Web 3.0 to take power from 1% and give it to 99%

Web 3.0 will take power away from 1% and give it to 99%. This was one of the points discussed during a panel talk on “De-Mystifying Web 3.0 and Metaverse” held at T-Hub Innovation Summit on Tuesday.

Panellists were asked about the difference between Web 2.0 and 3.0, what does the government feel about disruptive technologies like block chain, top predictions on the new web, when consumers are expected to join it and other topics.

Speaking about differences between Web 2.0 and 3.0, General Partner of Borderless Capital Amit Mehra said that the former started in around 1995-1996 with internet companies such as Yahoo, Google, and Netscape. As Web 2.0 evolved, infrastructure companies entered the arena followed by application-based companies such as Uber, Swiggy and Ola, among others.

Citing an example of booking a cab, he questioned why should a company take 20%, when one person wants a ride and the driver does the job. Mr. Mehra said that right now, companies are centralised and the monitory policy was controlled by the government.

“The concept of Web 3.0 is when you take the centralised parties away and give power to the community,” he said. Stating that the community will govern decentralised projects, he said that power will be taken away from 1% and given to 99%.

Citing Block Chain, Web 3.0, moderator of the discussion Santosh Yellajosula, founder of Autonomy, asked the director of Emerging Technologies in TS ITEC department, Rama Devi Lanka, about the government’s stance on people involved in the technologies and whether it threatened them that there were technologies that may cause disruption or was it seen as an opportunity to encourage a sea change.

Stating that Telangana has embraced new technologies, Ms. Rama Devi said that they had identified technologies that solve the government’s problems. She spoke about the advantages of Block Chain such as security and transparency.

When asked about top predictions on Web 3.0 that could be seen in the next couple of years, COO, Mzaalo (Xfinite Global plc) Vikram Tanna said that it will give a new incentive structure to everybody participating in Web 3.0. The new structures could be tokenised not just for creators but for consumers also.

“A lot of intermediaries will move out, which means there will be more value to users. More value will be given to creators also as they will own IP rights,” said Mr. Vikram. A new ownership structure is also predicted, he said, adding that the new changes would drive away middlemen.

Partner of Kalaari Capital Ravinder Singh spoke on an overview of Web 34 start-ups in India, and other topics. Talks on building a confident India, fire side chats, master classes were also held.