Rohit Jain, MD, CoinDCX Ventures, is in conversation with Aabha Bakaya, senior editor & anchor, Business Today TV as they discuss how Web 3 will be instrumental in India's growth story. Abha asks Rohit about building a successful Web 3 business. Rohit makes 2 key points: Firstly, the focus of Web 3 technology vs Web 2 is the factor of decentralization.
Satoshi Nakamoto who published critical articles on Bitcoin & Blockchain, says that it's primarily about building a trustless, permissionless economy. The subtle switch is the fact that Web 3 moves away from requiring a centralized entity to connect. Secondly, the focus is also on community building. Customers are more connected and more engaged in Web 3.
Community engagement and management becomes the focus more than simply the technology that is being built. Rohit explains that for the most part Web 3 technology is still in the first stage of development where the infrastructure layer is being built. Aabha then asks about the evolving regulations and how that affects the way people think about their businesses moving forward.
Rohit explains that regulators are in the process of deciphering the best way forward in order to promote innovation, yet look after the interest of the masses. The times are progressively moving towards regulatory clarity and secularism. Aabha moves on to talk about Web 2 vs Web 3 technology and the use cases for the two.
Rohit details several use cases of Web 3 including:
-Gaming and NFTS
-Opportunities for content creators
-Social media platforms Infact, Rohit says DeFi has grown 10x in past years
Crypto is the 20th largest bank in the world in terms of assets under management. Soon, we will see a lot of Web 2 players adopt the crypto rail, to make businesses more efficient. Secondly, we will see rampant adoption of web 3 by the masses. As the Web 3 world continues to grow, Rohit says we will have more control and creative applications, we will have decentralized apps, and Web 3 and Web 2 will coexist. CoinDCX is bullish on opportunities in India, as this is a country with the 2nd largest retail crypto base in the world. In the next 12 to 24 months, India will have the largest Web 3 developer pool worldwide.
The Indian market will see a builder mindset vs services mindset and thus, a vast amount of Web 3 unicorns are expected to grow in India. The strengths that will bode well for the development of this space in India include having a large customer base and Web 3 developers pool.
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