CHAIN OF PROMISE

Web3 holds immense promise to revolutionise industries and empower individuals in unforeseen ways. But the recent slump in funding and widespread talent scarcity in the ecosystem threaten to impede innovation and generation of groundbreaking ideas

- Rohit Chintapali

WEB 3.0

BETWEEN 2020 AND early 2022, Web3 emerged as the much-heralded future of the internet, promising to revolutionise industries such as finance and logistics while democratising technology for the betterment of society. Its potential seemed boundless, generating immense enthusiasm and optimism. However, as we fast forward just a year later, this once-promising concept has largely receded from the limelight, leaving many to dismiss it as nothing more than a fleeting marketing buzzword for blockchain technology. 

The initial surge and fervour surrounding Web3 were undoubtedly fueled by the meteoric rise of Bitcoin and cryptocurrencies. The blockchain’s potential to revolutionise the financial sector was captivating, dominating much of the conversation. Unfortunately, other use cases were relegated to the periphery, overshadowed by the focus on finance. Consequently, when cryptocurrency values plummeted, so too did the discussions and excitement surrounding Web3.

But does this mean that Web3 is truly dead? The answer may not be so straightforward. While the initial hype has subsided, the underlying principles and ideas that gave birth to Web3 remain relevant and have the potential to evolve further.

“The world of cryptocurrency represents just a small part of Web3, although it tends to receive the most attention. The decentralised ecosystem offers numerous other practical applications that have been increasingly embraced by new participants in this space,” said Dilip Chenoy, Chairman, Bharat Web3 Association (BWA).