Web3 – A new paradigm for the internet.

The internet is undoubtedly the most significant technological development in human history. Although the industry has progressed immensely since its inception, its possibilities are still being realized.

In the wake of Web1 and Web2, Web3 is the next major turnaround of the Internet; one in which users take back control from the centralized corporations that currently dominate the existing web. From the static web in Web 1.0, and the dynamic collaborative Web 2.0, the internet is entering its next large-scale swap.

Why is Web3 Relevant

The idea of Web3, a decentralized, open, and inter-connected network, was born with the purpose of having a human-centered internet. An internet that would be safer, fairer, and more transparent web.

Contrast between Web2 & Web3.

Web 2.0 from 2004 till now, is the second stage of the World Wide Web revolution, usually referred to as the read-write web. Emphasis was on user-generated content, ease of use, participatory culture, and interoperability. Web 2.0 brought about a fundamental shift, where people could share their perspectives, opinions, thoughts, and experiences through a variety of online tools and platforms.

Web3 consists of open trustless networks built with open-source technologies fueled by token economies.

It will get the hang of open, trustless, and permissionless networks.

‘Open’ because they live on open-source software by an open community of developers.

‘Trustless’ because the network allows participants to interact without a trusted third party.

‘Permission less’ because anyone can take part without authorization from a central authority.

It is also important to note that while the drive of Web2 was the arrival of mobile, social, and cloud, Web3 was born by the arrival of edge computing, decentralized data networks, and artificial intelligence.

Like Web2, Web3 wants to make the Internet more inclusive but, in contrast, take control away from big corporations like Facebook, Google, and Amazon. It aims to do this by decentralizing the Internet.

Web3 is simply the Internet that belongs to everyone.