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Web3, also known as Web 3.0, is an idea for a version of distributed and based on a public blockchain. The idea gained popularity in 2020 and 2021 with interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.

Should it be treated?

It’s up to you – but being at least up to date at a high level is usually a good idea … especially if you’re technically advanced enough to be led here by where you came from or clicked on.

The evolution of the network

The network has evolved a lot over the years, and its applications today are almost unrecognizable by many Early days. Web development is usually divided into three separate stages: Web 1.0, Web 2.0 and Web 3.0.

What is Web 1.0?

Web 1.0 was the first iteration of the Internet. Most of the participants were content consumers, and the creators were usually developers who build sites that contained information submitted primarily in text or image format. Web 1.0 lasted from 1991 to 2004.
Web 1.0 includes sites that serve static content instead of dynamic HTML. Data and content were submitted from a static file system rather than a database, and the sites did not have much interactivity at all.

You can think of Web 1.0 as the read-only web.

What is Web 2.0?

Most of us have experienced mostly the internet in its current form, commonly referred to as Internet 2. You can think of web2 as the interactive and social network.

In the web2 world, you do not have to be a developer to participate in the creation process. Many apps are built in a way that easily allows anyone to be a creator.

If you want to create a thought and share it with the world, you can. If you want to upload a video and allow millions of people to see, interact with and comment on it, you can do that too.

Web2 is simple, really, and because of its simplicity more and more people around the world are becoming creators.

And now Web 3.0

In web3, developers typically do not build and deploy applications that run on a single server or store their data in a single database (usually hosted and managed by a single cloud provider).

Instead, web3 applications run on a blockchain, distributed networks of multiple nodes (servers), or a combination of the two that create Crypto-economic protocol. These applications are often referred to as dapps (distributed applications), and you will see that this term is often used in web3 space.

In order to achieve a stable and secure distributed network, the network participants (developers) receive incentives and compete to provide the highest quality services to all users of the service.

When you hear about web3, you will notice that cryptocurrencies are usually part of the conversation. This is because cryptocurrencies play a large role in many of these protocols. It provides a financial incentive (tokens) to anyone who wants to participate in the creation, management, contribution or improvement of one of the projects themselves.

These protocols may often offer a variety of different services like computing, storage, bandwidth, identity, hosting and other web services commonly provided by cloud providers in the past.

People can make a living from participating in the protocol in different ways, both at the technical level and at the non-technical level.

Service consumers typically pay for the use of the protocol, similar to how they would pay a cloud provider like AWS today. Except on web3, the money goes directly to the network participants.

In doing so, as with many forms of decentralization, you will see that unnecessary and often ineffective intermediaries are disconnected.

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