WEB3 AND INDIA: MATCH MADE IN HEAVEN?
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It cannot be denied that Web3 has now become some sort of an internet buzzword. It’s all everyone talks about now. Ethereum even calls it “a catch-all term for the vision of a new, better internet”. But why though? What exactly is it that attracts people to Web3 as much as it does?
In the second installment of this series, we will explore not only the reasons that make Web3 so appealing to Indians, but also factors that warrant a more realistic look at this internet phenomenon.?
Reasons to choose Web3:
Since 2021, Web3 has become the object of much attention and continues to rise in popularity? in India. A surge in relevance this significant is bound to have the factors that contribute to it-
The primary reason behind the popularity of Web3 is the promise of seemingly huge financial returns. Be it NFTs or P2E games, the internet is scattered with stories of people who have made a fortune seemingly overnight. Unsurprisingly, money is the most prominent factor driving the Indian motivation to get into Web3.?
Here’s some perspective into just how lucrative NFTs can be: Amrit Pal , an Indian artist made over 8 crore rupees (1 million USD) over a period of 9 months, by making NFTs alone. Amrit Pal is just one of many across the world who are proof of how gainful it can be to earn via Web3 channels.?
Centralization is one of the defining features of Web2 (the Web generation we use today). What that means is that all Web2 operations are overseen by centralized agencies that have the authority to censor, cancel or even penalize user activities. Though this may sound credible and fair, it is rarely so in application.?
Censorship limits the user's autonomy and leaves them vulnerable to unnecessary or possibly even discriminatory actions by the company. However, in a decentralized Web3 environment, since the users have complete freedom, they needn't be subject to censorship or similar governing policies.
Trustless is one of the most common terms associated with Web3, and for good reason. Web3 founder Gavin Woods defines the term as "less trust, more truth".?
The objective is for Web3 operations to be so transparent that there is no need for the 'promise' of better security. Smart contracts that make it possible for you to access them and verify the terms for yourself eliminate the need for trust in an arbitrary promise. The fact that Smart contracts cannot be edited by unauthorized personnel makes them secure and safe.
The Reality of Web3 in India
Web3 is gaining popularity and prominence across the globe at lightning speed and what does that mean? Everyone wants a slice of the cake. But Web3 is still at its nascent stage in India, and reality here is not necessarily as enticing as one might want it to be.
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Here's the reality- a vast majority of Indians have no idea what Web3 is, and most of the little who do are only in it for the money. Web3 enthusiasts who engage in it mainly for the community and out of genuine passion are very rare.?
Web3 is a complex, high-level generation of the Web, and so engaging in it would obviously require a decent knowledge of how it works. Due to its complexity, Web3 has a fairly steep learning curve that can be pretty overwhelming or even discouraging for newbies.?
Take financial transactions for instance- UPI (Unified Payments Interface) through apps like GPay or PhonePe is currently the most commonly used system to make payments online. These payments are executed by centralized agencies through government-issued currency.?
When it comes to DeFi, on the other hand, all Web3 transactions involve virtual currency (like tokens) and are decentralized…ideally. Theoretically, these payments operate based on smart contracts and every transaction is registered on a secure blockchain, and the details of this transaction cannot be edited.?
But here’s the reality: most Web3 transactions today are centralized. Decentralized transactions, or Web3 itself for that matter, still have a long way to go before they become a norm in Indian life.
Let's be honest, Indians (or anyone for that matter) want jobs that pay us a lot, and I mean a lot.?
The rising number of Web3 job listings for blockchain designers, front and backend developers and the like not only present opportunities to work on new projects, but also come with competitive compensation for labor.?
However, since most Indians are into Web3 almost solely for the financial returns, there might not be any guarantee of satisfaction at work. The knowledge gap between Web2 and Web3 professionals by itself makes it fairly difficult to start a Web3 career. Everyone wants a career in Web3 but does everyone want to adopt or have a genuine passion for Web3? Not necessarily.
The next installment in the series is all about careers in Web3, so keep an eye out!