What is Web3 and why does it matter?

The first version of the Web or Web1 consisted of a few people creating web pages for a large group of readers, allowing them to access facts, information, and content from the sources.

If Web1 was made up of a small number of people generating content for a larger audience, then Web2 is many people creating even more content for a growing audience. Web1 focused on reading whereas Web2 focuses on participating and contributing. Web2 is all about the end user's experience. Consequently, this Web form was responsible for creating communities, collaborations, dialogue, and social media. As a result, Web2 is considered the primary form of web interaction for most of today's users.

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. Web3 ultimately lets users interact, exchange information, and securely conduct financial transactions without a centralized authority or coordinator. As a result, each user becomes a content owner instead of just a content user. In an ideal Web3 future, users manage their data and use a single customized account to go from social media to email to commerce, producing a public record of all of that activity on the blockchain. The transition from Web2 to Web3 will take some time. It seems unlikely to eliminate Facebook, Twitter, or Google, etc. However, it makes sense for these Web2 firms to gradually incorporate the Web3 concepts.

Web3 is expected to make the world a better place by eliminating intermediaries and paving the way for the Internet that is equal for everyone and free from the clutches of centralized organizations. However, despite its phenomenal growth, real-life Web3 usage is still minimal and there is a need for platforms that can create quick and easy access for users to onboard Web3.

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