Let’s talk about the new version of the internet
The term “Web 3.0 or Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts and large tech companies.
Web3 is still evolving and being defined, as such, there is not an established and universally accepted definition. Yet, Packy McCormick, an investor who helped disseminate Web3, has defined it as “the internet owned by the builders and users, orchestrated with tokens.”
The concept of Web3 can be both puzzling and vague, and to help provide an understanding, here is a quick review of the evolution of the internet over the years:
Web 1.0 — The Static Web (around 1990–2005). It was made of read-only webpages that, by and large, lacked much in the way of interactive features. Content generation was limited, and information was hard to find.
Web 2.0 — The Dynamic Web ( from around 2004 ). Made of new software applications built on the web. Most of the value is generated from companies such as Google, Apple, Amazon, and Facebook.
The vision of Web3 tends to be a more democratic version of today’s online and digital works, where Web3platforms could give creators and users a way to monetize their activity and contributions. For example, PIXIE a crypto version of TikTok or Instagram, rewards all social interactions with cryptocurrency PIX, which is called “social content mining.
There are many different paths to the evolution of Web3, but industry opinion leaders often suggest the following characteristics to help define Web3:
- Semantic Web: Enhanced web technologies that allow users to create, and share a link material through search and analysis. The search and analysis capabilities with Web3 would focus more on understanding the meaning of words and the context behind them.
- Decentralized: Unlike Web 1.0 and Web 2.0, where governance and application were largely centralized (think about Facebook/Meta), Web3 will be decentralized, with…