Web 3.0 is an omnibus term that covers new decentralised internet, with equal access to all participants, and has its own native crypto payment system. Web 3.0 offers incentives, and economic models, rather than relying exclusively on trust.

Along with other countries, India too is emerging as a centre for Web 3.0 development. In Web 3.0, people get control over their own data. It is not restricted to privacy concerns. It has huge monetisation potential. Content creators can retain a larger share of advertising revenue. As India has a huge base of internet uses, 70 crore people, this has vast economic significance.

The World Wide Web (www) was launched in 1989. RSA standards for cryptography were first published in 1977. Merkle Trees patented in 1979 were used by Haber and Stornetta in 1991 to build a cryptographically secured chain of block carrying document timestamps. Satoshi Nakamoto created the first blockchain in 2008. Secure hashing developed between 1993 and 2001. It resulted into Hashcash, the first proof-of-work (POW). Coinbase crypto wallet was set up in 2012 in San Francisco. In 2014, the term Web 3.0 was coined by wood, Ethereum co-founder. Ethereum launched Beacon chain in preparation for Ethereum 2.0. Polygon was launched in India as Matic Network in 2017. It records millions of transactions per day.

Fast adoption of new age technology, talent and startups facilitate the rise of Web 3.0 in India. In the first half of 2022, there are 450 Web 3.0 startups in India. Several of them are working on areas outside cryptos, say DeFi and entertainment.

Many such startups have shifted their base from India to other countries on account of regulatory uncertainty.