Overview of Web 3.0
                     Overview of 
Web 3.0
Introduction
In the modern retelling of Web history, the world has now 
fully entered the third generation of the internet. We have 
moved from decentralized protocols (Web 1.0) to 
centralized, monopolistic platforms (Web 2.0) and are 
now poised to move towards an era of decentralized 
blockchain-based architectures - Web 3.0.
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opportunities
Web 3.0 offers a myriad of opportunities for India and its 
software developers but there also exist certain obstacles 
in terms of blockchain regulatory measures, taxation and 
decentralization.
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Significance of 
Web 3.0
ECONOMICAL 
IMPACT
The large mass of creators and builders will leverage 
next-generation tools, co-opt themselves into self-
governing organizations and participate in this new 
economy.
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Decentralized Autonomous 
Organization
The spirit of Web3 is Decentralized Autonomous 
Organization (DAO). Web3 will deliver a decentralized and 
fair internet where users control their own data.
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eliminate excessive 
rents
This will eliminate excessive rents levied by the large 
platforms and move the masses away from an obviously 
flawed business model of ad-based monetization of user-
generated data that has become the hallmark of the 
modern digital economy.
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Web 2.0
In Web 2.0, most of the data in the internet and the 
internet traffic are owned or handled by very few 
behemoth companies which created issues related to 
data privacy, data security and abuse of such data.
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Associated Issues
Web3 is in its very initial days and there is no consensus if 
it will take off like Web 1.0 or Web 2.0 did.
There is much skepticism from top tech brains in the 
industry and the academic community that Web3 does 
not solve the problems it purports to solve.
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Associated Issues 
CONT.
Also, there is considerable regulatory uncertainty. In India, 
the budget imposed a 30% tax on income from virtual 
assets.
There are plans to launch a Central Bank Digital Currency 
(CBDC) and a comprehensive legislation that establishes 
India’s posture on cryptocurrency is still awaited.
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Way Forward
Proactive Approach to Web 3.0: It would be unwise to 
underestimate the generational energy, developer focus 
and Venture Capital (VC) funding going into Web3.
This momentum will fuel the Web away from its current 
avatar into a new paradigm.
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Opportunity for India
Web3 implies a radical overhaul of legacy digital 
architecture.
New business models will evolve over the next few years, 
along with a universe of decentralized apps to meet 
consumer needs.
In addition, a massive amount of effort will be needed to 
resolve the scalability issue.
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