What is Web3? Instruction

Web3 is one of the buzzwords you keep hearing and seeing all over the internet, like NFTs and Metaverse. In general, Web3 is used to refer to all blockchain-related sectors such as NFTs, DeFi, and crypto.

To understand what Web3 is, we must first go back to the humble beginnings of the Internet with the beginnings of Web 1 and the development of Web 2.

Past: Web 1.0

Web 1.0 refers to the Internet era from 1994 to 2004. It is also commonly known as the “read-only” era because at that time the Internet consisted of static websites owned by various companies. It was the first milestone in the development of the World Wide Web.

If you weren’t around in the 90s, check out the most popular websites of that time, e.g AOL, Netscape and various other message boards. Web design was very basic, the content was static rather than interactive, and it couldn’t be shared. Consumers are also unable to produce any of their own content. But all that soon changed.

Current: Web 2.0

Web 2.0 is known as the reading era and refers to the period from 2004 to the present. With the emergence of social media platforms like Facebook, YouTube, MySpace (who remembers that?) The Internet landscape has changed from a one-way highway to an interactive world of information exchange, creation, consumption and sharing. These platforms suddenly enabled user-to-user interaction, as well as the distribution of user-generated content and new online advertising revenue models.

Like many innovations, this one came with many drawbacks. Although users can create content and use these platforms for free, they cannot own or profit from this content Generating income (such as information from companies that collect personal information and sell it to businesses for marketing purposes). Not only do users have zero control over their data, they must abide by the terms and conditions of these platforms, or they cannot use them.

Future: Web 3.0

Currently, we are in the Web2 era where the Web3 infrastructure is being built and integrated into some of our online experiences. In short, Web 3.0 is now called the read-your-own era, and it aims to give creators ownership of their content and eliminate middlemen, among other things.

Web 3.0 home by Ethereum founder Gavin Wood In the year Since the launch of Ethereum in 2014, the web as we know it has placed a lot of trust in small private companies, and we hope they always have their users’ interests at heart.

That is the main ideas of blockchain technology and Web3, which are decentralized, native payments in crypto, economic methods without the use of licenses and third parties. In 2021 Wired In the interview, Wood explained his Web3 vision as “less faith, more truth.”

We are still in the early stages of Web3, and as it is still being developed and defined, no one can predict how it will unfold. It will definitely use blockchain technology, decentralized applications and AI a lot.

It offers many benefits such as ownership of your digital assets, censorship resistance, interoperability between platforms with a single login address. However, we’re not quite there yet, as the high-quality and reliable infrastructure needed to make this happen is still being built, meaning the accessibility and user experience of many Web3 platforms is substandard. Centralized forums like Twitter, GitHub and Discord.

What are the top 3 web companies?

You might be wondering who is building the vision of Web3 and who are the most popular companies right now. There are thousands of new Web3 companies, all focused on decentralization and creating a paradigm shift in the creative and consumer economy.

Below is a list of some of the best Web3 companies in the space right now.

  • Coinbase
  • Crypto.com
  • OpenSea
  • Blockchain.com
  • Yoga Labs
  • Ginny
  • Dapper Labs
  • Immutable
  • UniswapLabs
  • sister
  • Ripple

Web3 in a nutshell

We’ve seen the web move from basic read-only content to the centric internet age where big tech companies like Meta and Google provide us with an interactive and social web, but in return we share personal information and data to use these services. Decentralized internet ecosystem and AI for the emerging Web3 era.

Learn more about NFTs and Web3 >> The Ultimate NFT Guide

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*All investment/funding opinions expressed on NFT Plazas are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should thoroughly research any product before making any investment.

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