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Telangana extends support to Web3 companies

The Telangana Government has extended support to the fledgeling Web3, a third generation world wide web framework that advocates for decentralised distribution of the web, eco-system.

It asked start-ups working in this space and other stakeholders to provide feedback on the kind of support they might require in developing products and technologies based on Web 3.0. Addressing a meeting on Web 3.0 here on Sunday, Telangana IT Secretary Jayesh Ranjan discussed issues such as privacy and the monetisation of digital footprints of Internet users without their consent.

The way internet has shaped up in the last few years where the Big Tech companies have monopolised the Internet, there have been blatant violations of privacy, he said. “Though we do not have any concrete framework or policy for Web3 so far, we would like to become one of the early States to support thisinitiative.”

Three-pronged strategy
Stating that the Telangana government had been encouraging newer technologies since 2014, when the new State was formed, he said that the government followed a three-pronged strategy while announcing a policy framework. “We evolved a comprehensive policy after holding discussions with stakeholders and setting up an institution to implement the policy. To run the institute, we hire the right people,” he said.

“Our initiatives have yielded encouraging results now. The number of incubators went up to about 70 in 2022 from only two in 2014. The number of start-ups went up to 6,750 from 200 during the period,” he pointed out.

“Our approach will be exactly the same when it comes to Web3. We would like to get feedback from the community. We will be happy if Hyderabad becomes an important centre in Web3 globally,” he said. Newslanes

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