India set to leapfrog USA and become largest web3 developer community by 2028

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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.

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.