Web3 (or Web 3.0) will revolutionize the way we use the internet by incorporating decentralization via blockchain technology. Some believe it will change the internet the way bitcoin (BTC) and other cryptos have altered the financial paradigm. In order to understand Web3, it’s helpful to understand Web1 and Web2:
Web1 (or Web 1.0) is what we now call the internet’s early days. Web1 allowed you to consume internet content, but little else. Internet websites were static and non-interactive; you could merely send simple one-way messages or emails. Companies were starting to build their own web sites but largely as a glorified press release; it wasn't a way to interact with the public.
In this way, you could compare Web1 with a physical newspaper. Composed of paper and ink, you are only a content consumer. There is no way to transparently see how popular an article is or who is reading it — and you can’t interact with fellow readers.
Web2 (or Web 2.0) is what most people simply think of as the current internet. Web2 is interactive and allows you to create your own content, comment and react to content, and interact with other users. This enabled the creation of social media networks and other interactive sites like Facebook, Twitter, Reddit, etc. Using our previous comparison, you could think of Web2 as our newspaper migrating to a website that allows you to interact in ways previously not possible.
Web3 is a response to concerns over personal data usage and internet privacy. In Web2, user data is largely controlled by major social media platforms, web browsers, and websites. Web3, conversely, is designed to be a more transparent and censorship-resistant version of the internet. More democratic than its Web2 predecessor, it puts people in control of both internet architecture and user data.
Using blockchain-based protocols in concert with AI, Did you know?
Web3 is a decentralized version of the internet that allows users to own their own data.
Beyond that, Web3 embraces the crypto ethos and is designed to be permissionless (no centralized gatekeepers), trustless (no need to place trust in a third party), and open to all (little-to-no censorship of individuals/ideas).
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FAQs
Web 3.0, in simple terms, is the next generation of the Internet, which focuses on decentralization, increased user privacy, and more intelligent web interactions. Web 3.0 will bring users more control over their data using blockchain technology.
What is Web3 and the decentralized Internet? ›
Web3 (or Web 3.0) is the next iteration of the World Wide Web which uses blockchain technology and cryptocurrency tokens to power a more decentralized internet. The blockchains that power Web 3.0 are maintained by many individual users, rather than centralized infrastructure and companies.
What is the Web3 answer? ›
Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users.
What is Web3 explained simply? ›
Web 3.0 or Web3 is the third generation of the World Wide Web (WWW), which involves direct immersion into the digital world. Web 3.0 encompasses individual control of personal data and the use of cryptocurrencies and blockchain.
What is an example of a Web3? ›
We've discussed cryptocurrency as a notable example of Web 3 technology. Some digital wallets, known as cryptocurrency wallets, are dedicated to storing these assets. Most of these wallets are decentralized, as keeping the owner's identity hidden is essential.
What is Web3 for beginners? ›
Web3, simply put, is the next generation of the internet. It's a departure from the way we're used to experiencing the online world. Unlike the traditional model, where central authorities like tech giants or governments have a strong grip on how things work, Web3 is all about decentralization.
What is Web3 and why is it important? ›
Definition of Web3
Web3 allows for more secure, private, and open transactions on the internet without the need for an intermediary (like a bank or social media platform). The promise of Web3 is being able to interact and transact directly with anyone in the world but still hold complete control over your data.
What is Web3 in real life? ›
Web3, often known as the next generation of the internet, represents a change away from the traditional centralized architecture of Web1 and Web2 and toward a decentralized, user-centered approach. This phase provides Web3 application cases that are expected to revolutionize the digital environment in 2024 and beyond.
What is Web3 in layman's terms? ›
WEB3 (OUR MAIN EMPHASIS)
In simpler terms, web 3 is a version of the web where everyone will own what they do and share, and it will run on blockchain technology.
What the heck is Web3? ›
Businesses and Ecosystems. Web3 is the next generation of the internet, a decentralized web powered by blockchain technology. Businesses operating in the Web3 space are creating new ways for individuals to interact and transact with each other, bypassing traditional intermediaries.
Web3 is the World Wide Web of the crypto-sphere, and a web3 app is any application built using blockchain technology. You can connect to a web3 app with a crypto wallet. There are many different kinds of web3 apps, from games to DeFi to NFT platforms.
Which company uses Web3? ›
Crypto.com
Crypto.com is a popular Web3 company that enables users to purchase, sell, store, send, and monitor various currencies, digital assets, and NFTs. The platform allows you to trade over 250+ tokens using 20+ fiat currencies.
What will Web3 look like? ›
Web3 is seen as the future of the Internet, creating a decentralized, transparent, and secure online environment. Web3 uses blockchain technology and other decentralized protocols to create applications and services that users can interact with without needing to trust a third-party intermediary.
How is Web3 different from the internet? ›
Web2, also known as the current version of the internet, is dominated by companies that offer services in exchange for personal data. In contrast, Web3 refers to decentralized applications (DApps) running on the blockchain, where users can participate without compromising their privacy and ownership of data.
What do you mean by Web3? ›
January 12, 2024. Web3 Definition. DEFINITION. Web3 is a new evolution of the Internet based around the principles of decentralization. Web3 combines the rich and interactive digital experiences that exist today with infrastructure that offers users ownership and cryptographic guarantees.
What is the decentralized version of the internet? ›
The decentralized web is a network of independent computers that provide secure, censorship-resistant access to information and services without relying on central servers or clouds, using decentralized computing.
Is Web3 the internet of things? ›
Web3 is a new paradigm for the internet that is built on blockchain technology. It promises to be more decentralized, secure, and transparent than the current web. IoT is a network of physical devices that are connected to the internet and can collect and exchange data.
