If you follow cryptocurrencies, you will have noticed the term web3 coming to prominence. Sometimes web3 is simply applied as a convenient synonym for cryptocurrency and works as a kind of rebranding. If crypto doesn’t hold the nuance your project is hoping to carry, then switch to web3 instead, which sounds more respectable and less risky.
However, applied more accurately, web3 has a distinct, specific meaning, and if we transition into web3, then new, crypto-native tech ventures may step up and play important roles.
What Exactly Is Web3?
The web3 descriptor refers to a proposed next iteration of the web which is in the process of being developed. Web1, the earliest version of the web, was for the most part read-only.
Web 2 followed and was allowed for reading and writing, or content creation. This is what we have now, whereby anyone (or in reality, anyone granted permission) can create blog posts, upload videos to YouTube, or post social media content, and users can establish their own online presence.
Web3 is similar to web2 but allows for ownership. Instead of relying on gated applications which, ultimately, control our content, on web3 we have ownership of our own digital property. Web3 utilizes blockchain
