Web3 is a new term that has become a buzzword in 2022. But what does it mean? How will it affect our lives?
First off, what were Web2 and 1?
A 2020 post on Twitter said it best: Web1 was read-only, Web2 is read-write, and Web3 will be read-write-own.
Web1
Web 1 was websites owned by companies with the information they publish. There was very little interaction between users. No comments sections, no likes.
Think of CERN’s World Wide Web. Text, static pictures, only hyperlinks.
Web1 is the read-only web.
Web2
Web2 began in 2004 with the emergence of social media platforms, blogs and forums.
Users could upload their information on dynamic websites. People can comment, like and upload their own information to these websites.
The best examples are the social networks you use daily. Instagram, Twitter, and previously MySpace, Bebo etc.
Users don’t own their data or benefit from the site's monetisation. Although you can upload your own photos, documents and text, you don’t own it. Companies like Meta and Twitter own your data, and they can sell it as they see fit. All the ad revenue from the sites goes straight into these companies' pockets.
Web2 is the read-write web.
Web3
Web3 is an idea or a concept of the future of the internet. Web3 has become a catch-all term for the vision of a new, better internet.
At its core, Web3 uses blockchain technology. Cryptocurrency and tokenisation models enable projects to give power back to the users in the form of ownership.
Why should you care?
Think about if you create a post that goes viral. Well congrats, you OWN that post!
You benefit from the increased traffic the same way a shareholder of Meta or Twitter would!
Core ideas of Web3
Since Web3 is a concept, it’s hard to provide a solid definition of what Web3 is. But there are a few core principles guiding its creation.
Web3 is decentralised: Big companies no longer own your data or your posts. Ownership is distributed amongst its builders and users.
Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded. No barriers to entry.
Web3 has native payments: it uses cryptocurrency tokens/coins for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors. No more waiting for the PayPal window to pop up.
Web3 is trustless: You don’t have to rely on PayPal’s user guarantee to protect your eBay purchases. Smart Contracts and incentivisation enable trustless trading and use instead of relying on trusted third parties.
Do you think Web3 is going to solve so many of the internet's problems?
Work with Anonymous Marketing Group to build the future.
Read more about the benefits, limitations and future of Web3 on Ethereum's blog.