What is Web 3

introduction of the internet, there have been a lot of changes which help in improving the quality of this invention. There was a time when the user of the internet didn't participate in the interactions carried out on the internet, and we are in a time when users can interact on the internet but cannot control it.

Web3 is a better version of the internet that seeks to give power back to the users and its core values are based on blockchain and cryptocurrency technology. These are the basic things you need to learn about Web3, the technologies it was built on, and why it is important to all internet users.

What Is Web3?

Web3 is the term that was coined by Ethereum co-founder Gavin Wood to describe a better version of the internet. The major aim of Web3 is to give back the internet power to the users instead of companies. To achieve this, Web 3 makes use of blockchain and cryptocurrency technology to create a form of ownership. The best way to describe the change that Web3 will make is to take a look at the past and present internet era.

Web1 was just a read-only internet where users had no contribution or interaction. The Web2 which is what we are using presently is a read-write form of the internet where individuals can interact and contribute to the internet. Web3 is a Read-Write-Own form of the internet where individuals can read, interact, and have some form of ownership on the internet.

Core Ideas Of Web3

Although it is quite hard to have a standard or rigid definition of "what is Web3", you can still make out what it stands for through the idea and protocols on which it is built on. Here are the core ideas of Web3 on which it is built:

Web3 is built on the idea that everyone is entitled to make use of the internet and no one should be excluded.

Both Web1 and Web2 operate on a centralized form where big companies and firms control the internet. The idea of Web3 is to distribute the ownership of the internet among the users and its builders.

One cannot deny the fact that the financial industry is heading towards cryptocurrency and many top companies including Tesla are now accepting payments in crypto. Web3 makes use of cryptocurrencies to make payments instead of using the old banking and third-party system which is getting outdated. This is one of the biggest benefits of Web3.

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