What Is Web3?
* The term 'Web3' is given to a new and upcoming phase of the World Wide Web
* Some say it will shift the power balance from big tech companies like Google
* But others believe it could compromise privacy due to a lack of governance
"The World Wide Web could be on the brink of one of the biggest changes in its history as it enters its third 'era', known as 'Web3'.
According to experts, Web3 is a new stage of evolution of the web, incorporating blockchains, digital currencies, non-fungible tokens (NFTs) and user-owned content.
Some see Web3 as a fairer version of the web that's not dominated by big tech companies, where users don't have to hand over their personal data.
But others have concerns about the safety of Web3, due to issues around censorship, extremism, privacy and security, and a lack of governance.
Whether Web3 is has already arrived is up for debate; although cryptocurrencies, blockchain and NFTs already exist, they are yet to achieve mainstream adoption."
Full Article @ https://www.dailymail.co.uk/sciencetech ... ernet.html
Background
"Main articles: History of the World Wide Web and Web 2.0
Web 1.0 and Web 2.0 refer to eras in the history of the World Wide Web as it evolved through various technologies and formats. Web 1.0 refers roughly to the period from 1991 to 2004, where most sites consisted of static pages, and the vast majority of users were consumers, not producers, of content.[14][15] Web 2.0 is based around the idea of "the web as platform"[16] and centers on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services.[17] Web 2.0 is generally considered to have begun around 2004 and continues to the current day.[16][18][5]"
Concept
"Specific visions for Web3 differ, and the term has been described by Bloomberg as "hazy", but they revolve around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs).[5] Bloomberg has described Web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online".[23] A policy brief published by the Bennett Institute for Public Policy at the University of Cambridge defined Web3 as "the putative next generation of the web’s technical, legal, and payments infrastructure—including blockchain, smart contracts and cryptocurrencies."[24] According to Liu, Zhuotao, et al (2021), three fundamental architectural enablers of Web3 were identified as a combination of decentralized or federated platforms, secured interoperability, and verifiable computing through distributed ledger technologies.[25]
Some visions are based around the concept of decentralized autonomous organizations (DAOs).[26] Decentralized finance (DeFi) is another key concept; in it, users exchange currency without bank or government involvement.[5] Self-sovereign identity allows users to identify themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in order to assess identity.[27] Technology scholars have argued that Web3 would likely run in tandem with Web 2.0 sites, with Web 2.0 sites likely adopting Web3 technologies in order to keep their services relevant.[28]"
Taken From: - https://en.wikipedia.org/wiki/Web3
