What the Next Generation Internet Will Mean for India
The term Web 3.0 is gaining popularity following the introduction of NFTs and the Metaverse, but it’s not an entirely new phenomenon.
Web 3.0 refers to the next generation of the Internet, in which websites and applications will be able to manage data in a human way using technologies such as machine learning (ML), big data and technology decentralized registries (DLT), among others.
Tim Berners-Lee, the inventor of the World Wide Web, referred to 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 decentralized form, which would be a big step forward from our current generation of the Internet (Web 2.0), where data is largely housed in centralized repositories.
Users and machines will also be able to interact with the data. However, programs must be able to understand the 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 tight-knit Web3 community.
Last week, Coinbase Ventures, the venture capital arm of US cryptocurrency exchange Coinbase and Builders Tribe launched a seed 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, has allocated 40% of its $100 million blockchain fund to invest in Indian crypto and blockchain ventures.
Similarly, General Catalyst, a US-based investment group, expressed optimism for India, citing Web3 as one of its top investment sectors.
Rajan Anandan, Managing Director of Sequoia Capital, also said recently that in the form of a growing number of companies working on Web3 projects, India has a lot of promise, and this can help more Indian entrepreneurs to succeed. abroad.
Anandan noted in a conversation with Shailendra Katyal, General Manager of Lenovo PCs and Smart Devices India, at the Lenovo Tech World India conference, that web3 startups in India were among the most promising among software-based companies. .
It is expected that in the near future Web 3.0 will be a game-changer for India across all sectors.
However, he must also understand that Web 2.0 is search engine driven, while Web 3.0 is discovery engine driven.
Moreover, it is believed that India can transform its revenue performance by embracing the possibilities of the Semantic Web, which the rest of the world is eager to explore. Web 3.0 in India is also expected to improve people’s lives, while creating more jobs and opportunities for a thriving economy if the right policies and regulations are in place.
According to Business Line, CoinSwtich Kuber Founder and CEO Ashish Singhal recently said, “What India missed during Internet 1.0, building TCP/IP, HTTP, browsers or any other Internet infrastructure, we now have this chance. The Amazon of tomorrow will come from India and will likely 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 companies building for the global market. It is a layer two scaling solution that caters to the various restrictions of the Ethereum blockchain.
Sequoia Capital led a $450 million round involving more than 40 prestigious venture capital firms.
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