What the heck is Web 3?
The future of our internet.
TL;DR
Web 3 is an umbrella term that refers to a vision of the future of the internet, where users use decentralized and intelligent platforms.
Examples of Web 3 are NFTs (Non-Fungible Tokens), dApps (Decentralized Applications) and DAOs (Decentralized Autonomous Organizations).
Web 1 (circa 1990-2005)
This was the first generation of the World Wide Web, characterized by few content creators, and many content consumers.
User interaction was limited, and the core use case was for people and businesses to put information on websites.
Examples of Web 1 are early Myspace websites, GeoCities, and restaurant webpages.
We call this the 'read-only' web.
Web 2 (circa 2005-2020)
The next iteration of web, introducing user-generated content, and the ability for people to interact and engage with each other.
It's dramatically altered how we use the internet, allowing for the emergence of social media, blogging, eCommerce, and advanced software.
Examples of Web 2 are social media platforms, video sharing websites, and blogs.
We call this the 'read-write web'.
Web 3 (2020-onward)
We now approach the Web 3 era.
Web 3 is defined by decentralization and ownership; users not contribute to the web by producing and consuming content, but can also own a piece of it.
Blockchain and cryptocurrency makes this possible, increasing access and allowing everyone to participate.
Examples of Web 3 are NFTs (Non-Fungible Tokens), dApps (Decentralized Applications) and DAOs (Decentralized Autonomous Organizations).
We call this the 'read-write-own' web.
Why is this important?
Creators such as writers, artists, and designers can monetize and scale their work without the need for centralized platforms
Users will have less reliance on middlemen and intermediaries, reducing costs and giving value back to them
Communities will be more transparent, democratic, and fair
Stay tuned for an upcoming post where I’ll share the top resources I’ve found on Web 3, from leading minds in the space.