siliconindia | | MAY 20238Web 3.0, also known as the decentralized web, is the next generation of the internet that is designed to be more open, secure, and user-controlled than the current Web 2.0. It is built on blockchain technology and offers a decentralized network where users can interact with each other and with applications without relying on centralized servers or intermediaries. Web 3.0 has the potential to revolutionize the way we access and share information, conduct business, and even govern society.A Bird's eye on theEevolution of the WebThe birth of the World Wide Web by Tim Berners-Lee in 1989 was the beginning of the Information Age. The first implementation of the web, called the Web 1.0 or the "read-only web", allowed users to search for information and read it, but there was very little in the way of user interaction or content contribution. The early web had millions of static websites, which mushroomed during the dot-com boom. The lack of active interaction of common users with the web led to the birth of Web 2.0, which allowed users to contribute content and interact with other web users. This era empowered the common user with new concepts like blogs, social media, and video streaming. Web 3.0, also known as the semantic executing web, extends the Web 2.0 concept by combining semantic mark up and web services, promising applications that can speak to each other directly and broader searches for information through simpler interfaces.Semantic markup refers to the communication gap between human web users and computerized applications. One of the largest organizational challenges of presenting information on the web was that web applications weren't able to provide context to data, and, therefore, didn't really understand what was relevant and what was not. Web 3.0, by combining a semantic mark up and web services, promises the potential for applications that can speak to each other directly, and for broader searches for information through simpler interfaces. The attributes that are going to be a part of Web 3.0 include contextual search, tailor-made search, personalized search, the evolution of 3D web, and deductive reasoning. Web 4.0, also known as the 'Mobile Web', is an alternate version of what we already have. It connects all devices in the real and virtual world in real-time. As the global crypto ecosystem has grown tremendously in the past few years, Web 4.0 will bring new opportunities for block chain and crypto currencies, and the way they interact with the web.The future of Web 3.0 & crypto in IndiaThe crypto industry has been rapidly growing over the past few years and currently boasts over 200 million users worldwide, with around 10 percent of them hailing from India. Despite regulatory uncertainty, Indian investors have shown significant interest in the space, and Web 3.0-based businesses are starting to offer services that cater to the global ecosystem. In this we'll explore the role that Web 3.0 and crypto services can play in India and how we must prepare for this.One of the key challenges facing the Indian crypto ecosystem is the need for timely regulations that will create a vibrant and transparent ecosystem. The government has already taken significant steps towards this, such as the TDS on sales and the recent anti-money laundering provisions under PMLA. However, some compliant Indian exchanges have experienced a significant drop in volumes since July 2022 as investors migrated to using non-compliant global exchanges for their trades. To address this, Indian businesses EDITORIAL EXCLUSIVEEXPLORING THE ROLE OF WEB 3.0 & CRYPTO SERVICES IN INDIA
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