Web3 is the latest iteration of the world wide web that lets you own digital assets, such as cryptocurrencies, and digital artifacts, such as NFTs.
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What is web3?
Web3 is a catchall term for the next iteration of the world wide web. It encompasses decentralization technologies like peer-to-peer networking, distributed file storage, and secure protocols for data exchange, as well as blockchain and token-based economies.
You can think of web3 as the underlying architecture that supports the world of dapps (web3 apps) that interact with crypto and use blockchain technology. These apps can run without the need for intermediaries or central authorities.
Web3 is a more open, transparent, and secure internet, where data is owned and controlled by users, rather than by centralized organizations like governments or corporations.
Our current version of the internet, known as web2, is mostly controlled by a few corporations and government organizations. Large tech companies collect and monetize online activity and personal data, usually through advertisements.
In contrast, the vision for web3 is an internet where users have more control over their data and the content they create online.
This is made possible by blockchain, the underlying technology that’s more secure, transparent, and equitable.
Web1 = read
Web1 (1991-2004) described a web composed mostly of static pages. Corporations and other large entities created content for an audience. The first iteration of the web was as a content delivery network.
However, most content was created by companies, governments, and universities. There was little to no user-generated content, so most of it was a little boring.
In web1, centralized platforms created digital content for internet users to read.
Web2 = read, write
Web2 (2004-present) is all about users creating and uploading content to various platforms. Think of blogs, wikis, and social media. Wikipedia, Instagram, and TikTok are all examples of web2 platforms.
The way it works now, in web2, ownership and value accrues mostly to the platform. Think of uploading all your pictures and stories and personal information to Facebook. Then Facebook uses it to sell ads.
In web2, centralized platforms profit off of the digital content that internet users create.
Web3 = read, write, own
Web3 (now-?) means you can own your own content, so it’s possible for you to make profit off the content you create.
Currently the best example of this is NFTs. If you create an NFT, you create and own a piece of digital property.
In web3, internet users will own and can profit from the digital content they create.