How Web3.0 would Break-free Citizen’s Data from monopolistic tech stacks …

Imagine that you get an ability to own your data - your own tweets, ratings posted at Amazon.com, Facebook likes etc. Imagine that not only you control your data in-terms of it’s usage but also monetize it as well! When you are posting a very high rating about the hospitality of a hotel, you are contributing in it’s revenue and popularity. You may like to monetize your views.

Web 3.0 is about providing you this ability to own, control data, your digital assets (paintings, songs, any content, etc) on Internet in a secure manner.

But you can not own, control data, your digital assets if you do not get liberated from the clutches of private tech giants. The current form of Internet called Web2.0 is helping such tech companies to own your data. Web 3.0 is coming up to liberate you and your data and assets.

What is Web 3.0, a New Age Internet:

Now-a-days, Metaverse and NFTs are being talked about. Metaverse is new ways of social and commercial engagement. It is based on Web 3.0. Web 3.0 concept was created in 2014 by Gavin Wood, Ethereum's co-founder.?

Web3.0 brings a paradigm shift in usage of Internet in comparison of current Web2.0. In Web2.0, the purpose is to exchange information among users and systems. Users do not own anything on Internet. But with Web3.0, it is becoming feasible for users to own their data (imaging ability to own and monetize your own tweets, ratings posted at Amazon.com, Facebook likes etc etc). With Web3.0, you can own not only your data, but also digital/virtual assets having commercial value. Example is Metaverse, where you can buy or sell even virtual land. (Metaverse technology is a core feature of Web3 and will be built using blockchain systems and open standards, and it will be run by a network of computers around the world rather than a single entity.). Ownership of an digital/virtual asset is recorded in the blockchain and can be transferred by the owner. This allows digital/virtual assets to be sold and traded with transparency.

?Blockchain is the missing piece of the internet. Web3.0 is a distributed and decentralized system that enables the exchange of value over Internet using Blockchain and other decentralized tech stack options.

What Web3.0 promises is “The Liberation”:

Web3.0 is primarily founded for the liberation from any technology or provider that could monopolize the usage. The core of Web3.0 is: (Ref: https://ethereum.org/en/web3/)

• Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
• Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
• Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
• Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.

Web3.0 Relevance for e-Governance for Citizens:

The most fundamental aspect of Governance is the ability to prevent any tinkering with citizen data, privacy, requests & responses. The ?immutability of data is the key to ensure trust worthy and transparent governance. And Web3.0 is the perfect fit to deliver digital government services. Web3.0 can ensure a verifiable-quality citizen data for more evidence-based policy making for governments and enterprises.

• From the government’s perspective, cross-ministerial services (and Interoperable services) can be built more effectively through blockchain technology where data immutability is ensured.

1. Web3.0 Access Layer for Digital Assets & Value Exchange:

1.1 Browser, Wallet:

A web3 wallet is simply a digital wallet that can be used to store digital assets. These digital assets include Non-fungible tokens (NFTs). A “crypto wallet” is the same as a web3 wallet, and it is a tool for accessing the web3 economy, allowing users to interact decentralized applications (DApps), decentralized exchanges (DEXs), and NFTs specific to their respective blockchains.

You can connect a browser wallet to a decentralized exchange and use it to buy or sell tokens and NFTs or to use one DApp or the other

Brave Wallet is n example of tool that allows you to buy, store, send, and swap almost any crypto asset & NFT, connect other wallets and Web3 DApps, and generally manage your whole crypto portfolio. You cannot transfer Brave Rewards directly to the Brave Wallet.

1.2 Aggregator:

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De-Fi Aggregator is focused on abstracting away the complexities of composing and accessing the most innovative opportunities in open finance.

Zapper is a example of one of such Fi Aggregator.

2. Web3.0 Use Case Layer:

2.1 Social engagement, content management and monetization:

The Web 3.0 paradigm addresses misaligned motives and incentives by democratizing access and dissolving silos between creators andcomsumers/ fans.

Web3.0promoses to build a platform for creators and their social communities to build their own independent digital economies. ?

Rally is one such ?platform that allows content creators to launch branded cryptocurrencies in order to build a digital economy around their offering – one that does not rely on intermediaries.

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Meta is investing heavily in the metaverse - a virtual space where people interact, work and play - by adding new features to hardware devices that serve as access points to the virtual world.

Content distribution company Shemaroo has entered into the Web 3.0 solutions space through a partnership with blockchain solutions provider Seracle.

Through this partnership, Shemaroo will extend entertainment for consumers in Web 3.0 with offerings ranging from IP-backed non-fungible tokens (NFTs) to entertainment in the Metaverse, bridging the traditional fandom with the Web 3.0 ecosystem.

(Read more at:

https://economictimes.indiatimes.com/tech/technology/shemaroo-to-partner-with-seracle-for-web3-foray/articleshow/94011343.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst )

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2.2 Financial Services:

Web3.0 is geared up to make the entire process of a financial transaction controlled by a blockchain algorithm and encryption, and there is close to zero chance of any fraud occurrence.

