Q32. With reference to Web 3.0, consider the following statements:
- Web 3-0 technology enables people to control their own data.
- In the Web 3.0 world, there can be blockchain-based social networks.
- Web 3-0 is operated by users collectively rather than a corporation.
Which of the statements given above are correct?
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3
Answer – D
- Statement 1 is correct: In Web 3.0 people will control their own data. Presently, only centralized repositories are the ones that own user data and profit from it. Web 3.0 allow individuals to not only own and control their data but also to get reimbursed for their online time. Users can engage in the management of internet protocols directly, rather than using free tech platforms in exchange for their personal data, which is the case with platforms like Facebook and Instagram.
- Statement 2 is correct: Web 3.0 will be permissionless and democratic. People can maintain blockchain-based social networks in Web 3.0.
- Statement 3 is correct: It shall be operated by users collectively rather than corporations. 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.
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