Didi Chuxing, a Chinese ride-hailing business, concluded its initial public offering in the United States on Wednesday, earning $4.4 billion from worldwide investors for a market capitalization of nearly $67 billion.
Chinese officials announced an inquiry into the firm’s cybersecurity only two days later, on Friday, and ordered Didi’s app to be withdrawn from local app stores.
The app store ban might last 45 days, preventing the firm from gaining new users, which could be disastrous in China’s highly competitive ride-hailing industry.
Because of the enormous reliance on very centralized app stores, a company’s lifeblood may be cut off without notice. The Chinese government’s attitude highlights the necessity for Web 3.0 or a truly decentralized internet.
Web 3.0 paves the way for a future in which dispersed people and computers can interact with information, wealth, and other entities without the involvement of third parties, thanks to a peer-to-peer network foundation. The end product is a modular, human-centric, autonomous computer fabric for the next web wave.
While DeFi adoption is expected to disrupt traditional banking globally, popular use cases are required for this modern generation of the web to thrive. The next generation of the internet is less concerned with technological infrastructure and more concerned with everyday use.
From teachers to doctors to entrepreneurs and more, the decentralized web will create a worldwide richness of apps and value everyone.
Blockchain, machine learning, and other Web 3.0 technologies are already being adopted by major businesses such as Microsoft, Sony, and Samsung, recognizing their worth in developing a more scalable, real-time solution.