What is the difference between Web2 Vs. Web3?
Web2 vs. Web3 What is Web3 and why is it a big deal?
The Internet has fundamentally altered the world as we know it. This is not a controversial statement - the Internet changed everything. Find an issue or topic that you care about today and - whether it's economic, political, or social, - a quick Google search will show that the Internet has fundamentally reshaped or transformed that issue.
As the internet evolved over the past 25 years, it changed everything - financial markets, culture, elections, everything. There are so few exceptions to this rule that it might as well be a law of nature.
Web1 era: In the early years of the Internet, we had eMail, blogs, search engines and basic websites. All services were centralized and controlled by corporations and entities. We'll call this era as the
Web2 era: Over time, the Internet evolved and became more sophisticated with social media, ecommerce, online banking, and other services. We'll call this the Web2 era. Even though Web2 has remained somewhat "free" yet it is corrupted as it is centralized and controlled by mega-corporations who control social media, search engines, instant messaging services, video streaming services and even storage servers (data centers). You probably see this in your life when you try to purchase a bus, train, or airline ticket. All of your searches are logged, sold, and manipulated against you. The Internet is yours to use, but you are not its master. Individuals around the world face even greater challenges, specifically in countries where the Internet is partially walled, restricted, or blocked entirely.
The hallmark trait of the Internet was the democratization of information, yet today, information is increasingly unreliable, often censured, siloed, and in some instances downright harmful. Fake accounts controlled by bots are manipulating children. Realistic human faces created by AI will create even larger problems for society through deep fakes and identity theft. The human condition for virality has given rise to digital viruses - false news stories - that travel six times faster than true news stories. This trend has extreme implications.
Arrival of Web3: Web 3.0 is a paradigm shift towards a more democratized Internet because Web3 is decentralized Internet. Web3 manifests through new technologies, such as blockchains, encryption for privacy, public ledger for transparency, immutability of transactions, peer-to-peer networks, crypto tokens, crypto currencies, virtual and augmented reality, decentralized finance (DeFi), Artificial Intelligence, and more.
Empowered by these new technologies, the Web3 movement is spearheaded by a shift in how we, the 'collective', view and value the Internet. Web3 is about creating an Internet that works for the people, owned by the people and not owned by any corporation or entity.
Web3 is an internet that is open for all users, built on open protocols and transparent blockchain networks. Web3 is about re-architecting the existing services and products of the Internet so that they benefit people rather than entities.