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CryptoBlog n.760


What is Web3? Also known as Web 3.0, Web3 is the next major phase in the Internet evolution, which will be based on decentralization, openness, and greater utilization for individual users. To better understand Web3, it can be helpful to review current and past phases of the Internet. Unlike the current Web 2.0 phase, where centralized firms own platforms and apps, Web 3.0 platforms and apps are developed, owned, and maintained by users. The future Web3 iteration of the Internet is expected to be more like the initial Web 1.0 phase than the current Web 2.0. Dating back to the 1990s, Web1 was the beginning of the World Wide Web. Similar to how Web3 is expected to look, Web1 was also defined by decentralized protocols and individual users. Many believe Web3 is the future, decentralized Internet, where users become the owners. While Web3 is still in its infancy stage, it will likely impact the broader economy in the years ahead.