Home Web internet Five Uses of Web 3.0 That Can Disrupt the Consumer Internet Landscape

Five Uses of Web 3.0 That Can Disrupt the Consumer Internet Landscape

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From April 1, 2022, the government began taxing cryptocurrency investment gains, imposing a hefty 30% tax on income from cryptocurrency trading and a 1% TDS tax on every transaction digital.

That said, the government has also clarified that emerging technologies such as Blockchain, Augmented Reality, Metaverse and Web 3.0 will not be taxed, for now.

The officials said the government is aware of new emerging technologies, such as artificial intelligence, blockchain, drone, augmented reality, metaverse and web 3.0, adding that national strategies for the same have already been made, because the government has no intention of regulating such evolving sectors.

So what are these new emerging applications of Web 3.0 technology, and how do they collectively shape the next iteration of the Internet, dubbed “Web 3.0”.

Read below to know more about it.

What is Web 3.0?

Gavin James Wood, a British computer scientist, co-founded the Ethereum (ETH) blockchain. He was the one who coined the term “Web 3.0″ in 2014 and has since left Ethereum and created his own foundation called Web 3 Foundation.

He said that the future of the Internet is decentralization, which means that all data, whether financial, social, artistic or otherwise, will be stored on the blockchain, and the public, in general, would be owner.

In an interview with Wired, Wood said that today’s Web 2.0 applications are based on the user’s trust in the system. This basically means that the user trusts the owner of the respective app to use their data responsibly. But in blockchain-based Web 3.0 applications (Dapps), all data will be stored on the public ledger of the respective blockchain, which anyone can check. Thus, data decentralization, data security, blockchain and user-centric applications are central to Web 3.0 of Internet technology.

Piyush Gupta, President of Kestone, a data-driven sales and marketing solutions company, says, “The potential of Web 3 applications such as Metaverse, Blockchain, etc. is not limited to entertainment only; in the future, it can be used in the fields of education, health, science, etc. And consumers would be the main beneficiaries. Much like the Internet today, ‘Meta Surfers’ would be able to experience, learn and consume in new innovative ways.

WEB 3.0 can also be a bridge between consumers and businesses.

According to Manish Agarwal, CEO of Nazara Technologies, a games and technology company: “Immersive and meaningful engagement in mixed reality experiences is what Web 3.0 virtual worlds like the Metaverse would mean for consumers. Post-pandemic, consumer attitudes have also become more receptive to new virtual experiences. Additionally, the metaverse would prioritize socialization and collaboration between brands and consumers, meaning consumers would be able to provide input at every stage of the process – from ideation to final product in a way efficient.

Here are the 5 popular uses of Web 3.0:

  • NFT: Non-fungible tokens are nothing but a unique locked token of the native token of a particular crypto blockchain. Any type of data can be stored as NFT, including but not limited to art, music, autographs, movies, home ownership records and others. Currently, the most popular crypto blockchain for NFTs is Ethereum (ETH), followed by Solana (SOL). Data on NFT is non-fungible, which means that it cannot be reproduced by anyone else. People can see it, share it, and trade it, but they can’t reproduce it.Click here to learn more about NFTs.
  • Metavers: This technology allows people to interact with each other and with brands using virtual 3D avatars in a virtual animated world. Think of it as a replica of the natural world, but with subtle differences. For example, Manchester City FC recently unveiled plans to build their Etihad Stadium replica in the world of the Metaverse. This would allow their fans who would otherwise not be able to travel to Manchester to watch a live football match in 3D. Additionally, many brands, fashion brands, and others are exploring opportunities in the metaverse world.

“If consumers are starting to spend more and more time in the virtual world, it makes sense for brands to also make their presence felt and find ways to ‘meet’ and connect with their consumers. One of the most significant benefits of interacting with Metaverse consumers is the ability to bring imaginations to life in a digital world powered by AR, VR, and personalization with Avatars. Any type of experience can be created and replicated by brands in Metaverse, which is not governed by the laws of physics,” adds Gupta.

Click here to learn more about Metaverse.

  • Decentralized game (GameFi): Decentralized gaming is nothing but a game where all data is stored on a blockchain, and users who play the game will vote on its features. For example, in the game Axle Infinity, players can earn AX crypto tokens for completing certain tasks and then they can stake that, i.e. lock them in for voting rights. There can be many decisions, including but not limited to game mechanics, game graphics, content and others, where players can vote using their staked AX token. Thus, the Web 3.0 gaming experience will be primarily consumer-centric and the focus will be on using the game as a service and not as a standalone product.
  • Decentralized finance (DeFi): Decentralized finance is a protocol in which users can lend or borrow money (both crypto and fiat currency) to earn income. The only difference between a centralized financial institution like banks, others, and decentralized financial institutions like YFI, AVAX, AAVE, and others is that the whole operation takes place using smart contracts and on the blockchain.

Click here to learn more about Challenge.

  • Decentralized sciences (DeSc): Although the pandemic is now mostly over, but back when it started, scientists and researchers were working hard to find a vaccine for Covid-19. Thus, the researchers used the blockchain to store and classify large amounts of data relating to the virus’s DNA genome sequencing and other technical data. Apart from this, vaccine supply and logistics have also been managed in some parts of the world using blockchain technology so that counterfeit vaccines do not circulate and/or genuine vaccines do not end up. by being wasted. Since all the data is available transparently and securely, DeSc is part of the new generation of the Internet, that is to say Web 3.0.

“With a vaccine delivery network powered by IBM Blockchain, manufacturers can proactively monitor adverse events and improve recall management. Distributors can benefit from real-time visibility and improved ability to respond to supply chain disruptions. Distributors can improve inventory management and safety monitoring. As a result, citizens can trust vaccines and confidently return to society,” IBM said in a press release.