Web3: What The New Trend Is All About
Web1 (also known as Static Web) is the first iteration of the web. During the Web1 era, most websites were read-only that is, there was no form of interaction between the readers and the contents.
By read-only, one could only go on those websites without being able to respond or have any form of interaction with the contents.
During the Web2 era, interactions gradually came into the picture and then grew over time. It is said that the Web2 era started in the year 2004 till date.
This came about with the emergence of social media platforms where interactions were crucial for successfully using those platforms.
Instead of companies providing content to users, they also began to provide platforms to share user-generated content and engage in user-to-user interactions.
As more people came online, a handful of top companies began to control a disproportionate amount of the traffic and value generated on the web. Web 2.0 also birthed the advertising-driven revenue model. While users could create content, they didn’t own it or benefit from its monetization.
Simply put, you can put out a tweet but don’t have complete right to the tweet. Your tweet can be reported and then taken down. You also have to pay to promote your tweet and earn from using Twitter.
The Web3 iteration brings about the ability to completely own rights to a digital asset.
Web3 — Read, Write (Interactions) and Own Assets.
Cores of Web 3.0
Although it’s challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.
- Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
- Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
- Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
- Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third parties.
Remember that example I gave about twitter being able to take down your tweet. Web3 makes everything wayyyy better and adds that extra spice of fun to it. Let me explain.
Imagine deciding how much you want to sell the rights to a physical artwork, solid business. Now imagine that you can decide the amount of a digital asset. Yes, Web3 gives you the ability to do that.
This article brought us up to speed on the evolution of web from Web1 to Web3. The article also pointed out the cores of web3.
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