Intro to Web3

What is Web3?

Web3 (or Web 3.0) is the next iteration of the World Wide Web based on blockchain technology, with an emphasis on decentralization.

READ MORE: How will Web3 work, Gavin Wood on Web3, YouTube video with animations

Ok… so what’s wrong with Web1 and 2?

Web1, which existed from the early 1990’s to 2004, mostly consisted of static websites owned by companies. There was little interaction between users and sites. Individuals rarely produced content, leading Web1 to be known as “read-only.”

Web2 began in 2004 with the emergence of social media platforms. These sites were “read-write:” users could interact with the site and share other users’ content. Although Web2 enabled a richer user experience, a few centralized companies disproportionately controlled these sites. Users could create their own content, but didn’t necessarily own it or benefit from monetization.

How does Web3 solve some of these problems?

Web3 gives ownership power back to the users: it is “read-write-own.” In particular, technologies like blockchains, cryptocurrencies, and NFTs enable users to directly own digital assets on the Web. No centralized platform like Google or Facebook can censor or profit off your content.

Web3 also enables native payments. Instead of relying on traditional banks, users can directly send tokens like ETH in-browser without trusting a third party.