What is Web3?

Aug 15, 2023 | Explainers

« Explainers | What is Web3?

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Web 3.0, often referred to simply as “Web 3,” is a term that’s been used to describe a new paradigm for applications on the internet. It represents the third era of the web.

Here’s a breakdown of the web’s evolution to help contextualize Web 3:

  1. Web 1.0 (The Static Web): This was the first generation of the web, largely characterized by static web pages that didn’t offer interactive content. It was mainly about reading and getting information, with little to no user interaction.
  2. Web 2.0 (The Social Web): This evolution brought interactivity, user-generated content, and collaboration. Platforms like YouTube, Facebook, and Wikipedia allowed users to create and share content, participate in social networking, and engage in collaborative efforts.
  3. Web 3.0 (The Semantic Web or Decentralized Web): This is the next step in the evolution of the Internet, and it has several defining characteristics:
    • Decentralization: One of the main ideas behind Web 3 is moving away from centralized platforms and intermediaries. Blockchain technology and distributed ledgers play a big role in this.
    • Trustless protocols: Cryptographic methods and consensus algorithms ensure that transactions and interactions can occur without participants necessarily trusting each other, reducing the need for middlemen.
    • Interoperability: Different networks and systems can work together more seamlessly.
    • User control over data: Web 3 emphasizes user privacy and control over one’s own data, rather than it being in the hands of a few large corporations.
    • Semantic understanding: The web can understand the context and meaning of information, making search and interactions more intuitive.
    • Monetization and tokenized ecosystems: With the advent of cryptocurrency and blockchain, new ways of monetizing content, applications, and platforms have emerged, often through the use of tokens.
    • Programmable assets and smart contracts: Digital assets and logic can be programmed to act and react in certain ways without intermediaries, using smart contracts on blockchain platforms.
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Web 3.0 is still in its early stages, and its exact definitions and boundaries are fluid. There are ongoing debates and developments in the tech community regarding its design, ethical considerations, implementation, and potential impact. Nonetheless, it’s seen by many as a move towards a more decentralized, user-centric web where individuals have greater control over their data, identities, and transactions.

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