What Is Web3?

Learn how Web3 is changing the way we use the internet


Discover what web3 is and how it is revolutionizing the internet (web2) and financial system

Web1

Web1 started in the 1990s.

Web1 was the age of static websites. Content creation was still in its infancy, and users did not interact with applications.

The first version of the internet, is often referred to as the “static web.”

Web1 consisted of read-only websites and offered few interactive features.

Information was difficult to find as search engines were not yet available to the average user. Google went live in 1996.

Web1 was also the beginning of online banking and trading.

Web2

Web2 was the beginning of the internet we know today.

Web2 saw interactivity, social connectivity, and user-based content.

Businesses and people created website content.

In 2005 YouTube was launched. YouTube played a large part in the web2 revolution.

With web2, users could now interact with web pages, create content, and communicate with each other.

Web3 made it possible to create, share, and comment on content instantly.

Web3

Web3 incorporates the technologies of decentralisation, crypto, tokenomics, and blockchain.

Web3 aims to be a more democratic version of web2.

Web3 is centred around the idea of ownership.

It aims to remove control from the large centralised companies and central authorities and put control back into the hands of the people. This is the definition of decentralised.

Web3 allows users to transact business peer-to-peer. This cuts out middlemen (intermediaries) and removes the power from controlling entities.

Decentralisation focuses on more user privacy, ownership, and transparency.

The combination of cryptocurrencies and blockchain allows information and money to be stored on a ledger outside the traditional system.

Some cryptocurrencies allow owners to help run the blockchain network (nodes) and be part of the governance.

You can read more articles about NFTs and crypto in the blog section of our website.

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Author:
Jonathan Titley

Founder:
spendingcrypto.com

Co-founder:
https://fomomagazine.io
(NFT industry magazine and project reviews)

Co-founder:
https://nftave.io
(NFT marketplace and educational academy)

Disclaimer:

All information in this article is for educational purposes only.

Jonathan Titley
Author: Jonathan Titley