Uniswap is one of such ?a financial services provider that runs a decentralised exchange (DEX) on the blockchain?(Ethereum), allowing users to swap cryptocurrency tokens. Uniswap will help crypto startups in Web 3.0, build and scale across strategy, engineering, partnerships, products, and design.

Seracle, a global blockchain-as-a-service provider, has partnered with Sumsub to build compliance, anti-money laundering, and risk assessment infrastructure in the regulatorily sensitive crypto, NFT and blockchain space.

(Read more at:

https://economictimes.indiatimes.com/tech/technology/seracle-partners-with-sumsub-for-identity-verification-of-users/articleshow/94379544.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst )

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2.3 NFT (Non-Fungible Tokens):

Market place is one of the key use case of Web3.0.

OpenSea is is one of the largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs). Buy, sell, and discover exclusive digital items.

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2.4 Gaming:

2.5 Environment sustainability:

3. Web3.0 Infrastructure Layer:

Web3.0 Infra layer is about interoperable building blocks that are highly reliable at doing one specific task. These building blocks can be composed to build applications and platforms for Web3.

3.1 Identity and Access management:

The Ref URL https://blog.spruceid.com/how-spruce-is-unlocking-identity-and-data-across-the-web/ mentions: “The big promise of Web3 can be boiled down to a single concept: user-control. After decades of having to trade trust for convenience, people are finally glimpsing a future in which they can take true control over data, identity and decision-making back from big corporations and institutions. But in order for this technology to drive mass adoption, it needs to be intuitive, easy to use, and feel like a traditional experience for users.”

Spruce, one of a name in Web3.0, has ?designed a suite of identity tools that offers all the user-control guarantees of Web3 while ensuring a familiar experience through the use of existing wallets.

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3.2 transaction- Buy & Sell

Web3.0 is building cryptocurrency so that buy/sell transactions could be done.

Curve, one of such organization in Web3.0 eco-system, has a cryptocurrency whose price can have stable movement across the ups and downs within the broader cryptocurrency market.

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3.3 transaction- Borrow / Lend

Web3.0 is providing platforms that facilitate borrow/lend.

e.g., AAVE is empowering content creators to "own their digital roots" and calls for a more sustainable smart contracts-based social experience.

3.4 transaction- Insure

Risk Harbor, in Web3.0 eco-system, is a risk management marketplace for Web3 that utilizes a completely automated, transparent, and impartial invariant. detection mechanism to secure users against blockchain risks, hacks, and attacks.

3.5 Govern

Web3.0 governance is based on concepts of decentralized voting system. It seeks to provide flexibility on how voting power is calculated for a vote.

In the Web3.0 eco-system, Snapshot is an open-source voting platform for Web3 projects, DAOs, and communities that uses IPFS as its main storage layer. Snapshot works with projects deployed to Ethereum and EVM compatible chains and allows the use of governance tokens as a means to distribute voting power and eligibility.

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3.6 Store

IPFS or Interplanetary File System is a new Internet protocol initially designed by Juan Benet in 2014 with the goal of storing data permanently, remove duplications across the network, and obtain addresses to information stored on network computers. It is now an open-source project.

3.7 Secure

OpenZeppelin is a set of vetted smart contracts. It helps you put precautionary security measures in place for your Web3 apps. Using its audit services, you can ensure your practices will conform to a set of established standards. That way, criminals will not compromise the security of your system.

3.8 Analyze

Covalent, the leading blockchain data provider, has launched its decentralized data query network to power web 3.0 infrastructure

3.9 Communicate

Web3.0 ?decentralized communication layer enables wallet-to-wallet messaging.

XMTP Labs is to build a secure, open, and decentralized communication protocol that connects creators, communities, applications, and users.

4.0??????Web3.0 Protocol Layer: Underlying main blockchain platform

4.1 L1s And Scaling Solutions

Layer 1 is the main blockchain network in charge of on-chain transactions, while Layer 2 is the connected network in charge of off-chain transactions. The Bitcoin network is Layer 1. It offers an speed of single-digit transactions per second (tps).

Layer-2 refers to a network or technology that operates on top of an underlying blockchain protocol to improve its scalability and efficiency.

Solana is working on offering high speed blockchain. It also integrates Web3 into Smartphones.

4.2 Bridge

A web3.0 is a bridge that allows for the transfer of assets between blockchains, securely and efficiently. A Web3.0 bridge connects two different blockchains or networks to provide a compatible way to interoperate securely in both ways between different Layers. Using these Cross Chain bridges, users and developers can transfer tokens or arbitrary data from one blockchain to another blockchain.

The bridge is a combination of 2 smart contracts: one deployed on each chain that allows for cross-chain transfers of value.

The Synapse, a web3.0 player, has built a protocol which is a cross-chain bridge that allows for the transfer of assets between blockchains, securely and efficiently.

Anyswap, now called Multichain, is a popular Web3.0 bridge.

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