Web 3.0

Introduction:

Intro 1: 

Web 3.0, also written as Web3, refers to the next generation of the World Wide Web. It's still under development, but it envisions a more decentralized, user-centric, and intelligent internet compared to the current Web 2.0 we're familiar with.

Intro 2: 

Web 3.0, also known as Web3, is the third generation of the World Wide Web. Web 3.0 is meant to be decentralized, open to everyone (with a bottom-up design), and built on top of blockchain technologies and developments in the Semantic Web, which describes the web as a network of meaningfully linked data.

***Semantic Web:

A proposed development of the World Wide Web in which data in web pages is structured and tagged in such a way that it can be read directly by computers.

 Potential of Web 3.0

1. Enabling users to directly interact with any Individual or Machine in the world

2. Reduced Censorship

3. Users gaining control over their data

4. Increased Privacy and Security for users

5. Rich User Experience: Semantic Web, Higher Degree of Connectivity, Mixed Reality and Faster Computing Speeds

6. Enhanced Interoperability – Making Digital Activity Platform Transferable

7. Creating Local Networks – Basing its architecture on local context and needs

8. More Open and Democratic Internet

Opportunities:

1. Growing Digital User Base

2. Large Developer Community

3. Development of New and Emerging Economic Sectors like FinTech and Gaming

Challenges and Criticisms:

1. Aggravation of Digital Divide

2. Prevalence of Uncertainty and Risk Aversion in Policy making

3. Brain Drain

4. Difficult to Regulate - due to decentralised structure, could lead to rise in cybercrimes, hate speech and misinformation

5. Limited Accessibility: Entry Barriers like Technical Know How

6. Slow Adoption – Higher Usage Costs

7. Potential Environmental Implication – High Energy Consumption, Excessive Mining etc

8. Scalability Issues – Blockchain Technology can handle only 15 Transactions/Second

9. Limited Global Collaboration – Rising Techno Geopolitics

Way Forward:

1.Dedicated and Integrated Program

2.Creation of Technological and Infrastructural Base: Affordable & Accessible Electricity, Internet Connectivity etc.

3. Creating Conducive Conditions: Supporting Innovation via EoDB (Ease of Doing Business)

4. Development of India Centric Solutions:

Conclusion:

Conclusion 1: 

While Web3 is still evolving, it represents an exciting vision for the future of the internet. It has the potential to create a more user-centric and empowering online experience, but technical hurdles and social issues need to be addressed before it can be widely adopted

Conclusion 2: 

In summary, Web 3.0 aims to create a more decentralized, secure, and intelligent web by leveraging blockchain technology, the Semantic Web, and artificial intelligence, among other advancements. While it promises significant improvements over the current web (Web 2.0), it also faces several technical, regulatory, and adoption challenges.

Author: Arjun Kr. Paul, Faculty