Web3 (or Web 3.0) will revolutionize the way we use the internet by incorporating decentralization through blockchain technology. Some believe it will change the internet in the same way that Bitcoin (BTC) and other cryptocurrencies changed the financial paradigm. To understand Web3, it is helpful to understand Web1 and Web2:
Web1 (or Web 1.0) was what we now call the early days of the Internet. Web1 allows you to use Internet content, but nothing more. Internet sites are static and non-interactive; you can only send simple one-way messages or emails. Companies started building their own websites, but mostly as glorified press releases; it wasn't the way to interact with the public.
In this way, you can compare Web1 to physical newspapers. Made of paper and ink, you are just a content consumer. There's no transparency into an article's popularity or who's reading it -- and you can't interact with other readers.
Web2 (or Web 2.0) is what most people simply think of as the current Internet. Web2 is interactive, allowing you to create your own content, comment on and react to content, and interact with other users. This enables the creation of social media networks and other interactive sites such as Facebook, Twitter, Reddit, etc. Using our previous comparison, you can think of Web2 as our newspaper migrating to a website that allows you to interact in ways that were not possible before.
Web3 is a response to concerns about personal data use and internet privacy. In Web2, user data is primarily controlled by major social media platforms, web browsers, and websites. Instead, Web3 aims to be a more transparent and censorship-resistant version of the internet. It's more democratic than its Web2 predecessor, giving people control over Internet architecture and user data.
Combining blockchain- based protocols with artificial intelligence,
did you know? Web3 is a decentralized version of the internet that allows users to own their own data.
Beyond that, Web3 embraces the spirit of encryption and is designed to be permissionless (no centralized gatekeeper), trustless (no need to trust third parties), and open to all (little to no censorship of individuals/ideas).
NFTs and Web3
Non-fungible tokens ( NFTs ) share many blockchain characteristics that make them useful and integrate with Web3. As unique blockchain tokens, NFTs allow you to transparently provide proof of ownership of digital art, music, data, in-game assets, personal records, and more.
Some social media platforms now have NFT verification systems that allow you to use a crypto wallet to prove NFT ownership - and use it as your profile picture (PFP). Among other things, NFTs allow you to control your digital identity and can also grant you membership and voting rights. For example, NFTs with voting rights could allow you to vote on where charity funds go, how the blockchain works, and even change the characteristics of the NFT platform itself (such as which artists are featured and what fees are charged).
did you know? NFT use cases keep expanding; you can even use them to create Web3 website domains
When you register or sell a Web2 address (such as "examplezyx.com"), you typically pay a third party to provide these services. Web2 uses a central database called Domain Name Service (DNS). Decentralized Web3 domain options, such as Cryptographic Name Service (CNS) and Ethereum Name Service (ENS), allow you to link your domain to a crypto wallet to accept cryptocurrencies. You can even trade your Web3 domains on the NFT marketplace - just like any other NFT.
The growing intertwining between NFTs and Web3 is expanding what's possible on the internet through the promise of decentralization. NFTs and cryptocurrency usage on the internet may become ubiquitous to take advantage of the aforementioned possibilities – and untapped solutions that will make the transition from Web2 to Web3 more compelling than the migration from Web1 to Web2 Attention.