Web 3.0

Web 3.0, often referred to as Web3, is envisioned as the next generation of the internet, incorporating concepts such as decentralization, blockchain technologies, and token-based economics12.

Here’s a more detailed look at Web3:

Decentralization: Unlike the current web (Web 2.0), where data and content are centralized in a small group of companies, Web3 aims to decentralize the internet. This means that instead of a few large technology companies controlling the web, Web3 is being built, operated, and owned by its users1.

Blockchain Technologies: Web3 uses blockchain technologies to create a transparent and secure online environment. Blockchain is a type of distributed ledger that records transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks1.

Token-Based Economics: Web3 also incorporates token-based economics, where financial assets, in the form of tokens, are built into the inner workings of almost anything you do online2. This could include cryptocurrencies and non-fungible tokens (NFTs), which are used to represent ownership or proof of authenticity in a digital asset1.

User Empowerment: One of the key principles of Web3 is to put power back in the hands of individuals rather than corporations. This includes individual control of personal data and the ability to own and benefit from the content they create1.

The evolution of the web can be broken down into three stages:

Web 1.0 (1990-2004): Known as the ‘read-only’ web, it consisted mainly of static websites owned by companies, with little interaction between users1.

Web 2.0 (2004-now): The ‘read-write’ web, where companies provide platforms for users to share content and interact with each other. However, a handful of top companies began to control a disproportionate amount of the traffic and value generated on the web1.

Web 3.0 (Future): The ‘read-write-own’ web, where users not only create content but also own it and benefit from its monetization1.