In the latest episode of Cryptopedia, Jackson DuMont from Cointelegraph delves into the intricacies of Web3, providing a comprehensive overview of how the next generation of the internet operates. DuMont explores the fundamental aspects of Web3 and highlights its distinctions from its predecessors, Web1 and Web2.
Web1, which spanned from 1991 to 2003, marked the initial version of the internet. It consisted of static HTML web pages that were limited to read-only access with simplistic designs. DuMont characterizes Web1 users as mere “consumers of content.”
Conversely, Web2 revolutionized the internet by introducing a plethora of innovations such as images, videos, applications, games, and advertisements. The second iteration of the internet centered around the exchange of information between companies and users, culminating in the development of a centralized social ecosystem.
The term Web3 was coined by Gavin Wood, one of the founders of Ethereum, in 2014. Wood envisioned this version of the web as a decentralized and blockchain-based platform that utilizes various protocols to verify information. Web3 represents a futuristic incarnation of the internet that prioritizes decentralization and security. DuMont succinctly summarizes Web3 as a phase of the internet where users can “read, write, and own” content.
However, despite the idealistic portrayal of Web3 as a decentralized and user-owned platform, critics argue that the current implementation of the supposed third generation of the web is still centralized and controlled by venture capitalists, rather than the people. In 2021, Jack Dorsey, the co-founder and former CEO of Twitter, cautioned individuals that companies, not individuals, possess ownership over Web3. “You don’t own Web3,” he emphasized.
Notwithstanding the criticism, companies persist in investing resources and capital into the development of Web3 infrastructures. In March, Animoca Brands, a prominent player in the Web3 industry, initiated efforts to target social media giants, aiming to accelerate the advancement of an open metaverse. Moreover, investor Katie Haun recently secured $1.5 billion for a Web3 fund, underscoring the continued interest and support for Web3’s growth and potential.