What is Web3

A short summary about Web3

To properly understand the importance of Web3 economies we first need to understand what is meant by Web3. Lets start from the beginning with Web 1.0.

Web 1.0 - Read

Web 1.0, also known as the World Wide Web, was the first iteration of the web. This was the prominent version of the web between 1991 to 2004. Web 1.0 was mostly characterised by fetching and reading information. Websites during this period were mostly static pages such as homepages and small business sites that had text and images. The majority of users were consumers and not producers of content.

Web 2.0 - Read & write

Web 2.0 was the second iteration of the web. This phase of the web was mostly characterised by user generated content, where people would create and share their own content online. Common websites during this period included blogging, forums, social networking, video content networks and online marketplaces. Websites became a lot more interactive due to the ongoing developments in JavaScript, CSS and HTML.

Web3 - Read, write & own

Web3, also known as Web 3.0, is the latest and ongoing evolution of the web. Web2 represented a period where control over transactions, content and data was increasingly becoming consolidated into the hands of a few large tech corporations. This centralisation has resulted in these providers having a growing amount of power and influence over people's day to day lives.

Web3 is mostly characterised by the ongoing effort to decentralise the internet that people use on a daily basis. This decentralised internet that is being created is being built upon distributed ledger technology.

Distributed ledger technology helps to create a more secure, transparent and interconnected online ecosystem. Web3 networks are operated by distributed and decentralised nodes. Node operators are incentivised by the network's consensus mechanism to run node software that helps to operate the network.

Web3 ecosystems are usually open source. Increasingly they are providing people with access to a permissionless internet where anyone can access online services and take more ownership and control over their money, data and identity.