Web3 has the potential to disrupt pretty much everything we know about life online and who controls it. But as with any technology that’s rapidly evolving, it can be hard to separate the facts from the wishful thinking. So if you’ve struggled to get your head around the web3 hype – or wonder why web3 matters – this article is for you.
First up, what is web 3.0?
Web3 or web 3.0 is basically the next iteration of the Internet. It follows on from the previous two evolutionary phases of the Internet, i.e., web1 (or web 1.0), the birth of the internet we all know and love, and then web2 (aka web 2.0), the more interactive, user-generated, social media-driven web that exploded over the last decade.
Web3 represents the next big evolutionary leap forward of the Internet – a leap that’s driven by blockchain, NFTs, and cryptocurrency. But perhaps the biggest defining feature of web3 is decentralization, which brings us to our first reason why you should care about web3.
In the decentralized web3 era, internet users will have more control
That’s the idea, anyway. Because web3 represents a decentralized internet, as opposed to today’s highly centralized Internet. If you think about it, most of the sites we use today are owned by major corporations (like Meta, Google, and Amazon) and – to some extent – are controlled by government regulations. Power is centralized.
Web1 and web2 evolved this way because the infrastructure required to build and run the Internet is expensive, and someone has to pay for it! These powerful corporations earn back their investment (and, let’s be honest, a lot more on top) either by charging us to use their services or by harvesting and using (often selling) our extremely valuable personal data. Web3 and the decentralized internet promise to change all this, or at least ensure that centralization isn't the only way forward. How is this possible? Because web3 platforms are powered largely by token-based economics and blockchain-based infrastructures – where, typically, no one central authority is in charge, and users can transact and interact without third-party intervention.
Continue reading: https://www.forbes.com/sites/bernar...y-you-should-care-about-web3/?sh=51dabb1a1502