The Future of Web3 with CoinDCX and YourStory

Introduction

Breaking Down Web3 Technology In 10 Steps

So, Web3 technology, in short, refers to a set of emerging technologies and concepts that aim to transform the way we interact and engage with the Internet. It represents a shift from the traditional centralized model of the web to a more decentralized, open, and user-centric ecosystem. Web3 is often associated with blockchain technology and the crypto space, but it encompasses a broader range of technologies and principles. Let’s break it down into its key components:

1. Decentralization: Web3 promotes decentralization by distributing control and ownership of data and applications. Instead of relying on a central authority (such as a corporation or government), Web3 aims to empower individuals and communities.
2. Blockchain: Blockchain technology plays a significant role in Web3. It is a decentralized and transparent ledger that securely records transactions across a network of computers. Blockchain ensures the integrity and immutability of data and enables trustless interactions without intermediaries.
3. Crypto assets: Web3 often involves the use of crypto assets, such as Bitcoin and Ethereum, which are native digital assets built on blockchain technology. These crypto assets enable new forms of value exchange, programmable money, and incentivization mechanisms within Web3 applications.
4. Smart Contracts: Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and facilitate the performance of agreements without relying on intermediaries. Smart contracts enable decentralized applications (dApps) to function autonomously and transparently.
5. Distributed Storage: Web3 aims to utilize decentralized storage systems to replace centralized cloud services. Instead of relying on a single server or data center, distributed storage networks, such as IPFS (InterPlanetary File System), allow files to be stored across multiple nodes, ensuring redundancy, fault tolerance, and censorship resistance.
6. Identity and Privacy: Web3 emphasizes user privacy and control over personal data. Instead of granting ownership and control of data to centralized platforms, Web3 solutions focus on self-sovereign identity and privacy-preserving mechanisms. Users have greater control over their data and can choose how and when to share it.
7. Interoperability: Web3 promotes interoperability between different blockchains and protocols, enabling seamless communication and data exchange. Interoperability allows developers to build applications that can interact with multiple blockchain networks, fostering innovation and collaboration.
   1. Tokenization: Web3 leverages tokenization, which is the process of representing real-world assets or rights as digital tokens on a blockchain. Tokens can represent ownership, access, or participation rights in various digital or physical assets. Tokenization enables fractional ownership, liquidity, and new forms of economic activity.
8. Governance: Web3 introduces novel governance models, often based on decentralized autonomous organizations (DAOs). DAOs enable decentralized decision-making, where stakeholders can participate in the governance and decision-making processes of a protocol or organization using voting mechanisms.
9. Web3 Applications: Web3 enables the development of decentralized applications (dApps) that run on blockchain networks. These applications aim to provide enhanced security, transparency, and user control. They cover a wide range of sectors, including finance, supply chain, gaming, social media, and more.

Key Takeaways from Sumit Gupta’s Conversation on the Future of Web3 in India

With so much of Web3 and the possibilities that this is bringing to the table, new projects are being built every day to compete with where the world is going! With discussions around the same topic, the cofounders of the first crypto unicorn of India, Sumit Gupta and Neeraj Khandelwal, sat with the CEO and Co-Founder of YourStory, Shraddha Sharma. Here are some of the key pointers that were discussed!

• Where do you see Indians in the Web3 story? According to Sumit, the sole feature of having such a vast young population gives India the edge to lead this Web3 sector of the world. The hunger that the Indians have and the understanding of technology that the developers have garnered make it fundamentally possible for India now to build an app or a product for the globe; given Web3’s USP of being borderless in nature.
• How is Web3 catering to the job scenario of India? Interesting fact! about 11% of the global Web3 workforce is already in India; said Sumit. Interpolating it three years down the line, India is definitely set to be the hub of Web3.  With both innovation and adoption at its core, the flywheel for the job space is not anything impossible to cater to.
• What can Web3 do better? To this question, Sumit said every new industry, which is in its nascent stage, there will always be some “bad actors” who will take advantage of that simply because there is an opportunity for easy money. Saying that, Sumit also mentioned that having a set of guidelines for the same will help in negating these events from occurring and in keeping the space a lot cleaner.
• Having the aim to make Web3 accessible to consumers, CoinDCX has been working dedicatedly to bring simpler solutions. With blockchain being the backbone of the Web3 space, the team has expanded to walk the walk that is needed to be the leader in the space. As Neeraj Khandelwal mentioned, the team has been working on a solution where developers can come in and develop the apps and consumers can also access those apps from the very same space; i.e. via Okto.
• The master of all is the knowledge about the Web3 space. The right knowledge from trusted sources about Web3 will ensure the right growth trajectory in the future.

Transformations Induced by Web3

With a quick scan of the way that Web3 is bringing in the revolution, to know the answer to “Is web3 the future of the internet?” you must know the different ways in which it is changing the world as well. The solutions brought about by Web3 have been taking center stage in transitions in some major areas! Some of them are storage, browsers, social networks, finance, and operating systems; among many others. The internet is gradually moving towards the web3 principles that have brought about the internet of assets. Below are some of the notable examples which will help you in understanding the transition toward web3:

• The storage of data has seen a changing preference from Google Cloud, AWS, and Microsoft Azure to options like IPFS.
• New browser options have come up, such as Brave, that present a decentralized alternative to the infamous Web2 browser, Google Chrome.
• There is already a massive change that web3 future is highlighting; the massive change in the finance world. Preferences here are moving towards crypto wallets such as Metamask instead of accounts in conventional banks.
• Operating systems that are centralized in nature; such as Windows, Android, and iOS in the web2, are falling short of many capabilities that have come to be in the web3 operating systems, such as EOS and Ethereum.
• With the rise of web3 applications, there is also a possibility in the future to highlight the rise of new decentralized social networks such as Steemit instead of the now popular centralized options such as Facebook.

How to invest in Web3?

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