Exploring Web3: The Decentralized Future of the Internet

Module Overview: In this module, we will delve into the concept of "web3" and its significance. To understand web3, it is helpful to contrast it with previous internet paradigms, namely web1 and web2.

Web1 (1980s - early 2000s): Web1 marked the initial phase of the Internet, focused on delivering online content and information to consumers. It was predominantly static, allowing users to only read and access information. Notable examples of web1 include Internet Explorer, Yahoo, and Netscape. Although it lacked interactivity, web1 was built on open protocols, ensuring equal access and adherence to common rules for all entities operating on the Internet.

What is Web2? Web2 represents the current version of the internet that most of us use today. Unlike web1, web2 introduced interactivity and enabled users to consume, interact with, and create content online. This shift led to a more dynamic and participatory web experience. Companies like Apple, Amazon, Facebook, and Google emerged as dominant players in the web2 era. However, this concentration of power raised concerns about control, privacy, and security issues for users.

The Problem with Web2: Web2's centralized structure allowed tech giants to exert control over the internet. They imposed restrictions, such as Apple's 30% commission on app downloads, and the ability of platforms like Twitter and Facebook to de-platform influential figures. Additionally, web2 witnessed numerous data breaches, compromising users' privacy and security, and leaving them vulnerable to identity theft and personal attacks.

What is Web3? Web3 represents the future of the internet, characterized by decentralization. In the web3 world, the Internet is shared and governed collectively rather than being owned by centralized entities. Open-source protocols form the foundation of web3, aiming to prioritize the benefits of individuals over corporations. Web3 enhances the existing web by making it decentralized, distributed, open, trustless, and permissionless.

Web3 applications are designed to operate in a decentralized and distributed manner, with open-source software developed and executed transparently. Trustless interactions are facilitated, eliminating the need for a central authority. Furthermore, web3 enables permissionless participation, allowing anyone to engage without requiring authorization from a governing body.

Summary: Web1 was a read-only web, while web2 introduced read-write capabilities, enabling user interaction. Web3 takes this a step further, empowering users to have ownership and control over their online experiences. It promotes decentralization, open-source development, and trustless interactions, shaping a more inclusive and user-centric internet.

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