In the latest episode of Cryptopedia, Jackson DuMont from Cointelegraph provides a comprehensive analysis of Web3 and presents an enlightening overview of how the next era of the internet functions. DuMont delves into the fundamentals of Web3 and highlights its distinctions from its predecessors, Web1 and Web2.
Web1, which spanned from 1991 to 2003, marked the initial version of the internet. It consisted of static, read-only HTML web pages with simplistic designs. DuMont characterizes Web1 users as mere “content consumers.”
On the other hand, Web2 introduced groundbreaking features such as images, videos, applications, games, and advertisements. This second phase of the internet relied on the exchange of information between companies and users, resulting in the creation of a centralized social ecosystem.
The term Web3 was coined by Gavin Wood, one of the founders of Ethereum, in 2014. Wood described this iteration of the web as decentralized and built on blockchain technology, utilizing various protocols to verify information.
With Web1 now in the past and Web2 currently dominant, Web3 paves the way for a futuristic version of the internet that is more decentralized and secure. DuMont succinctly summarizes Web3 as a phase where individuals can “read, write, and own” content on the internet.
However, despite the notion that Web3 should be decentralized and owned by the people, the current implementation of this supposed third generation of the web faces criticism for being centralized and controlled by venture capitalists rather than the general public. In 2021, Jack Dorsey, the co-founder and former CEO of Twitter, cautioned that companies, not individuals, possess ownership over Web3. He stated, “You don’t own Web3.”
Nevertheless, companies persist in constructing and investing in the development of Web3 infrastructures. In March, Animoca Brands, a prominent player in the Web3 space, initiated efforts to target social media giants with the aim of accelerating the progress of an open metaverse. Additionally, investor Katie Haun recently secured $1.5 billion for a Web3 fund, illustrating the ongoing financial commitment to the advancement of Web3.