Frequently Asked Questions (FAQ)

What is Web3? Reddit

Web3 is currently considered the decentralized web. Right now we have a centralized web - data is stored in large data centers owned by centralized businesses.

The decentralized web, in theory, would spread the data storage and computation needed for websites and websites away from those centralized sources and onto decentralized networks such as ones that would run across all computers running one of these systems. a lot of people think that Blockchain technology will be involved.

What is Web3? Youtube

According to Harvard Business Review the web has gone through two major stages web 1.0 which you may remember from the 90s.

Was largely a read-only medium that is it was a decentralized collection of static web pages you could read but you couldn't easily add your own voice.

Web 2.0 changed things up in the early 2000s taking the internet from read only to read write. You could post to your own blog, leave comments or more recently have a facebook page or twitter feed.

While web 1.0 was sprawling and disorganized 2.0 was concentrated around a few large platforms these platforms owned your posts your data and well you.

Now Web 3.0 or Web 3 as it's known promises to hand some of that ownership back through tokens and voting rights by rewiring how the web works proponents say it would create a read/write own system, built on blockchains which are shared ledgers or databases.

It would in theory be decentralized democratic and peer-to-peer he best-known example of what this might look like is cryptocurrencies including Bitcoin, Ethereum and Tether.

There are also Non-fungible tokens or NFTs which allow ownership of digital objects and distributed autonomous organizations or DAOs which help groups of people organize and make decisions instead of trading their data for free services.

Web3 users would earn tokens and cryptocoins for their online contributions like reporting bugs or validating.

What is Web3? Wikipedia

Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.

Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as Big Tech.

The term Web3 was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.