As the world grapples with the uncertainties of the aftermath of the COVID-19 pandemic, the initial hype surrounding Web3 has taken a hit. However, India's blockchain communities have shown remarkable resilience, continuing to grow and innovate across various sectors.
One key reason for the resilience of these communities is their adaptability. They have evolved to meet the changing needs and preferences of their members. For instance, many platforms are now returning to physical meetups rather than hosting virtual events, ensuring that the knowledge exchange continues unabated.
The Algorand Foundation, for instance, entered the Indian market this year with its AlgoBharat initiative and ran roadshows across different cities in the country. The underlying goal, according to the Silvio Micali-led blockchain platform, is to find Web3 solutions with real-life utility that are not only relevant to India but also to the rest of the world.
In India, blockchain communities are shifting back to hosting physical meetups post-pandemic to rekindle the unique human connections that in-person gatherings offer. While virtual events were a lifeline during the pandemic, community members have expressed a strong desire for face-to-face interactions that build trust and camaraderie. Physical meetups create opportunities for spontaneous encounters, deeper engagement, and collaborative innovation that are challenging to replicate online.
Moreover, these gatherings provide a platform for hands-on workshops, live demonstrations, and interactive discussions that enhance learning and inspire new projects. In essence, blockchain communities are recognizing the value of a hybrid approach, blending the convenience of virtual events with the richness of in-person meetings to foster a more vibrant and cohesive ecosystem.
Web3Conf India, led by the GirlScript Foundation and held in Goa each year, is one such example of a hybrid event that has become an annual highlight for blockchain developers in India with over 1,500 attendees in 2023. Participants have the choice to physically attend the event or join virtually if traveling isn’t possible.
As regulatory clarity gradually emerges in India regarding cryptocurrencies and blockchain technology, these communities actively engage in policy discussions and advocate for favorable conditions for innovation. Their collective voice is gaining recognition from policymakers and regulatory bodies, especially as India held the G20 presidency and played a pivotal role in shaping global blockchain regulation discussions.
Even India’s central bank, the Reserve Bank of India (RBI) has softened its stance on cryptocurrencies and is now open to exploring the use of blockchain technology for central bank digital currencies (CBDCs).
With the G20 summit leading to a favorable regulatory environment for blockchain technology, there is a positive narrative prevailing in the Indian Web3 ecosystem. Developers are viewing this summit as a significant opportunity for India to influence the global discourse on blockchain regulation. If India can effectively advocate for a balanced and forward-looking approach, it will send a positive signal to blockchain developers in India and worldwide, potentially leading to increased investment in blockchain technology and the development of innovative projects.
