What is Web3?
Apart from being tech Twitter’s new obsession, the term refers to the next iteration of the internet. We have now reached the 3rd stage of the internet: –
- Web 1.0 was about consuming content (the internet of the 1990s and early 2000s)
- Web 2.0 (today’s internet) features consumer-created content centralized in platforms like Facebook and Google
- Web 3 is where the internet gets decentralized.
This means that big tech companies are no longer the main guardians of the web’s data, but blockchain tech enables data to be controlled and hosted collectively by users. In other words, apps built on the blockchain — like a social network, marketplace, or search engine — will enable users to participate, transact, and create without the need for an intermediary as in Web 2.0. In some visions of Web3, the online experience will also be fundamentally different thanks to AI, which will make interactions between users and machines richer and faster. The Web3 movement has gained traction amid the rise of crypto and other key Web3 concepts like NFTs, DAOs, and DeFi. Investment is rolling into the pioneers of blockchain/crypto.
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