The third-gen web is about public good
A 2021 report by the U.S.-India Strategic Partnership Forum states that the third-gen web will be crucial for India to realise its $1.1 trillion digital asset opportunity by 2032.
- Definition: Web3 is decentralised, privacy-oriented, blockchain-driven and crypto-asset friendly.
- Decentralised data storage systems: Web3 seeks to radically transform the manner in which data is generated, monetised, shared and circulated. Further, it advocates decentralised data storage systems with the objective of unshackling the oligopolistic grip of technology behemoths over data.
- Overcome the data storage barriers: Web3 has file-sharing systems such as the Inter-Planetary File System which are cryptographically protected, more secure and capable of functioning off Internet and off blockchains. In this manner, Web3 seeks to overcome the data storage barriers of blockchains.
- Definition: Web 3.0 upholds the property of the ‘semantic web,’ which is powered by Artificial Intelligence (AI).
- Authentic and creative information: The real point about the semantic web is its ability to recombine information available on different websites to generate new content and knowledge resources that are more authentic and creative.
- Better search engines: Followers of Web 3.0 claim that their version is endowed with robust capability on the data analytics front. This way, it is argued that Web 3.0 will create far better search engines.