology.
According to Aurojyoti Bose, GlobalData's lead analyst, “Rising smartphone penetration and affordable mobile Internet have transformed India into a digital-first economy…As a result, the long-term prospects for the Indian startup-venture capital market look stable and promising,”
According to a study conducted by industry group Nasscom and Indian cryptocurrency exchange WazirX, the country might generate over 800,000 jobs in blockchain and other Web3-related industries by 2030.
On February 7, 2022, Polygon, an ethereum scaling platform that allows for cheaper and faster blockchain transactions, raised $450 million in its first institutional round. Among the more than 38 global investors were SoftBank, Tiger Global, and Sequoia Capital India.
This was significant for Web3 developers in India since Polygon, which was founded by Indians, intends to be Web3's Amazon Web Services (AWS), Amazon's cloud-computing platform that offers a number of capabilities to assist enterprises in scaling up.
Polygon co-founder Sandeep Nailwal said, “The ecosystem fund is very important, we want to help early-stage startups who are building these applications to keep building on Polygon…it has been our mission to make India a superpower in Web3.”
Despite the fact that there are currently only a few Web3 companies in India, analysts predict that the burgeoning industry will be a hotspot for venture capitalists this year.
Antler, a Singapore-based early-stage venture capital firm, intends to invest $50 million over the next 2-3 years in 25–30 blockchain and Web3 firms. Elevation Capital, an Indian venture capital firm that has funded companies like Paytm and Swiggy, is investing in bitcoin and blockchain firms this year.
This brings us to the requirement for skilled professionals to oversee technology-driven projects and strategies.
Blockchain Courses Gaining Traction in India
The demand for blockchain-related jobs in India is increasing as more companies enter this new market.
According to Indeed data, job listings in this industry increased by 37% in 2021 and by 138% in the three years after August 2018, when virtual tokens were still in their infancy.
In response to rising demand, edtech platforms, organisations, and even prestigious institutions in India are increasingly offering blockchain-related courses. The Indian Institute of Technology, Madras, for example, plans to construct a blockchain innovation centre on its campus.
In recent years, there has been a surge in demand for related courses at Byju's and Upgrad.
In Conclusion
According to new research from the United States-India Strategic Partnership Forum (USISPF) and digital currency exchange CrossTower, Web 3.0 has the potential to increase India's GDP by $1.1 trillion over the next 11 years. Bitcoin, Ether, Solana, Algorand, Stablecoins, and other blockchains are the gasoline that will power the future financial ecosystem and Web 3.0. The regulatory strategy we take with regard to cryptocurrencies will undoubtedly decide whether India is able to capitalise on the possibilities of Web 3.0 early on. The solutions to these questions will be uncovered in the coming future.
