Definition of web3

Web3 is also known as Web 3.0. It is an idea for a new iteration of the World Wide Web with decentralization based on blockchains, with incorporated concepts such as decentralization and token-based economics.

Web3 used in a sentence

‘’Web3 promises to empower people to contribute to an internet that operates without central organizations.’’

‘’In web3, content creators become the owners of their own content, instead of being reliant of centralised companies, e.g. record labels in music.’’

‘’Web3, end users regain full ownership and control of their data and enjoy greater security through encryption.’’

History/information/research of Web3.0

To understand Web 3, it is important to become familiar with what came before. The first version of the Internet – commonly known as Web 1.0 – arrived in the late 1990s and was about open protocols, comprising a collection of links and homepages that weren’t particularly interactive. Yet, they were community governed and decentralized. You couldn’t do much apart from reading things and publish basic content for others to read.

Web 2.0 is when things started to change. Starting around 2005 until 2020, this internet era was about siloed, centralized services run by a few super powerful tech corporations like Meta, Google, Amazon, Youtube and Apple.

Although this era has brought the world amazing (often free) services, a lot of people have grown tired of these “walled gardens” that huge tech companies have created and want to have more control over their data and privacy. This is where Web 3 steps in, where to believers, Web 3.0 will represent the next phase of the internet and, perhaps, of organizing society.