Web3 is a concept for the next generation of the internet that is decentralized, user-owned, and built on blockchain technology.

From Centralized to Decentralized Ownership

To understand Web3, it's helpful to look at its predecessors. Web1 (1990s) was the "read-only" internet, where users were passive consumers of content, and the web was composed of static websites. Web2 (2000s - present) is the "read-write" internet, where social media, blogs, and other interactive platforms allowed users to create content. However, this content and the user's data were owned and controlled by large, centralized companies like Google and Meta.

Web3 is the next evolution: a "read-write-own" internet. It aims to put the power back in the hands of the user by using blockchain technology to enable user ownership of their data and digital assets. This is done through concepts like NFTs, which represent ownership of unique digital items, and DAOs, which allow communities to collectively own and govern a project.

The Core Principles of Web3

The foundation of Web3 is decentralization. Unlike Web2, where data is stored on a central server, Web3 data is stored on a distributed blockchain, which makes it censorship-resistant and transparent. Other core principles include: Trustlessness, the ability to transact and interact without needing to trust a central third party; Interoperability, the ability for different blockchains and platforms to communicate with each other; and User Control, where users own their data and digital identity, which they can take with them across different applications.

The goal of Web3 is to create a more open, transparent, and fair internet for all.