What is Web3? Understanding the Latest Version of the Internet

Web3 is the latest version of the internet, and it builds on the previous versions. In this blog post, we’ll answer the question “What is Web3?” and explain what changes we can expect to see. We’ll also cover how the internet has evolved so far and what trends we can expect to see in the Web3 environment.

Web1.0 and Web2.0: Previous Versions of the Internet

The first version of the internet was called Web 1.0, which lasted from 1989 to the early 2000s. It was a read-only web that was intended to share information. The second version of the internet, called Web 2.0, is what we use today. It allows people to interact with what they see online through comment sections, social media, and more. Information can be stored in cloud storage and viewed on various devices, including tablets, mobile phones, and computers.

Web3: Read-Write-Own Version of the Internet

Web3 is considered the read-write-own or read-write-execute version of the internet. It builds off the previous generations and adds to them. Web3 is about decentralization, privacy, machine learning, and safety. Decentralization makes online communities owned by everyone, with transparent information sharing. Information will be freely shared and stored in many locations, and everything will be shared by DAOs (Decentralized Autonomous Organizations). DAOs are groups built for one purpose, community run, relying on each member within the DAO to work in the best interest of reaching a common goal.

Blockchain: Transparent Ownership Registration

Blockchain is considered a pivotal part of decentralization. Ownership of things on the internet will be registered on the blockchain, which is a transparent and publicly accessible data system that allows anybody to see what goes on in it. Personal identity isn’t revealed unless users decide to share their real identity by tying their blockchain wallets (think of this as your Web 3.0 ID) to their personal information.

Encryption and Machine Learning: Contextualizing Information

Encryption is another part of Web3. It basically ensures that no one can access data except for the intended parties. Machine learning is another part of the Web3 puzzle. It’s about contextualizing information much like the human brain. Beyond just knowing what the information is, the AI would understand the meaning and emotion behind the information, serving it up to humans in a more intelligent way than search engines do today.

In conclusion, Web3 is the latest version of the internet, and it builds on the previous versions. It’s about decentralization, privacy, machine learning, and safety. Web3 will eventually shape what the metaverse is and how we shop, and it will keep our data more secure. Decentralization, privacy, blockchain, encryption, and machine learning are some trends we are already seeing that will shape the Web3 environment.