Web3 Explained

By Priyanka Mehta

Aug 1, 2022

World Wide Web Day

To Understand Web 3.0

Image Source: FirstLight

Let’s Know Some History

Web 1.0

The conception of world wide web led to the emergence of web 1.0. Websites were mostly owned by companies, there was close to zero interaction between users and individuals rarely produced content. This is why it's also called read-only web.

Image Source: Flaticon

1989- 2004 Read Only

2004- Present Read-Write Only

Web 2.0

The web evolved to be read and write. Companies now provide platforms to share user-generated content, engage users with interactions. Web 2.0 also birthed the advertising-driven revenue model.

Image Source: Flaticon

Web 3.0

Web 3.0 is a decentralised iteration of the web that runs on blockchain technology. Web3 uses blockchains, cryptocurrencies, and NFTs to give the power back to the users in the form of ownership. The technology is still evolving, building endless possibilities. 

Image Source: Flaticon

Gaining Popularity Now Read-Write-Own

Image Source: FirstLight

Essentially, Web3 is the vision of a new, better internet with core ideas

Web3 is Permissionless

Everyone has equal access to participate in Web3, and no one gets excluded.

Image Source: Freepik

Web3 is Decentralised

Instead of the internet being controlled and owned by centralised entities, ownership gets distributed amongst its builders and users with Web3.

Image Source: Freepik

Web3 has Native Payments

Web3 uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.

Image Source: Freepik

Web3 is Secure

Web 3 operates using incentives and economic mechanisms instead of relying on trusted third-parties.

Image Source: Freepik

Web3 can take power and control out of the hands of big tech companies, gearing a decentralised future. 

A Decentralised Future

Image Source: FirstLight

Users can own the platform as a collective, using tokens, acting like shares in a company with Decentralised autonomous organisations (DAOs).

Image Source: FirstLight