Welcome to my blog where I would be sharing my insights on Web 3.0, Blockchain and Fintech world.

One of the relatively new terms or we can say emerging areas in the world of technology is Web 3.0. Currently, its definition and implementation are a bit cloudy. So you would hardly find a clear definition that communicates what exactly is Web 3.0. Through this blog, I would like to share my own perspective and understanding of this emerging technology.

The keyword for Web3 is "De-Centralized". Web 3 is built on these main technologies

As you can see from the above figure, Blockchain and Tokens are key ingredients in Web 3 while VR/AR is for specific use cases and not the baseline for Web 3.0. Blockchain is the heart of web 3 which gives it the most important features - decentralized, distributed, trustless and permissionless.

So all the above characteristics in Web 3.0 is provided by Blockchain technology. So now what is this Token? In simple words, a Token is proof of ownership! For example, I can create a video on Youtube and generate a Token for that. Once the token is generated, no one else can ever claim any ownership of that video. Similarly, I can have a token for any painting or any digital data. Now whenever that Token is presented for validation, a bunch of peer-to-peer computers would do the validation and confirm if the Token indeed belongs to the user who is claiming to be the owner. This is an example of a decentralized and Distributed factor of Web 3.0.

Another use case for Web 3.0 could be a scenario where you can connect with your personal banker using Artificial Reality (and you would need the gadgets to enter into the immersive world of Web 3.0). This immersive world is called Metaverse. So in Metaverse, you can interact with your banker and would seem that both of you are at the same location. But this is one of the use cases and therefore it is not a mandatory technology for Web 3.0

There are many more facets of Web 3.0 and in the coming days, I would deep dive into Blockchain, the creation of Tokens and also how this technology is evolving.

Hope you like this introductory blog and please let me via your comments how did you find this article.