“Web3 is being declared by cryptocurrency and blockchain boosters as a new kind of internet that will change the world”— Paul Ebeling
Web3’s name stems from Web1 or Web 1.0, the name for the original version of the internet or the Stone Age of the internet.
Web3 is the next evolution of the internet. An outgrowth of Web 2.0, it based on the idea that blockchain tech and digital tokens can foster a decentralized internet.
Web3 will allow sites and services to exist across decentralized computer networks and rely on blockchain technology to validate user data. The people who actually use sites and apps would own them. Participate in an online community enough, and you will get a piece of it in the form of a digital token. Consumers, rather than a large corporation, will govern the service.
Web3 is not some new version of the internet we will have to pack up and move to. It is a growth of the current internet. And it will be a gradual transition that we hardly notice.
And while there’s the potential for innovative changes like giving people more control over the services they visit the most, we do not expect the Utopian paradise Web3 boosters promise.
The internet will change, but it has been changing this entire time since it inception.
Have a happy prosperous Holiday week, Keep the Faith!