Context:
The report titled “Unlocking the Web3 Potential: India’s Journey from a Talent Exporter to a Product Powerhouse” was recently released by Primus Partners Pvt Ltd (Primus) – a management consulting services provider.
Key findings of the report:
- In 2022, India held 11% of the global Web3 developer pool, ranked 3rd worldwide.
- Web3 sector is projected to create 2.2 million direct jobs in India in next decade.
The World Wide Web, commonly known as the Web, is a system of interconnected documents and other resources, linked by hyperlinks and URLs, stored on web servers, and accessible via the internet from personal computers.
What is Web3?
- It is described as future of the internet which includes cryptocurrencies, Non-Fungible Tokens, Decentralized Autonomous Organizations (DAOs) etc.
- It provides a version of the web where users have a financial stake and more control over the web communities they belong to.
- Previous Versions –
- Web 1 also called the Static Web, enabled easy access to information.
- Web 2 built on advancements in web technologies, enabled interactive platforms e.g., Facebook etc.
- Application of Web3 –
- Decentralized Finance: Open access to financial services without intermediaries.
- Asset Tokenization: Convert physical/digital assets into digital tokens offering fractional ownership, liquidity, etc.
- Digital Identity and Ownership: Secure maintenance of ownership of digital identity.
- Metaverse: Create an immersive, inter-connected virtual experience.
Source: The Hindu
Previous Year Question
With reference to Web 3.0, consider the following statements:
1. Web 3.0 technology enables people to control their own data.
2. In Web 3.0 world, there can blockchain based social networks.
3. Web 3.0 is operated by users collectively rather than a corporation.
Which of the statements given above are correct?
[UPSC Civil Services Exam – 2022 Prelims]
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: (d)
