Previous Year Question
With reference to Web 3.0, consider the following statements.
Web 3.0 technology enables people to control their own data.
In 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?
1 and 2
2 and 3
1 and 3
1, 2 and 3
Correct Answer: D
Detailed Solution
Statement 1 is correct. Web 3.0, or Web3, is associated with the concept of a decentralised internet that seeks to provide users with greater control over their digital identity, content and data. Cryptographic keys and digital assets recorded on a blockchain can enable users to prove ownership without being completely dependent on a central platform.
Statement 2 is correct. Blockchain-based social networks can be developed in Web3. In such a network, user identity, content ownership, community rules and rewards can be managed through blockchain and smart contracts. Records can be maintained on a distributed ledger instead of the database of a single company.
Statement 3 is correct. The governance of a Web3 platform can be distributed among users or a token-holding community instead of being limited to a single corporation. Under an arrangement such as a Decentralised Autonomous Organisation (DAO), community members can submit proposals and participate in decision-making through voting.
A blockchain is a distributed ledger, copies of which may be maintained by multiple nodes in a network. New records are added using cryptographic methods and network consensus. This can reduce dependence on a single central authority.
However, these characteristics represent the ideal or proposed model of Web3; every existing Web3 application is not completely decentralised. Nevertheless, all three statements given in the question conform to the basic concept of Web3.