Web3 is the third generation of the World Wide Web. This the third generation is a decentralized internet with decentralized applications or (DApps).
- Web1 – 1995 Static web page pages
- Web2 – 2004 Dynamic web and mobile application where user can add their data
- Web3 – 2018 Decentralized applications
The first was created by Tim Berners-Lee in 1989, and it used a hierarchical database model, where information would flow from servers to clients. The second generation, called web2.0, came about in the early 2000s and introduced a peer-to-peer model for sharing information.
This term was created by Tim O'Reilly in 2004.
The web2 was based on a centralized database model and a global network that allowed information to flow to and from servers.
In the web3 era, information is decentralized and no one person or organization has control over your data.
DApps are the next evolution of the web, extending the decentralized network concept to not only allow information to flow between users, but between users themselves.
DApps, being decentralized, are inherently self-regulating, and the information flow is managed by cryptographically secured smart contracts.
The web3 supports a wide variety of decentralized technologies, including Ethereum, Monero, Qtum, IPFS, and many more.