What is Web3?

You may have heard “Web3” all over the place, but don’t know what it means. Web3, also known as Web Three or Web3.0, is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-base economics. Web Three is a vision of innovative, better internet that puts more power and control into the user’s hands instead of big tech companies. It is also the shared ledger system used by cryptocurrencies such as Bitcoin and Ether. Popular Web3 networks include Ethereum, Solana, Polygon and Cosmos, OpenSea, Coinbase, Ledger and MetaMask are some favored Web3 platforms. Many of these platforms and networks sell NFTs and cryptocurrencies. 

The Evolution of Web3

In 2006, Berners-Lee described the semantic web as an integral part of Web3.0, which has a different meaning than Web3 in the context of blockchain. The term “Web3” was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, which refers to a “decentralized online ecosystem based on blockchain.” To provide you with a better understanding of Web3, Web3’s growth is boosted by the development of Web1 and Web2. Web1 refers to the internet of the 1990s and early 2000s. It was the internet of blogs, message boards, and early portals like AOL and CompuServe. Most of what people do on Web1 is passively read static web pages, which are built using “open” protocols, such as HTTP and SMTP. Web2 was the next stage of the internet revolution, starting around 2005, characterized by social media platforms like Facebook, Twitter, and YouTube. Instead of passive reading in Web1, people started actively engaging on the internet by creating and posting their content. However, the majority of activities are distributed and monetized by large companies, which gives them control. The existence of Web3 would take over these centralized and corporate platforms, it evolved as the combination of the open infrastructure of Web1 and the public participation of Web2. 

The difference between Web3 and Metaverse

The biggest difference between Web3 and Metaverse is that people use Web3 to access the metaverse. Web3 is about decentralizing ownership, and control, and putting the web in the hands of its users and communities. On the other hand, the metaverse is a shared digital reality that allows users to connect, build economies and interact with each other. The metaverse doesn’t care who owns it. These two technologies also differ in how they are used. Web3 is a new set of standards for how to use and manage the internet. The metaverse is all about gaming, social media, retail, and other experiences. 

The Future of Web3

The future of social apps on Web3 will become more similar to today’s normal social apps, but with an emphasis on simplicity. Web 3 social applications may attract the attention of encryption enthusiasts and the younger generation of internet users in the future. As there are huge opportunities for Web3 to move toward play-to-earn gaming and monetization in the future. Web3 contains a different set of rules and guidelines for implementing decentralization, which helps to develop the trust of users regarding decentralized control over user experiences and data identity. The transition towards decentralized Web3 would bridge the gaps between the virtual and physical worlds. In addition, the future of web3 would revolve around the factors of interoperability, safe data storage, open-source verification, and exchange. 

The evolution of the Web3 world so far has demonstrated how successful Web3 will be in the future. Decentralization, data privacy, and advertising control over digital identities serve as major benefits for internet users.