Web 3.0 is an attempt to remove the centralisation of domain name registries and the hegemony of the Internet Corporation for Assigned Names and Numbers (ICANN). Discuss (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 2 years
KEY POINTS
· Silicon Valley entrepreneurs have created a new frontier called Web 3.0, whose claim that they will ‘democratise’ the internet by providing decentralised recognition of web page addresses (domain names).
· Web 3.0 is an attempt to remove the centralisation of domain name registries and the hegemony of the Internet Corporation for Assigned Names and Numbers (ICANN). It relies on blockchain technology to accomplish this.
· Unstoppable Domains Inc. relies on the blockchain. Since the latter is a peer-to-peer network which does not need a central body to verify (or issue) domain names, Unstoppable Domains says it is transferring control back to the users.
· Web3’s supporters say it will spawn a decentralised version of the internet where platforms and apps are built and owned by users.
· Unlike Web2.0 (the current web), which is dominated by centralised platforms such as Google, Apple, and Facebook.
· The top 2% of accounts own and control 95% of the $800 billion supply of Bitcoin, and that 0.1% of Bitcoin miners are responsible for all new Bitcoin output.
· Web 3.0 space—whether its promised ‘democracy’ for the internet comes to pass or whether all we are seeing is a recentralisation of value in the hands of a few.
