Web3 – also known as “Web 3.0” or “Web 3” is a term that has become increasingly popular as the evolution of the Internet advances with digital assets. The term itself describes the next generation of the Internet that allows users to participate beyond reading, enabled by Web 1, and writing, enabled by Web 2. For example, in the 1990’s, Web 1 was comprised mostly of a collection of links and homepages that were readable but not particularly interactive. In 2004, the next version of the Internet, Web 2 allowed people to not only read content but also create their own and publish it through blogs and social media channels. As people became better informed on how their personal data was collected and used by the publishing and social media platforms, a greater need arose for more privacy, ownership, and control of individual information and content. Therefore, Web3 is emerging as the next iteration of the Internet that aims to reduce dependency on large technology companies through the use of decentralized protocols.[1]
