Web 3.0 - The New Catch Word

13 May 2022

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Dear Reader, 

The latest buzzword in the techie world has been that of NFT, Metaverse and of course, Web 3.0. So, what is Web 3.0? Is it the new internet revolution or is it a door to the decentralized future? For this, first let’s understand what Web 1.0 and 2.0 has been.

Web 1.0 (1994-2004) - Read - only, was the first version of internet where there was no contribution but only access with the computer’s static HTML pages.

Web 2.0 (2004 – present) - Read – write, ushered in the era of tech giants such as Twitter, Instagram, Facebook, YouTube and many more where Internet became a twoway conversation with capabilities to share user generated content and engage in user-to-user interactions to contribute by generating own content. Web 3.0 has also become advertisement driven with digital marketing getting an upper hand in persona based application interactions.

Web 3.0 – Read- Write, was coined by Garwin Wood, the co-founder of Ethereum in 2014. With the rise in tech giants taking control of the internet, it was felt that a more trustworthy internet system was needed to protect the user’s interest. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.

Web3 would be working on few core principles for its creation:

  • Decentralization: As opposed to controlling and owning vast swaths of the internet, ownership is distributed among its builders and users.
  • No permissions: everyone has equal access to participate in Web3, and no one gets excluded
  • Cryptocurrency: it uses cryptocurrency for spending and sending money online
  • No trusting of 3rd parties: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.

With Regards,

Akhil Handa
Chief Digital Officer
Bank of Baroda

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With Regards,


Akhil Handa
Chief Digital Officer
Bank of Baroda

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