India accounted for 17% of all new developers entering the field, the highest among all countries, according to a report by Hashed Emergent.
Key Findings of Report
- India’s rising Web3 space
- >4.7 million developers have joined GitHub in 2024 with a YoY growth of 28%.
- Challenges faced: Virtual digital assets (VDAs) acting as a ‘parallel currency’, lack of a pro-Web policy agenda and a dedicated regulator for the web3 sector.
- Way Forward: Shift from restrictive to enabling regulatory approach, Harmonize regulatory approach in lines with G20, Financial Action Task Force etc.
What is Web3?
- It is an umbrella term for the next generation of internet technologies like blockchain that decentralize data ownership and reduce reliance on intermediaries.
- Blockchains are decentralized and distributed ledgers that store records of transactions or data across a network of nodes.
- Properties of Block Chain:
- Smart Contracts (Auto execution of digital contracts)
- Distributed (All Trusted participants have a copy of ledger for complete transparency)
- Secured (All records are individually encrypted)
- Immutable (Any validated records are irreversible and cannot be changed)
- Trusted (Data is decentralized and managed by multiple participants)
- Consensus (All network participants agree to the validity of each of the records)
- Time-stamped (A transaction timestamp is recorded on a block)
- Applications: Non-fungible tokens (NFTs), decentralized finance (DeFi), and real-world assets (RWAs),Smart Contracts etc.
Comparison of Web 1.0,Web 2.0,Web 3.o
