Fans of Web3 technology say it will revolutionize the internet, ushering in a new, decentralized phase of the web run by normal people instead of massive platforms like Facebook or Google.
But as the concept has gained fire over the past year, tech giants have taken notice — and want in.
Meta, which owns Instagram and Facebook, filed multiple trademark applications for Web3 software late last month. Spotify wants Web3 experts. Microsoft is backing Web3-based startups.
But first, what exactly is Web3?
Decentralization of the internet
Web3 is all about decentralization — it aims to give users more control over their data.
Theorists say the web was once a more open place. It was run by real people who built their own websites. These sites were read-only, so data flowed from the site to the user — this was Web1.
Big technology companies like Facebook and Google created a new iteration of the web. Their clickable, shareable, highly interactive platforms molded the internet as we know it today — Web2.
Now our interactions with the web generate vital intelligence about online behavior in the form of data. Companies use this information to make new platforms and generate targeted ads. They also sell it to third parties. Theorists say this creates an environment where users have little to no autonomy over where their data goes.
The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, but only entered public consciousness last year when it started gaining traction in Twitter and Discord communities.
This online buzz has ushered in a new moment for Web3-focused investment. Companies catered toward Web3 projects closed funding rounds with Softbank Vision Fund 2 and Microsoft. a16z, an early investor in Facebook, also promised to raise $1 billion for Web3 seed investments.
Some say this influx of Big Tech money leaves an uncomfortable stain on the Web3 dream.
"They change the nature of it and remove some of the larger ideological parts such as autonomy and self-sovereignty," said Web3 ethicist Kai Morris in an interview with DW.
Continue reading: https://www.dw.com/en/web3-what-is-it/a-61362914
But as the concept has gained fire over the past year, tech giants have taken notice — and want in.
Meta, which owns Instagram and Facebook, filed multiple trademark applications for Web3 software late last month. Spotify wants Web3 experts. Microsoft is backing Web3-based startups.
But first, what exactly is Web3?
Decentralization of the internet
Web3 is all about decentralization — it aims to give users more control over their data.
Theorists say the web was once a more open place. It was run by real people who built their own websites. These sites were read-only, so data flowed from the site to the user — this was Web1.
Big technology companies like Facebook and Google created a new iteration of the web. Their clickable, shareable, highly interactive platforms molded the internet as we know it today — Web2.
Now our interactions with the web generate vital intelligence about online behavior in the form of data. Companies use this information to make new platforms and generate targeted ads. They also sell it to third parties. Theorists say this creates an environment where users have little to no autonomy over where their data goes.
The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, but only entered public consciousness last year when it started gaining traction in Twitter and Discord communities.
This online buzz has ushered in a new moment for Web3-focused investment. Companies catered toward Web3 projects closed funding rounds with Softbank Vision Fund 2 and Microsoft. a16z, an early investor in Facebook, also promised to raise $1 billion for Web3 seed investments.
Some say this influx of Big Tech money leaves an uncomfortable stain on the Web3 dream.
"They change the nature of it and remove some of the larger ideological parts such as autonomy and self-sovereignty," said Web3 ethicist Kai Morris in an interview with DW.
Continue reading: https://www.dw.com/en/web3-what-is-it/a-61362914
