Summary
Web3 is the third generation of the internet, and it focuses on making things more open and democratic. In the beginning, the internet was just a way to get information. Web1 was made up of static web pages made with raw HTML that didn't let you do much. Then came Web2, where making content took off. Large amounts of information were shared through centralized hubs like Google, Facebook, YouTube, and Twitter (and data collection). Thanks to the power of the blockchain, this latest version looks like it will completely change how we interact with the World Wide Web as it grows. In Web3, people can do business and share information without going through a middleman. They also have more control over their data. All of this is done using cryptocurrency as a way to pay, reward, and rule on the new web.
In recent years, the term "Web3" has made its way into the public consciousness, but many people are still not sure what it means. So, what exactly is Web3? Also, what exactly are Web2 and Web1? What does it all have to do with crypto? You'll find these answers and more just ahead.
In this piece,
- What is it?
- Web3 vs Web 2 vs Web1
- Putting Web3 up against Web2 and Web1
- The Web3 and Crypto
- How to begin using Web3.
What is it?
Web3 (or Web 3.0) is the next step in the development of the World Wide Web, which is now called Web2. In many ways, the internet we use today is very centralized and is mostly run by big companies. Web3 is a different, decentralized way of looking at the web. One that is run by its users and powered by cryptocurrency and the blockchain.
Web3 is also a catch-all term for the different projects and technologies that help build the infrastructure of a decentralized internet. Here are some examples of Web3:
Blockchain\sCryptocurrency
Nonfungible tokens (NFTs)
Decentralized Finances (DeFi)
Distributed apps (dApps)
The first sales of coins (ICOs)
Before you can understand Web3, you need a better idea of how the internet has changed over time. Depending on how old you are, you might not have even heard of Web1, the first version of the internet. Let's go back in time for a moment.
Web3 vs Web2 vs Web1
Web1: The Internet you can only read on.
The first working version of the internet was built in the late 1960s, but it wasn't made available to the public until August 6, 1991. Even though the media didn't pay much attention, it was a turning point in the history of technology and the start of what would become known as Web1.
Back in the Web1 days, the internet was an amazing new thing, but it was hard to use and search. The first search engines that were widely used didn't come out until almost 1994, and they were nothing like Google or its competitors today. Communication-wise, Web1 was also a one-way street. Users almost couldn't make their own content, which was a big change from how the internet works today, where users are more important. In those days, most people needed to know how to code or know someone who knew someone who had access to a university or corporate web server in order to add new content to the internet.
Web pages were mostly flat and one-dimensional, and many of them looked pretty dull. The website for the 1996 movie "Space Jam," which is still online and has become famous, is a good example of what the internet looked like back then.
Web2 is the "Read-Write" Internet.
Web2, which started up in late 2003 or early 2004, is the second generation of the internet. It is used all over the world. Web2 caused a big change in how people use the internet. Instead of just getting information, people became more interested in sharing it. From social networking to blogs to wikis to podcasting, everything on the Web2 is a new idea. Time magazine's choice of "You" as "Person of the Year" in 2006 was a memorable way to mark the start of the Web2 era. The cover of the issue had a mirror so readers could see themselves.
Web2 was also when big tech companies tightened their grip on the "Wild West" internet of Web1. Companies made new platforms that make it easy and free for anyone to make and share content. But I hope you read the terms of service, because if you didn't, they would own almost everything you make. Also, their information.
The "Read-Write-Own" Internet is Web3.
Web3, the next generation of the internet, is once again very different from what came before. It's not clear when Web3 started, but it's often linked to 2009, when Bitcoin and its blockchain were released. Web2 is highly centralized and controlled by governments and corporations, but Web3 is a vision of the future of the internet that gives users more power.
Web3 wants to do this by being open and decentralized, with blockchain technology at the center. Proponents say it will make the internet more open and free, giving users full control and ownership of their data, including how and where it is used. It could change the way whole industries work, like banking and finance, which use middlemen to provide services.
Putting Web3 up against Web1 and Web2
It paved the way for the internet we have now, but Web1 was mostly an experiment. The technology was there, and tech experts knew it was possible, so they put out this new thing called the World Wide Web. It was a really cool and interesting new technology, but no one knew what to do with it at the time.
Web2 came about when people started to wonder what else could be done. When Web2 came out, it changed the way people shared information. Platforms like Twitter and YouTube made it possible for anyone to publish their own content. What used to require special skills and connections is now just a few clicks of the mouse away. Corporations saw an opportunity in the rapidly growing market and claimed their territory in Web2. This made the internet more centralized.
In a way, Web1 and Web2's flaws are turned around. From a decentralization point of view, Web1 was great, but it wasn't easy to use, and it was hard to publish content. Web2, on the other hand, is almost entirely driven by content made by users, but it has become very centralized.
Web3 wants to be better than its predecessors by giving users the freedom to do more than just make content. For example, they can build apps or start whole communities that decide the future of projects they support. All while breaking down many of the walls built during the Web2 era and taking control of user data away from government and business interests.
The Web3 and Crypto
Cryptocurrency and Web3 go hand in hand, and they are often talked about together. Both of them are based on blockchain technology. For protocols like decentralized applications (dApps) to reward and motivate participants, they need crypto. Decentralized autonomous organizations, or DAOs, are another popular way to use Web3. Users must stake project tokens in order to vote on how the community is run.
The Web3 universe has a busy part called "Decentralized Finance" (DeFi). DeFi has a large ecosystem of protocols and solutions based on blockchain. This includes things like decentralized exchanges (DEXes), peer-to-peer lending, borrowing, and staking, tokenizing synthetic assets, and nonfungible tokens (NFTs), which are basically blockchain-based deeds or certificates of authenticity.
How to begin using Web3.
There are many ways to get into the Web3 world. If you own cryptocurrency, you are technically already a part of Web3. This means that, depending on the tokens you hold, you may already have access to a huge, unexplored world. You can also start utilizing Web3 in the following ways:
Use a browser for Web3.
Web3 browsers have the same features as other browsers, but they also let users connect to Web3 services and protocols. Brave, Osiris, and Opera are all well-known Web3 browsers.
Put together a Web3 wallet.
Web3 wallets let users interact with their funds on the blockchain, just like regular crypto wallets. The way they interact with Web3 features like smart contracts and NFTs is what makes them different. Most Web3 wallets are self-custody, which means you always have full control over your private keys. MetaMask, Phantom, and Trust Wallet are just a few well-known options.
Explore dApps
Decentralized apps (dApps) are public, open-source, blockchain-based apps that can run without any help from a person. They can be used with almost any Web3 wallet and cover a wide range of categories, such as gaming, finance, development, social, energy, and many others.
Join a group or DAO
Decentralized autonomous organizations, or DAOs, are groups of people who work together to move a project, protocol, or other shared goal forward. To join, all you need is some of the project's native token, but keep in mind that the weight of your vote will depend on how much you have invested. Before putting money into any project, you should always do your research.