India Poised to Overtake the USA and Become the Largest Web3 Developer Community by 2028

 India Poised to Overtake the USA and Become the Largest Web3 Developer Community by 2028

India is on track to become the largest Web3 developer community by 2028, accounting for 17% of all new developers entering the field—the highest share among all countries, according to a report by Hashed Emergent.

Key Findings of the Report:

• India’s Growing Web3 Ecosystem:
  Over 4.7 million developers joined GitHub in 2024, marking a 28% year-on-year growth.

• Challenges Faced:
  Issues such as virtual digital assets (VDAs) acting as a ‘parallel currency,’ the absence of a pro-Web policy framework, and the lack of a dedicated regulatory body for the Web3 sector.

• Way Forward:
  A shift from restrictive to enabling regulatory policies is needed, with a focus on harmonizing regulations in alignment with international standards such as those from the G20 and the Financial Action Task Force (FATF).

What is Web3?

Web3 refers to the next generation of internet technologies, including blockchain, that aim to decentralize data ownership and reduce dependence on intermediaries.

Blockchain Features:

• Smart Contracts: Automatically execute digital contracts.
• Distributed: Every trusted participant has a copy of the ledger for full transparency.
• Secure: All records are individually encrypted.
• Immutable: Validated records are irreversible and cannot be altered.
• Trusted: Data is decentralized and managed by multiple participants.
• Consensus: All network participants agree on the validity of records.
• Time-stamped: Each transaction is recorded with a timestamp on a block.

Applications:
Web3 technologies power innovations such as Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), and Real-World Assets (RWAs), among others.

Tags : UPSC 2025 current affairs preparation, UPSC current affairs January 2025, UPSC 2025 daily current affairs, Best sources for UPSC current affairs 2025, UPSC 2025 current affairs for prelims, UPSC 2025 current affairs for mains, Important current affairs for UPSC 2025, UPSC current affairs strategy 2025, UPSC 2025 current affairs notes, UPSC current affairs PDF 2025, Current affairs for UPSC 2025 preparation, UPSC 2025 current affairs online classes, UPSC current affairs quiz 2025, How to study current affairs for UPSC 2025, UPSC 2025 current affairs magazines, Current affairs for UPSC 2025 prelims and mains, Current affairs updates for UPSC 2025, UPSC 2025 current affairs analysis, Current affairs for UPSC 2025 PDF download, UPSC 2025 current affairs important topics,