With reference to Web 3.0, consider the following statements:Web 3.0 technology enables people to co

Question

With reference to Web 3.0, consider the following statements:Web 3.0 technology enables people to control their own data.In Web 3.0 world, there can be blockchain based social networks.Web 3.0 is operated by users collectively rather than a corporation.Which of the statements given above are correct?

Accepted Answer

The concept of Web3, also called Web 3.0, is used to describe a potential next phase of the internet. The model, a decentralised internet to be run on blockchain technology, would be different from the versions in use, Web 1.0 and Web 2.0. Hence, statement 2 is correct.Web3 enables peer to peer (seller to buyer) transactions by eliminating the role of the intermediary. In Web3, users will have ownership stakes in platforms and applications unlike now where tech giants control the platforms. Web3 will deliver a decentralized and fair internet where users control their own data. Hence, statements 1 and 3 are correct.