In recent years, the news has been dominated by the explosive expansion of cryptocurrencies and virtual non-fungible tokens. Few people, however, are aware of the connections between these cutting-edge applications and a larger concept known as Web3, which some have dubbed the next generation of the internet.
This popular (and, to be honest, hazy) term is surrounded by a lot of misunderstandings, one of which being the confusion between Web3 and Web 3.0. Anything you need to know about these terms is provided below.
Since Web3 is still a young trend, there isn’t a consensus among experts on what it means. Web3 is intended to be a “decentralized online environment” that will enable users to elude internet gatekeepers and maintain control over their data.
Blockchain would be used to do this; instead of relying on a single server and centralized databases.By ushering in the “token economy,” Web3’s blockchain-based architecture would open up enticing possibilities. The token economy would give users tokens in exchange for their online interactions, allowing users to make money off of their data. Users may receive perks or benefits from these tokens, like as ownership stakes in content platforms or voting privileges in online communities.
It is helpful to take a step back and consider how the internet evolved to become what it is today in order to comprehend Web3.
The world wide web, which allowed individuals to hyperlink static pages of content on websites accessible through internet browsers, is credited to computer scientist Tim Berners-Lee for being created in 1989.
Berners-Lee was looking on more effective strategies for information sharing between researchers at various institutions. He started the world’s first website, which provided instructions on using the internet.
