Web 3.0
Web3 (also known as Web 3.0and sometimes stylized as web3) is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
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 websites were static webpages, and the vast majority of users were consumers, not producers, of content. Web 2.0 is based around the idea of "the web as platform" and centers on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services. Web 2.0 is generally considered to have begun around 2004 and continues to the current day. In 2006, Berners-Lee described the semantic web as a component of Web 3.0, which is different than the term Web3 in blockchain contexts
Decentralized finance (DeFi) is another key concept; in it, users exchange currency without bank or government involvement. 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. Web3 could improve data security, scalability, and privacy beyond what is currently possible with Web 2.0 platforms.
Some legal scholars quoted by The Conversation have expressed concerns over the difficulty of regulating a decentralized web, which they reported might make it more difficult to prevent cybercrime, online harassment, hate speech, and the dissemination of child abuse images
Moxie Marlinspike, creator of Signal, articulated how Web3 is not as decentralized as it appears to be, mainly due to consolidation in the cryptocurrency field, including in blockchain application programming interfaces which is currently mainly controlled by the companies Alchemy and Infura, cryptocurrency exchanges which is mainly dominated by Binance, Coinbase, MetaMask, and OpenSea, and the stablecoin market which is currently dominated by Tether. Marlinspike also remarked that the new web resembles the old web
- Official website for Web3 Foundation
- Web3 Is Going Just Great (compendium of negative Web3 incidents)
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