Around The Block, a soon-to-be-regular Web3 meetup organized by CoinSwitch kicked off a few weeks ago with only a few attendees. We invited more than 30 experts, having worked on cryptocurrencies and blockchain technology for years. We expected only half that number to actually show up, but every single one of them made it to the venue, more excited than ever.
There were also college students, recent graduates, entrepreneurs, and budding businesswomen at the meet—all as enthusiastic about the space as the former, and perhaps even more so. The perspectives they presented were fresh and enlightening, and their presence was promising.
Clearly, Web 3.0 is no longer just a niche reserved for experts in India. It’s becoming mainstream, attracting many—and not only as a passing trend but for its real-world utility.
In this article, we’ll be introducing you to some of the best and most promising Web3 projects developed in India, by Indians.
The Most Promising Web3 Projects in India
Initially known as the Matic network, Polygon was founded in India in October 2017 by founders Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun—India’s first crypto billionaires.
They were the first to address issues associated with Ethereum’s high gas fees and network bottlenecks. They created a platform that could target these problems and provide a sustainable alternative without compromising on security and efficiency.
In essence, Polygon is a Layer-2 aggregator, which means that it works on top of chains like Ethereum to make them more scalable. The network uses algorithms to connect blockchains with one another, helping them exchange information efficiently and effectively.
Polygon recently also announced a partnership with Alexis Ohanian to launch a $200 million fund and promote their vision of social media, gaming, and Web 3.0 projects. It also raised more than $450 million in funding in February this year from Sequoia Capital, from a controlled sale of MATIC.
Its native coin, MATIC, is also one of the top cryptocurrencies by market cap. It currently holds rank #16 with an estimated market value of more than $11.5 billion.
Read our detailed article on Polygon here.
Taksh is a Decentralized Finance (DeFi) protocol based on Ethereum that was launched last year. The app offers users functionality in the form of rewards on the blockchain. The rewards, in conjunction with the compounding of existing assets, provide the potential for maximum yield for users.
What’s most interesting about this project is that it was developed by a 13-year-old!
Founder Gajesh Naik, a teenager from Goa, loves DeFi space. He developed Taksh and raised more than $300,000 in pre-seed funding for the project!
Naik has often remarked in media interviews that smart contracts have enabled him to build decentralized applications at such a young age that he’s legally not even allowed to sign actual contracts. “I want to keep on building. I want to learn as much as I can. My dream is to build innovative DeFi and NFT (Non-Fungible Token) products,” the 13-year-old said.
Taksh is supported by Avalanche (AVAX)—another top cryptocurrency. AVAX currently occupies rank #10 with a market value of almost $23 billion!
Read more about Avalanche (AVAX) here.
KoineArth is an upcoming Indian platform that targets enterprises interested in Web3 services. The company saw a phenomenal rise in value last year, thanks to its association with the China-owned British automobile brand, MG Motors India. The brand partnered with KoineArth to develop a decentralized driving data platform.
The data collected through its software can be used to help initiate legitimate insurance claims for victims of accidents.
Praphul Chandra, the founder of KoineArth, is a highly-qualified data scientist with degrees from prestigious universities around the globe. His company also helped MG Motors introduce an NFT platform in India through the former’s own marketplace.
The service recently raised more than $1.8 million in Series A funding and has collaborated with the biggest names in the space, including Amazon Web Services and Tezos.
The Future of Web 3.0 in India
India’s entry into decentralization, DeFi, and Web3 is not just limited to the examples above. While most might not get the limelight they strive to attract, it’s not always about attracting huge investments or hiring hundreds of people. It’s also about making a contribution to the crypto space.
Every innovation is valuable. There are lots of problems out there, and the more of them we solve, the better. And innovators know this well.
Decentralized technologies are revolutionizing the gaming, music, and art industry. They also bring artists together, creating new revenue streams, and making expression harder to suppress.
There was a time a few years ago when most people hadn’t even heard of cryptocurrencies. Now hundreds of thousands are creating and investing in deep Web3 tech and launching products faster than ever.
While the eventual goal of complete decentralization is still far away, the first step has, we believe, been right on point.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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