What is Web3 ? And How does it Differ from Web2 and Web1 ?

Web3 is an ongoing project to help address this dilemma. It embraces a decentralized internet — an internet that is built, maintained and operated by its users — as opposed to being monopolized by a few big companies.

Quick Facts

  • The term Web3 was originally coined in 2014 by Gavin Wood, co founder of Ethereum & later founder of Polkadot
  • Web3 interest started exploding into the mainstream somewhere around Sep-Oct 2021 — as is seen in the Google Search Trends for the term Web3.
  • 65% of all Web3 developers joined in 2021 alone, and over 20% joined Ethereum

The journey from Web1 — Web2 — Web3

Evolution of the World Wide Web

WEB 1.0 — THE READ-ONLY WEB

WEB 2.0 — THE READ-WRITE WEB

WEB 3.0 — THE READ-WRITE-OWN WEB

  1. Web3 is trustless — third party trust is replaced by economic incentives
  2. Web3 is permissionless and everyone gets equal access to participate in the web
  3. Web3 is decentralized wherein ownership is distributed amongst the builders and users, instead of being concentrated in the hands of a few
  4. Web3 has native payments in the form of cryptocurrency and does not rely on traditional financial architecture of banks and payment processors

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Genesis Shards

Genesis Shards

2.6K Followers

Transforming NFTs into a liquidity vehicle for Pre-IDO tokens and a whole new suite of DeFi products across multiple blockchains.