Q. With reference to Web 3.0, consider the following statements:
1. Web 3-0 technology enables people to control their own data.
2. In Web 3.0 world, there can be blockchain based social networks.
3. Web 3-0 is operated by users collectively rather than a corporation.
Which of the statements given above are correct?
Exp) Option d is the correct answer.
Web 3.0 is the next version of the internet, where services will run on blockchain. It is a decentralised internet that runs on a public blockchain, which is also used for cryptocurrency transactions.
Statement 1 is correct: Presently, only centralized repositories are the ones that own user data and profit from it. In Web 3.0, users can own and be properly compensated for their time and data. In Web 3.0 people will control their own data .
Statement 2 is correct: Web 3.0 will be permissionless and democratic. For example Twitter will not be able to censor posts and Facebook will not be able to maintain a database of billions of users that can be potentially used to influence elections. Thus people can maintain blockchain based social networks in Web 3.0.
Statement 3 is correct: Web3 will mean that sharing photos, communicating with friends and buying things online will no longer by synonymous with Big Tech companies but be done through a multitude of small competing services on the blockchain. It means that all the value that’s created can be shared amongst more people, rather than just the owners, investors and employees. Thus it is operated by users collectively rather than corporation.
Source: https://forumias.com/blog/web-3-0-the-future-of-internet-explained-pointwise/
https://www.npr.org/2021/11/21/1056988346/web3-internet-jargon-or-future-vision
