India set to leapfrog USA and become largest web3 developer community by 2028 | Current Affairs | Vision IAS
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India set to leapfrog USA and become largest web3 developer community by 2028

Posted 13 Mar 2025

2 min read

India accounted for 17% of all new developers entering the field, the highest among all countries, according to a report by Hashed Emergent.

Key Findings of Report

  •  India’s rising Web3 space
    • >4.7 million developers have joined GitHub in 2024 with a YoY growth of 28%.
  • Challenges faced:  Virtual digital assets (VDAs) acting as a ‘parallel currency’, lack of  a pro-Web policy agenda and a  dedicated regulator for the web3 sector.
  • Way Forward:  Shift from restrictive to enabling regulatory approach, Harmonize regulatory approach in lines with G20, Financial Action Task Force etc.

What is Web3?

  • It is an umbrella term for the next generation of internet technologies like blockchain that decentralize data ownership and reduce reliance on intermediaries.
  • Blockchains are decentralized and distributed ledgers that store records of transactions or data across a network of nodes.
  • Properties of Block Chain: 
    • Smart Contracts (Auto execution of digital contracts)
    • Distributed (All Trusted participants have a copy of ledger for complete transparency)
    • Secured (All records are individually encrypted)
    • Immutable (Any validated records are irreversible and cannot be changed) 
    • Trusted (Data is decentralized and managed by multiple participants)
    • Consensus (All network participants agree to the validity of each of the records)
    • Time-stamped (A transaction timestamp is recorded on a block)
  • Applications: Non-fungible tokens (NFTs), decentralized finance (DeFi), and real-world assets (RWAs),Smart Contracts etc.

Comparison of Web 1.0,Web 2.0,Web 3.o

  • Tags :
  • Blockchain
  • Web3
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