Web3 is an idea about the next generation of the internet in which ownership and control shift from large companies to users. The name comes from comparing three eras of the internet.
Three generations of the internet#
- Web1: mostly read-only; static pages that users simply read
- Web2: social networks and platforms; users create content, but the platform owns the data and the control
- Web3: an attempt at user ownership through blockchain, wallets, and tokens
Examples#
Instead of signing in with a Google account, you sign in with a wallet. Instead of a game keeping your items on its own server, the items sit in your wallet as NFTs. Communities can also be run through DAOs.
Example comparison#
It is like the difference between renting a house (Web2, where the landlord can change the rules at any time) and owning a house (Web3, where you have more freedom, but the responsibility for upkeep is also yours).
Criticisms and warnings#
- Many "Web3" projects in practice still depend on centralized servers and companies
- The user experience is complicated, and a small mistake can lead to a loss of assets
- The label is sometimes just a marketing slogan
- The Web3 space is full of fake projects and scams
Web3 has no single official definition, so claims made about it should be viewed critically.