Understanding Web3

The internet has been evolving ever since it was created, and it has been through many eras.

  • Web1 started during the 1990s, and it was a period marked by people connecting to the internet and reading what was there, but not publishing or contributing themselves.
  • Web2 came into being during the early 2000s with the rise of social media, faster internet speeds, and mobile devices. Web2 was a period marked by user generated content, targeted advertising, and corporate owned data.
  • Web3 is a new era of the internet that is currently emerging thanks to the power of blockchain technology. Web3 is marked by user-owned data, open-source software, decentralized platforms, property rights, collective action, digital money (cryptocurrencies), and interoperability.

Web3 is attempting to solve many of the problems that arose during Web1 and Web2, and it will hopefully be yet another step in the direction of a digital world that works better for more people.

Individual accounts for each website
Sign in everywhere with 1 wallet/identity
Accounts have usernames and passwords set by the user
Wallets have public addresses and private keys that are deterministic and not set by the user
User data is held and controlled by the website owner
More user data is controlled by the user themself
No digital ownership or property rights
Digital ownership and property rights
Not interoperable
Highly interoperable
Walled gardens, hard to change platforms
Open gardens, change platforms whenever you like