Web3
To understand Web3, it makes sense to understand what came before. The first version of the Internet – known as Web 1 – arrived in the late 1990s and comprised a collection of links and homepages. Websites weren’t particularly interactive. You couldn’t do much apart from read things and publish basic content for others to read.
The Evolution of the Web
The web has evolved a lot over the years, and the applications of it today are almost unrecognizable from its most early days. The evolution of the web is often partitioned into three separate stages: Web 1.0, Web 2.0, and Web 3.0.
Core ideas of Web3
Although it’s challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.
Web3 is decentralized
instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
Web3 is permissionless
everyone has equal access to participate in Web3, and no one gets excluded.
Web3 has native payments
it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
Web3 is trustless
it operates using incentives and economic mechanisms instead of relying on trusted third-parties.
The early Web
Most people think of the Web as a continuous pillar of modern life—it was invented and has just existed since. However, the Web most of us know today is quite different from originally imagined. To understand this better, it’s helpful to break the Web’s short history into loose periods—Web 1.0 and Web 2.0.