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Tezos India came about in 2020 when entrepreneurs and developers were leaning toward a public blockchain for developing projects on it. The company saw an opportunity to introduce Tezos to the Indian developer community when people were gravitating towards Ethereum and started building on it, and subsequently Tezos India came into being.
Tezos India is a hub for builders, creators, and innovators which aims to encourage the Indian developer community to create and scale novel projects on Tezos. “We want to promote the Tezos ecosystem in India and make it easily accessible for the people, as crypto and blockchain are the soaring topics of the industry. Tezos India enables people to effortlessly join the Tezos ecosystem as we confide by our belief that a great ecosystem is the sum of all of its players. Revolution and sustenance of the Web world is what we aim for,” said Om Malviya, president, Tezos India.
Despite blockchain technology being around for more than ten years, it still appears to be attempting to establish itself as a popular revolution, aside from the speculative excitement surrounding cryptocurrencies. In a 2018 PwC poll of CEOs, 84 per cent said they were actively engaging with blockchain. According to their more recent Time to Trust report, blockchain technology could add $1.76 trillion to the global economy and 40 million employees by 2030.
Challenges that were encountered by the company were in the initial stages of establishing Tezos India. The company is witnessing over 30 projects that are being built on Tezos blockchain itself. Another challenge the company faced was finding developers as the developers were not ready to jump into Web 3.0 because of career opportunities and choices.
Digital identity maintained as an NFT can be used to address a variety of issues, including granting rights to an identity and protecting the data-driven metrics associated with that identity in a particular protocol. Users also have total control over the information that the NFT discloses, protecting their privacy and control over their data. Living Avatar NFTs have the potential to develop into an important tool and integral part of Web 3.0 and the metaverse.
The value of digital assets is projected to rise significantly as consumer spending switches to virtual worlds as people spend more time and money online. The ownership and control of digital assets can be transferred from companies to individuals in a secure manner through the use of a global framework like NFTs.
Web 3.0 will increase direct online spending at an annual rate of 28 per cent, from $1.4 trillion now to $12.5 trillion per year by 2030, reducing annual offline consumption by $7.3 trillion. Web 3.0 virtual ecosystems will flourish if online human users can own digital assets rather than just utilise or rent them. Public and decentralised blockchains, at the same time, let users store and sell their assets in an authorised secondary market.
The ownership of digital assets on open blockchains is verified via NFTs, which work as smart contracts and to store, manage, and validate assets, they usurp the authority of centralised systems. NFTs earned $21 billion in revenue in 2021 as the number of monthly unique buyers increased by around 8,000 per cent to over 700,000.
The future of blockchain also depends on the gaming market and based on the evolution of the blockchain gaming business, NFT demand for blockchain-based games and virtual worlds may surpass that for digital collectables and art in the next five to ten years, especially when those items start to show greater utility in a variety of games.
“Web 3.0’s impact on businesses will be to make them more transparent and user-centric. There will be a radical transformation in everything that was wrong with the way firms handled customer data in the past. Pro-privacy and anti-monopoly models will be on the table thanks to Web 3.0 capabilities. It won’t encourage centralised platforms to retain ownership of consumers’ data. Decentralisation and privacy will take centre stage as things turn around. Users now have a choice over how their data is seen, ending the monopoly of tech firms and reducing to zero the number of data privacy hacks,” added Malviya.
Malviya is optimistic about the future Tezos India holds in the country and intends to provide more developer-centric resources and arrange more workshops on LIGO. The company intends to organise Hackerhouse and Fellowships programs and provide more grants to the developers, and support with funding on their projects. Malviya is excited about launching Tezos India Arts and Culture (TIAC) which aims to educate and empower Indian artists through Web3 technology built on the Tezos decentralised blockchain network.