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At the center of a vigorous debate around how our online experiences will evolve is a concept called Web3. We prepared a systematic series of blogs for you to learn everything from scratch about web3.
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Web 3.0 entrepreneurs are opening up a plethora of possibilities for integrating Web 3.0 into diverse applications.
In the shape of a rising number of firms working on web3 projects, India has a lot of promise, and this can help more Indian entrepreneurs succeed abroad. Web3 start-ups are effectively constructing the foundation for the next internet due to its borderless nature.
Today, we will discuss the top Indian Web 3.0 startups that are leading the charge toward changing the web realm.
Introduction
Last year, the web3 community in India exploded in reaction to the urge to introduce cryptocurrency to the public. India is seeing an influx of developers interested in building a variety of decentralized services, which is one of the many exciting initiatives combining cryptocurrency and other related fields. In 2021, these measures attracted public attention, but this year may be the year of stabilization.
According to recent research, blockchain usage in financial markets would reach $27 trillion by 2027, with the NFT industry potential market over $40 billion and the metaverse market-relevant market surpassing $8 trillion.
The next wave of the web, the decentralized web, and the 3.0 shift, have piqued the interest of CEOs and business executives across sectors. The Semantic Web, also known as Web 3.0, is the most recent version of the internet that is built on public blockchains, which are best known for allowing bitcoin transactions. If Web 1.0 was a big read-only encyclopedia, Web 2.0 was a form of Wikipedia and the beginning of social networking on the web, then Web 3.0 will be all of that plus a giant database.
Early-stage Antler India, a subsidiary of Singapore-based VC platform Antler, has pledged to invest in 25-30 blockchain and Web 3.0 firms over the next 2-3 years. Over the next three years, it expects to invest $100 million to $150 million in over 100 Indian firms, with up to $50 million earmarked for Web 3.0.
Sequoia-backed Polygon (MATIC) is one of the most well-known Indian Web3 startups. It is a layer-two scaling strategy that addresses different Ethereum blockchain restrictions. Sequoia Capital led a $450 million round in which over 40 prestigious venture capital companies participated.
Now let's look at some of the best Indian startups based on Web 3.0.
Polygon, India's largest cryptocurrency and blockchain enterprise, has had a great year in 2021. Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun, three Indian businessmen, formed Polygon. It is built on the Ethereum platform, but it aims to fix several basic issues. By adopting Ethereum, developers may construct decentralized apps and services on the blockchain technology and architecture, which avoids the exorbitant fees and transaction delays associated with the latter.
This company was founded in 2021 and is headquartered in Chattisgarh. Vayupankh.io, situated in Bengaluru, offers a technology platform that allows businesses to develop their chains, NFT markets, and tokens and swaps to use with their other systems. Gaming Dapps will be available shortly on the platform.
With its Blockchain onboarding services, Vayupankh is a web3 development platform that aids in the development of dapps. This BaaS solution's offerings also contain meaningful APIs.
StaTwig is a SaaS firm that captures the travel of every single unit of goods in distribution networks to tackle supply chain problems including counterfeiting, black-marketing, and stockouts.
StaTwig, founded by Sid Chakravarthy, has teamed with AWS, Tech Mahindra, Twilio, Intel, and UNICEF, among others. The company's core product is a VaccineLedger that helps numerous health agencies manage Covid-19 vaccinations.
Biconomy is founded in 2019, It provides a cross-chain transaction protocol that may be used across various blockchains, to provide a simple API for services to incorporate a decentralized payment gateway. WazirX and the firm have forged cooperation to promote Web 3.0 usage. Its goal is to make transactions easier for decentralized projects to implement.
Its headquarters are in Delhi, NCR, and it was founded in 2020. PredictRAM, a Defi solution, uses a blockchain-based artificial platform to control risk. The company tokenizes clients' IT assets and creates fictional tokens that enable the development, configuration, and trading of decentralized derivatives.
Through a decentralized video calling platform, Huddle01's products are focused on minimizing latency in video conferencing. The startup wants to be the first to implement Web 3.0 in real-time interactions. It thinks that everyone should have their digital area where they may fully express themselves. It is established in Noida by Ayush Ranjan and Susmit Lavania
Its headquarters are in Bengaluru, and it was founded in 2021. Users may build communities in 3bewte to construct a decentralized, autonomous community based on web3 technology. The company, which was started by Krishna K V and Vighnesh Velayudhan, allows users to construct their own communities and earn $BEW (the startup's token) for attracting followers. Customers can then use the $BEW to transact within the portal.
In 2021, MG Motors India, a Chinese-owned British automobile manufacturer, teamed with KoineArth, an Indian platform aimed at enterprises that use web3 services, to help it gain traction. The latter teamed up with KoineArth to provide users a blockchain-based decentralized driving data platform. This information, which may only be shared with the user's permission, can then be utilized to help with insurance claims and other responsibilities.
It was founded in the year 2020 and is based in Bengaluru. CommitPool is a self-help program built on Polygon's Web 3 platform that blends cryptocurrency rewards with self-care goals. A person can commit to a goal, stake some DAI, and be rewarded if the objective is met.
It was founded in the year 2020 and is based in Bengaluru. Aravindh Kumar, Abhishek Chaudhary, and Mayur Relekar started it. Arcana just received $2.3 million to support the launch of its native coin, XAR. It also seeks to grow its community and improve its core platform, which is a privacy-focused decentralized storage platform based on the Ethereum blockchain. Arcana claims to be one of the most readily implementable decentralized storage solutions for web 3 services, offering to deliver a developer-friendly decentralized storage interface.
Google, Meta, Netflix, Amazon, Microsoft, and Apple together produced and controlled almost 57% of worldwide Internet traffic in 2021. Web 3.0 aims to decentralize ecosystems across sectors by providing decentralized social networks, browsers, data storage, compute, video and music streaming, content monetization, financial services, cloud-based payments, and other services.
Conclusion
For years, we've all seen the great giant corporations expand in their various industries. However, thanks to technical improvements over the last several decades, a route is being paved for smaller businesses to ascend to the top, and Web3 is just another example of how tiny businesses with limited resources may succeed. According to experts, Currently, there are only a handful of Web3 companies in India, but the emerging sector is bound to be a hotspot for venture capitalists this year.
To explore web3 solutions in more detail, follow the link https://blog.hack2skill.com/all-about-web3
Happy Learning!!
