Merry Christmas, 2021 to All of You.

The next version of internet, Web 3.0, is coming. Internet to begin with, was driven by consumers consuming information. In the current Web 2.0 version, on account of social media, people not only consume information but contribute information too. Thus Web 2.0 essentially the world of social media and mobile apps. Here, the users’ data is owned by the organisations.

Web 3.0 is envisaged as the decentralised internet. The data will not reside on the centralised databases, but would reside on blockchain technology. Thus in simple terms, Web 3.0 can be described as internet on blockchain.

This is going to affect the business model of Big Tech who monetise people’s data. They could be more community-owned and driven. Some experts feel that they do not see internet being built around blockchain.

Web 3.0 consists of an idea that the next version of internet will be built upon the concepts of decentralisation, openness and greater user utility.

In Web 2.0, people’s data is owned by large organisations, such as Facebook, Google and Amazon. In Web 3.0, the data is envisaged to be owned by consumers, and resides on blockchain networks ( as opposed to centralised organisations). Blockchain technology is not controlled by one organisation. Your data becomes your choice then. If an advertiser pays Facebook, you should get a piece of it.

Internet in the first phase was driven by users. In the second phase which is in progress, users become contributors on account of the social media. The third phase will evolve over the next 10 years. Digital assets or cryptos are blockchains which fuel the future financial ecosystem and Web 3.0. Web 3.0 has the potential to contribute $ 1.1 trillion to Indian’s GDP over next 10 years.

A quantum internet would be able to transmit large volumes of data across immense distances at a rate that exceeds the speed of light. Global quantum network could come by 2030, say it is just 8 years away.