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What is Web3?

Katy, TX

At the outset, the World Wide Web (WWW) is a software platform that contains information that can be accessed via a web browser through the internet. So far, there have been three versions of the Web, each one having new specifications. This latest version of the web, Web3 or Web 3.0, makes use of blockchain technology and other technologies like Metaverse and NFTs.

Web 1.0 refers to the first stage of the World Wide Web evolution (1994-2004). Earlier, there were only a few content creators in Web 1.0 with a huge majority of users who are consumers of content. Personal web pages were common, typically consisting of static pages hosted on ISP-managed servers or free hosting providers. Some examples of Web 1.0 are MySpace and LiveJournal. The majority of these sites were personal and did not have a business standpoint to them. Web1 is also referred to as read-only web.

Web 2.0 is known as the participative social web (2004-Now). The term Web 2.0 does not refer to a change in technical specifications, but rather to the way web pages are designed and used. Using Web 2.0, users can interact and collaborate in a social media dialogue as creators of user-generated content in a virtual community. It includes apps such as Instagram, Snapchat, and YouTube. Web 2.0 extends Web 1.0's features and capabilities.

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Different Versions of the Web

Web3 refers to the idea of a next-generation internet service built on decentralized blockchain technology: the shared ledger used by cryptocurrencies like Bitcoin and Ether. Though this term has been around for a while, it has become popular in the past year or so.

The term Web3 is now synonymous with a vision of a new and better internet. Web3's core feature is that it uses blockchains, cryptocurrencies, and NFTs to return ownership of power to the users. With a decentralized identity system, you are in charge of your online identity and personal information. Web3 gives you more control over the information that is publicly available about you online and who has access to it.

Finally, Web3 still has years to go before becoming a major part of the internet.

Until then, Web3 is a word you’ll be hearing a lot in the next few years as people try to get some sense of it. Web3 will create new experiences, platforms, and money-making opportunities that crypto enthusiasts are trying to create.

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