A few years back, we heard a lot about Web 3.0 based on peer proof through blockchain technology. Currently, ICANN registers domain names. Instead, in Web 3.0, this function was to be managed by a decentralized community. It would verify domain transactions and the traffic passing through the network using proof-of-work (PoW) blockchains.

What was promised was user sovereignty. Still, Web 3.0 has witnessed a pause. It is not being talked about. It has taken a back seat.

There are some issues. There are technological hurdles. There are regulatory uncertainties. The technology is complex and is not scalable. It leads to poor user experience. It is not easy to deal with decentralized apps.

Setting up a domain is a daunting task. It requires outsourcing. Web 2.0 is user friendly.

Security and decentralization are talked about, but these come at a cost. There are slow transactions. There is intensive energy consumption. Decentralized nature causes regulatory issues. Despite promises of security, there are hacks. DeFi is vulnerable due to smart contracts.

Crypto boom and NFTS led to an interest in Web 3.0. However, the speculative bubble has burst.

It is too early to write off web.3.0. The principles on which it is based cannot be overlooked. It requires some key developments to move further — advances in blockchain technology, more efficient consensus mechanism, user friendly apps, lowering barrier to entry for non-technical users.

Web 3.0 can overcome current stagnation by suitable regulation and technological innovation.