Home Blockchain Building for a Better India: Blockchain and Web 3.0

Building for a Better India: Blockchain and Web 3.0

0
Building for a Better India: Blockchain and Web 3.0

Opinions expressed by Entrepreneur the contributors are theirs.

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

Tezos India was born in 2020 when entrepreneurs and developers leaned towards a public blockchain to develop projects there. The company saw an opportunity to introduce Tezos to the Indian developer community when people turned to Ethereum and started building on it, and then Tezos India was born.



Freepik

Tezos India is a hub for builders, creators and innovators that aims to encourage the Indian developer community to create and develop new projects on Tezos. “We want to promote the Tezos ecosystem in India and make it easily accessible for people, as crypto and blockchain are the hot topics in the industry. Tezos India makes it easy for people to join the Tezos ecosystem because we trust by our belief that a great ecosystem is the sum of all its parts. The revolution and the sustainability of the world of the Web are our objectives,” said Om Malviya, President of Tezos India.

Although blockchain technology has been around for over a decade, it still seems to be trying to establish itself as a popular revolution, aside from the speculative excitement surrounding cryptocurrencies. In a 2018 PwC survey of CEOs, 84% said they were actively engaging with blockchain. According to their most recent It’s time to trust report, blockchain technology could add $1.76 trillion to the global economy and 40 million employees by 2030.

The challenges faced by the company were in the early stages of establishing Tezos India. The company is witnessing over 30 projects being built on the Tezos blockchain itself. Another challenge the company faced was finding developers, as developers were not ready to jump into Web 3.0 due to career opportunities and choices.

The digital identity maintained as an NFT can be used to solve a variety of issues, including granting rights to an identity and protecting actions based on the data associated with that identity in a particular protocol. Users also have full control over the information the NFT discloses, protecting their privacy and control of their data. Living Avatar NFTs have the potential to become an important tool and integral part of Web 3.0 and the Metaverse.

The value of digital assets is expected to increase dramatically as consumer spending shifts to virtual worlds as people spend more time and money online. Ownership and control of digital assets can be transferred from businesses to individuals in a secure manner through the use of a global framework like NFTs.

Web 3.0 will increase direct online spending at an annual rate of 28%, from $1.4 trillion currently to $12.5 trillion per year by 2030, reducing annual offline consumption by $7.3 trillion . Web 3.0 virtual ecosystems will thrive if human users online can own digital assets rather than simply use or rent them. Public and decentralized blockchains, at the same time, allow users to store and sell their assets in a licensed secondary market.

Ownership of digital assets on open blockchains is verified via NFTs, which function like smart contracts and to store, manage and validate assets, they usurp authority from centralized systems. NFTs generated $21 billion in revenue in 2021, with the number of monthly unique buyers increasing by around 8,000% to more than 700,000.

The future of blockchain also depends on the gaming market and based on the evolution of blockchain gaming activity, NFT demand for blockchain-based games and virtual worlds could exceed that of gaming objects. collecting and digital art over the next five to ten years, especially as these objects begin to show greater utility in a variety of games.

“The impact of Web 3.0 on businesses will be to make them more transparent and user-centric. There will be a radical transformation of everything that was wrong with the way businesses handled customer data in the past. Pro-privacy and anti-monopoly models will be on the table thanks to the capabilities of Web 3.0. This will not encourage centralized platforms to retain ownership of consumer data. Decentralization and privacy will take center stage as things change, users now have a choice over how their data is seen, ending the monopoly of tech companies and reducing the number of data privacy hacks to zero,” added Malviya.

Malviya is optimistic about the future of Tezos India in the country and intends to provide more developer-centric resources and hold more LIGO workshops. The company intends to organize Hackerhouse and Fellowships programs and provide more grants to developers and support funding for their projects. Malviya is excited to launch Tezos India Arts and Culture (TIAC), which aims to educate and empower Indian artists through Web3 technology based on the Tezos decentralized blockchain network.

LEAVE A REPLY

Please enter your comment!
Please enter your name here