Web 3 has led to numerous innovations and a number of real-world problem-solving solutions. However, their true potential cannot be realized until the new technology is fully integrated into the web infrastructure.
Says Dileep Seinberg, founder and CEO of MuffinPay, a crypto fintech platform, “We are now entering the third era of the internet, also used in the tech buzzword web 3. This is primarily possible because of its decentralized nature, community-driven aspect, and data ownership by people instead of a few companies. It will combine four technologies: IoT (Internet of things), artificial intelligence/machine learning, data science and blockchain, and 5G telecom capabilities.”
Web 3 Adoption In India
India has been one of the early proponents of Web3 technology. It was also ranked first in terms of global crypto adoption, according to a survey conducted by Finder, a global research platform, in July 2022. Additionally, according to the Cryptotech Industry in India 2021 report by NASSCOM and WazirX, India is home to more than 230 Web 3 start-ups already.
“India has been a frontrunner in IT & Software, and right now, global investors are investing huge capital in Indian-made crypto and blockchain ventures. I believe India will be a significant player in building the future of the Internet though some caution on the policy side will be required. Web3 in India can simultaneously flourish with the right people (founders), investments and the policy,” says Seinberg.
But the new technology comes with its pros and cons.
Pros Of Web 3.0
Faster And Fairer: As more people invest in cryptocurrency, they would want to use it for the full range of transactions that fiat currently allows, such as lending and borrowing, investing in assets, and making payments.
In June 2022, Chainanalysis, a blockchain data firm, released The Chainalysis State of Web 3 report which mentioned that web 3 will enable faster and more convenient transactions. For instance, in today's world, borrowers must go through a time-consuming mortgage application process that heavily relies on human judgement. In a web 3 world, this process becomes faster and fairer. Borrowers can simply link their wallets and an algorithm could instantly give them a “yes or no” based solely on their financial profile and transaction history as represented on a blockchain.
Continue reading: https://www.outlookindia.com/business/web-3-0-know-the-pros-and-cons-of-the-new-technology-news-211642
Says Dileep Seinberg, founder and CEO of MuffinPay, a crypto fintech platform, “We are now entering the third era of the internet, also used in the tech buzzword web 3. This is primarily possible because of its decentralized nature, community-driven aspect, and data ownership by people instead of a few companies. It will combine four technologies: IoT (Internet of things), artificial intelligence/machine learning, data science and blockchain, and 5G telecom capabilities.”
Web 3 Adoption In India
India has been one of the early proponents of Web3 technology. It was also ranked first in terms of global crypto adoption, according to a survey conducted by Finder, a global research platform, in July 2022. Additionally, according to the Cryptotech Industry in India 2021 report by NASSCOM and WazirX, India is home to more than 230 Web 3 start-ups already.
“India has been a frontrunner in IT & Software, and right now, global investors are investing huge capital in Indian-made crypto and blockchain ventures. I believe India will be a significant player in building the future of the Internet though some caution on the policy side will be required. Web3 in India can simultaneously flourish with the right people (founders), investments and the policy,” says Seinberg.
But the new technology comes with its pros and cons.
Pros Of Web 3.0
Faster And Fairer: As more people invest in cryptocurrency, they would want to use it for the full range of transactions that fiat currently allows, such as lending and borrowing, investing in assets, and making payments.
In June 2022, Chainanalysis, a blockchain data firm, released The Chainalysis State of Web 3 report which mentioned that web 3 will enable faster and more convenient transactions. For instance, in today's world, borrowers must go through a time-consuming mortgage application process that heavily relies on human judgement. In a web 3 world, this process becomes faster and fairer. Borrowers can simply link their wallets and an algorithm could instantly give them a “yes or no” based solely on their financial profile and transaction history as represented on a blockchain.
Continue reading: https://www.outlookindia.com/business/web-3-0-know-the-pros-and-cons-of-the-new-technology-news-211642
