Demystifying Web3.0 With Lavin Mirchandani at Digital Success Summit V3.0
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Demystifying Web3.0 With Lavin Mirchandani at Digital Success Summit V3.0

By Rajarshi September 26, 2022 - 182 views

Lavin Mirchandani, the founder at Mirc Media, discussed Web3.0 and its future potential with an engaged audience at Digital Success Summit V3.0. He left listeners in no doubt about how Web3.0 use cases are only going to increase in the future and how it is steadily shaping almost every aspect of our daily lives. 

Web3.0 – Some Basics

Lavin Mirchandani demystified Web3.0 at a very basic level, outlining how Web1.0 was about helping people read, while Web2.0 enabled people to not only read but also write or respond, ushering in the social media age. He talked of how Web3.0 enables not just reading and writing, but also ownership. 

From a platform standpoint, according to him, Web1.0 had companies owning their platforms, while Web2.0 saw companies becoming platforms themselves. 

However, Web3.0 is more inclined towards increasing user ownership of platforms. Previously companies earned revenues from users, business owners, and creators while Web3.0 will enable ownership and money-making from platforms all by oneself. 

Some other pointers worth noting included the following: 

  • Web3.0 ensures a permission-less economy minus multiple authorizations that we usually require for each activity in the Web2.0 world. 
  • Web3.0 worlds have companies not owning data and this is instead stored on a decentralized database or blockchain. You pay differently for the same and there is no single source. 
  • There are domains being sold as NFTs in the Web3.0 ecosphere as well, with everything established on the blockchain and without renewal requirements. 
  • For every app or platform that is owned by a centralized entity in the Web2.0 world, Web3.0 has a decentralized counterpart. 

Four Key Traits of Web3.0

Lavin Mirchandani also outlined the four key traits of Web3.0 which also help from an identification standpoint. These include the same: 

  1. Decentralization– Web3.0 shifts away from a central owner or deciding entity. 
  2. Blockchain Driven– Web3.0 platforms are driven by blockchain that enables smart contracts. 
  3. Universal Identity– Every Web2.0 app needs signing up and logging in, along with several details and IDs. Web3.0 will shift to a system of universal identity with something called a wallet. This does not function like a conventional payment wallet although it can also store money. 
  4. Pseudonymous– Web3.0 is not anonymous at all and transactions and their locations can be traced without difficulties. 

Use Cases, Layers and More

Use cases have already covered aspects like security, banking, finance, insurance, data storage, and identity across the blockchain framework. Other use cases include financial services, NFT marketplaces, social networks, and gaming. 

There are several layers contributing toward the Web3.0 ecosystem. 

There is a protocol or fundamental layer along with an access layer like the browser in Web2.0 or the wallet in Web3.0 and use case layer. There are products that are scaling up these infrastructure or fundamental layers. 

There are apps being built on blockchain with self regulating or smart contracts. Valuations of different chains like Solana or Ethereum now depend on more apps being built on them, more user activity, and economic activity as well. 

Every chain is building ecosystems equivalent to the Web2.0 framework in the first and fundamental layer. 

Lavin Mirchandani also talked about deFI or decentralized finance where investments, savings, insurance, and banking are already being explored as financial services or use cases on most blockchains. He highlighted the pioneering AMM (automated market maker), citing the example of Uniswap, the self-regulated marketplace which functions like an exchange minus any governing body. 

He also added that codes are replicable and transparent and this is what is propelling the development of exchanges. Success in this space is measured through TVL (total value locked) and this stands at $68.62 billion that has been locked across platforms globally today according to him. 

NFTs are gaining prominence with their smart contracts, enabling people to gain membership, hold assets, and covering things like gaming and royalty rights as well. 

DAOs (decentralized autonomous organizations) ensure on-chain governance which is spurred by smart contracts and voting that is community-based. There will also be more employee-driven organizations in future. 

Cryptocurrency is another fast-emerging use case in the Web3.0 world and they encompass assets, stable coins (which mostly operate like currencies), security tokens, and utility tokens. He also outlined the need for more responsibility and awareness while using the platform. Greater freedom automatically underlines the need for more alertness in using and securing wallets. More education and awareness on Web3.0 is hence necessary according to him. 

He also advised people who are absolutely new to the space to start interacting with others and create groups on Discord, Crypto Twitter, and Telegram among other platforms to gain a better understanding. 

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