If its advocates are to be believed, web3 is freedom, democracy, and ownership — an idealistic version of the web built for users. Theoretically, they're not wrong. Web3 is still in development, a few years away from being usable. Web3 could be this massive overhaul of how we engage with the web and each other. It could just as easily be an overhyped platform for decentralized finance and trading NFTs.
We won't know exactly what web3 will turn out to be for a few years. However, we can take a look at the principles that drive web3 development to piece together an understanding of what web3 might look like.
What is web3?
The term web3, also written out as web 3.0, was originally conceived of in 2014 by computer scientist and ethereum co-creator Gavin Wood in a post on his blog, "Insights into a Modern World." He dubbed it a "post-Snowden" web — Edward Snowden and data privacy had hit headlines the previous year. It is a new, decentralized iteration of the web that runs on blockchain technology.
As we were reexamining our assumptions about the privacy of our personal information and our online activity, Wood writes that "we engineer the system to mathematically enforce our prior assumptions, since no government or organization [sic] can reasonably be trusted." Essentially, under web3, we know exactly what's happening with our data.
Continue reading: https://www.businessinsider.com/personal-finance/what-is-web3
We won't know exactly what web3 will turn out to be for a few years. However, we can take a look at the principles that drive web3 development to piece together an understanding of what web3 might look like.
What is web3?
The term web3, also written out as web 3.0, was originally conceived of in 2014 by computer scientist and ethereum co-creator Gavin Wood in a post on his blog, "Insights into a Modern World." He dubbed it a "post-Snowden" web — Edward Snowden and data privacy had hit headlines the previous year. It is a new, decentralized iteration of the web that runs on blockchain technology.
As we were reexamining our assumptions about the privacy of our personal information and our online activity, Wood writes that "we engineer the system to mathematically enforce our prior assumptions, since no government or organization [sic] can reasonably be trusted." Essentially, under web3, we know exactly what's happening with our data.
Continue reading: https://www.businessinsider.com/personal-finance/what-is-web3
