What is Web 3

Hello everyone ,

Today ill be going over web 3. Looking at what it is , and why there is a big buzz about it.

“ Web 3 ”

It simply refers to the next iteration of the internet that promotes decentralized protocols and aims to reduce dependency on large tech companies like Google, Facebook and Amazon etc.

Your probably still lost by that explanation and that’s okay , Iwas lost too when i got a simple definition , Let me elaborate further.

To better understand Web 3 you need to go back in time and walk through the evolution of the web or internet.

In 1990’s (arguibly the dawn of internet )there was the first version of the web know as web 1 :- It comprised a collection of links and homepages.Websites weren’t particularly interactive. You couldn’t do much apart from read things and publish basic content for others to read.

Then just after the internet bubble Web 2 was born , most people called this version as the interactive web meaning the user now can not only read but can write or create content. Example of this can be platform such as facebook , twitter and youtube.

Users can create content and thus causing the webpages to change etc etc.After some time though most users became worried about privacy specially about their private data being used or shared for profit.Remember most of visited sites or applications are somewhat owned by big tech and they get to decided what they can do about your etc etc

Web 3 can be understood as the “read/write/own” phase of the Internet. Rather than just using free tech platforms in exchange for our data, users can participate in the governance and operation of the protocols themselves. This means people can become participants and shareholders, not just customers or products.

Please due note that in Web 3, shares are called tokens or cryptocurrencies, and they represent ownership of decentralized networks known as blockchains. If you hold enough of these tokens, you have a say over the network. Holders of governance tokens can spend their assets to vote on the future of, say, a decentralized lending protocol.

Please note that various organizations and or companies are still on grasping this next level innovation there are no written standards yet at the time of writing this article in 11th January 2022.

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