As per me, web3 is needed to create a more open, private, and user-centric internet where power is distributed among users 👤 rather than concentrated in a few large multi-national corporations. 🏢

Here are the few reasons which I feel help me elaborate my views on need for web3.

1. User Control Over Data: In the current web (Web 2.0), large corporations control user data. They can sell it, analyze it, and use it to manipulate user behavior. We have seen multiple cases where users data has been leaked. In contrast, web3.0 gives users control over their own data. They can decide who has access to it and how it's used.

2. Privacy: Web3 technologies, like blockchain provide greater privacy for users. Transactions and interactions can be made anonymously or pseudonymously, protecting users from unwanted surveillance and data collection. This can be done with the use of zk technology and Zk proofs.

3. Censorship Resistance: In a decentralized web, no single entity has the power to control or shut down the network. This makes it harder for governments or corporations to censor content or prevent users from accessing services.

4. Trustless Interactions: In Web3, trust is built into the system through cryptography and consensus algorithms. This allows strangers to interact and transact with each other without needing a trusted third party, like a bank or payment processor. We have seen many big US banks failure just recently in the past like SBV.

5. Permissionless Innovation: Anyone can build on top of open, decentralized networks. This encourages innovation and competition, as developers don't need permission from any central authority to launch new applications or services. This brings a big change in the ecosystem.

6. Financial Loan: Defi applications built on Web3 can provide financial services to people who are unbanked or underbanked. This includes access to loans, savings accounts, insurance, and more. Even Undercollaterised loan is available in web3 with Aave and others.

7. Resilience to Attacks: Decentralized networks are typically more resilient to attacks or failures. If one node goes down, the network as a whole can continue to function.

All these were my different reasons why web3 is much needed.