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Web3 uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.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