The Internet is probably the most important technological revolution in the history of humanity, and even though the industry has grown significantly since its inception, it is still relatively new and in need of continuous improvement.
Now imagine a new kind of Internet that not only accurately interprets the content you input, but understands everything you say through text, voice or any other medium. We are at the cusp of a new web revolution, which some pioneers and enthusiasts call Web 3.0, the first and next generation of the web after the current web.
The New Era of the Internet: Web 3.0
On Web 3.0, data will be interconnected in a decentralized form, a huge leap towards a future where we will no longer depend on centralized repositories of data storage. Also, machines and users will be able to interact with and influence each other with data in a more specific and holistic manner. For this, programs need to understand data and information, both contextually and conceptually. Since Web 3.0’s networks will operate through decentralized protocols – the fundamentals of blockchain and blockchain – we can expect great similarities between the three technologies and other areas.
They will certainly be useful in enabling everything from interoperable, fully integrated, automated through smart contracts and small transactions in areas that are accessible and scarce. Solutions such as security tokens are based on the basic notion of transparency, as they are recorded on the blockchain and all transactions involving the main asset are 100% transparent.
In a blockchain-powered world, companies will have to compete to be more transparent than others, as more transparency brings in more investors. Also, it will allow other participants to rely more on the security provided by crypto.
Commitment to Transparency and Web 3.0
Imagine a world where content creators monetize their audiences directly, ad companies pay publishers for ads directly, or cab drivers take money directly from riders! Web 3.0 promises just such a world.
But possibly its biggest USP will be transparency. Since distributed ledgers allow everyone shared access to the network, transparency is automatically introduced in these models. All the stakeholders are always aware of the value and commerce they are associated with and are not dependent on a middleman or aggregator for access to this data.
effect of transparency
By definition, a blockchain is an immutable distributed ledger that allows everyone to see every transaction. This technology could usher in a new era of financial transparency and benefit the best behaved.
Transparency is the best regulatory agent, maximizing asset prices and making public the quality of goods and services (and the management of a service). For example, governance tokens can give communities the right to have a voice. These tokens i.e. crypto assets give us the right to vote on the policies and decisions of a project. Imagine a YouTube where decisions related to content policies, revenue sharing with creators, etc., are made based on such changes being voted on by each creator on a blockchain network. The network will enable everyone to see how the vote took place and will also remove ambiguity caused by mistrust.
Web 3.0 is being built using blockchain as its building block and will usher in a new era of decentralization and transparency. Blockchain is a revolutionary technology that drives innovation in various industries such as payment processing, property and land titles, intellectual property ownership and protection, digital IDs and indeed cryptocurrencies.
However, cryptocurrencies do not have to compete to replace traditional currencies. Instead, it is considered an asset class and a utility on decentralized blockchain networks that can be purchased with normal currencies.
The launch of the first Crypto Transparency Report has brought more clarity and transparency in the country. It is dispelling myths that have made policymakers, investors and institutional partners afraid of engaging with crypto.
It is not only setting high standards for the sector, but also promoting innovation by helping regulators develop policy strategies through its reports. Furthermore, these initiatives also encourage the entire crypto industry to be transparent in such matters.
Given the industry’s commitment to the safety and security of investors and stakeholders, this is expected to impact other stakeholders as well. Broadly speaking, the policies of crypto businesses are designed keeping in mind the security of user data and financial information.
The Transparency Report enlists the requests received from law enforcement agencies, the user verification process, the nature of information requests and the provisions of the customer.
According to the report, while coordinating and complying with law enforcement agencies for requests for information, every request has been granted to ensure that the agency concerned is entitled to access the data for which they are requested. have been
The highlights of India’s 1st Crypto Transparency Report are as follows:
During April to September, 2021, a total of 377 requests have been received from various Law Enforcement Agencies, out of which 38 were from Foreign Law Enforcement Agencies.
Every legal information request was of criminal nature and compliance rate is 100% for all these requests.
From April to September, 2021, 14,469 accounts were locked where 90 per cent of the activities were user-driven and the legal team has taken 10 per cent initiatives to close the relevant accounts due to law enforcement agencies or payment disputes.
Achievements like the first Transparency Report for Crypto in India will revolutionize the regulations and perceptions of crypto in India. Blockchain is clearly one of the most important game changing technologies driving the economy and taking innovation to new heights across industries. The ‘Blockchain Papers’ and Transparency Report will help to create a secure and innovative future for Web 3.0. Read the full transparency report here to know more.