Thread by @MercyDeGreat

What exactly is web3?

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We must first understand the meaning of web1, web2, and then web3 in order to fully understand web3.

What is Web1.0?

Web 1.0 was basically the internet's prehistoric era. It was developed from work that started in the early 1970s when the U.S.

Government started looking into protocols that would allow computers to communicate across a distributed network and lasted from 1989 to the early 2000s.

The earliest version of the internet was decentralized, which means it was built around a number of open, free protocols.

Majority of these early web protocols, such as HTTP (web), TCP (transmission), and FTP (file transfer), serve as the foundational tools of the internet we’ve become so familiar with today.

The majority of the internet at the time of Web 1.0 was made up of separate pages connected via hyperlinks. Like what we see when using the internet now, there were no additional graphics or comment sections.

Internet users were primarily just passive consumers of the content posted online. They were unable to engage with or react to their surroundings.
Hence, it was named “read-only” era.

What is Web2.0?

The easiest way to define it is as a version of the internet that makes it possible for regular people to create, distribute, and publish content online.

It was far more interactive, far more collaborative, and far more capable.

Web 2.0 is largely characterized and defined by large intermediaries.

Major platforms such as Google, Spotify, Amazon, Facebook, and other big names in Web 2.0 tech serve as centralized data aggregators.

They are the ultimate intermediaries between creators and consumers, capturing nearly all the value — in the form of data and revenue — in the process.

These centralized platforms, which primarily create value by enabling direct interactions between groups, greatly rose in popularity with Web 2.0. Currently, they dominate the global economy and are some of the most profitable and influential companies to exist.

Evidently, these Web 2.0 intermediaries hold all the power. They exclusively own all our data and dictate what we can and cannot do online, reserving the right to shut down or ban our access to platforms whenever they please and at their discretion.

Web 2.0 is a deeply flawed evolution of the internet. While we may have experienced unequivocal technology advancements, we have given up data privacy and security in the process; something we should never compromise on.

Hence, it was named “Read-Write Web” era.

Now we have arrived to the topic that started this thread

What is Web3?

Web 3.0 is an open, trustless and permissionless network that enables a future where distributed users and machines are able to interact with data, value and other counterparties via a substrate of peer-to-peer networks without the need for third parties.

Web 3.0 is built around three types of technological innovation: edge computing (brings applications closer to data sources such as IoT devices and local edge servers, speeding up response times and improving bandwidth availability),

decentralised data networks (blockchain), and AI (artificial intelligence).

Web 3.0 eliminates trusted intermediaries. There is no centralized database or entity to store the application state or the back-end logic.

With Web 3.0, businesses, people, and even machines can exchange value and information and work with global counterparties in a trustless ecosystem.

The most significant evolution enabled by Web 3.0 is the elimination of trusted third parties on a global scale. It achieves this through Blockchain and other DLTs that allow businesses and individuals to use decentralized applications (DApps).

These applications, in turn, run on a decentralized state machine maintained by anonymous nodes on the internet.

Web3 also includes technology such as Decentralized Autonomous Organizations (DAOs), Decentralized Finance (DeFi), Game Finance (GameFi) and so much more. Each of which deserves a thorough deep dive to understand the radical benefits.

All in all, these technologies aim to make the internet a more inclusive and transparent ecosystem for everyone to work and play.

I hope this thread has been useful for you in understanding what Web3 is..

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