Industry executives believe that Web3 will be the next radical advancement of the internet, as it will be blockchain-powered and less dependent on centralized organizations.
Top executives of Indian crypto exchanges are transitioning to the Web3 world, in essence the decentralized internet. The current internet is centralized, meaning data and assets are stored by tech corporations instead of the user’s own devices.
As trading volume on crypto exchanges decreases, crypto TDS are coming into effect. This week, three top-level executives of CoinSwitch Kuber resigned to explore the new Web 3 space. This includes Sarmad Nazki, Sharan Nair and Krishna Hegde.
Ashish Singhal, co-founder and CEO of coin switch, said that India had never been so perceptive to have the opportunity to be a torchbearer of technology. He is happy that Sharan, Sarmad and Krishna are continuing to build toward the future.
We expect Web3 to be the next iteration of the internet based on blockchain technology. “Crypto exchanges will act as gateways for any decentralized apps, that are built on Web3,” Chandra explains. “For example, gaming platforms services could be monetized through these connections.”
WazirX is launching a game content marketplace for players, traders, and investors. Tegro will provide asset stats to assist these groups in trading and investing better.
Menon believes Web3 is ahead of its time, but exchanges were the first steps in entering that space. Web3 can be built using pieces we have now, such as exchanges. Now is the time to focus on adding utility rather than just being a speculative good.
With a new blockchain, WazirX is able to provide scalability. WazirX has been building the blockchain Shardeum, which will develop into an open-source network that strives for efficiency and high performance for transactions.
The exchange, CoinDCX, has announced the launch of the investment initiative. They are investing Rs 100 crore over the next 12 months to fund startups in the Web3 ecosystem in India and worldwide.
When asked about the possibility of Unocoin offering cryptocurrency trading on their web page, Sathvik Vishwanathan replied by saying they have no plans to do so. They have considered the idea but there are no definite plans yet.
What is Web3? Watch This Simple Beginners Guide
Clarence Franklin – Healthcare
I am Clarence Franklin and I focus on breaking news stories and ensuring we (“TOP MAGAZINE WIRE”) offer timely reporting on some of the most recent stories released through market wires about “Healthcare” sector companies. I have formerly spent over 7 years as a trader in U.S. Stock Market and is now semi-stepped down.