Web3
Web3 refers to a proposed new decentralized web architecture built upon blockchains and related technologies such as cryptocurrencies to deliver a paradigm shift in the world wide web.[1] The original concept and naming of Web3 came about in 2014 from Gavin Wood, a co-founder of Ethereum, who saw the blockchain as the key for a new, decentralized, and democratic web. [2] Proponents of Web3 claim that the current state of the web (Known as Web2 or Web 2.0) is too centralized with massive organizations having total control of platforms necessary for daily life. [3] However, some high-profile figures in the tech industry have pointed out flaws in Web3. In December of 2021, Jack Dorsey, founder of Twitter and Square, argued "You don't own 'web3'. The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralized entity with a different label." [4] via Twitter.
Evolution of the Web
Beginning in 1989 and throughout the 1990s, the majority of content online was static with little to no interactivity from the user's perspective. [1] [5]As an information delivery system, the web at this time encouraged the growth of some modern tech-giants including Yahoo, Google, and Amazon to help web users sift through content online to find the most relevant information or products. [5] Due to its status as the first iteration of the modern, world wide web, this architectural styling of the web has is now defined as Web 1.0. [1] [5]- ↑ 1.0 1.1 1.2 Congressional Research Service. (2022). Web3: A Proposed Blockchain-Based, Decentralized Web (IF12075). Retrieved from https://crsreports.congress.gov/product/pdf/IF/IF12075/2
- ↑ Kharpal, A. (2022, April 19). What is 'Web3'? Here's the vision for the future of the internet from the man who coined the phrase. CNBC. Retrieved January 26, 2023, from https://www.cnbc.com/2022/04/20/what-is-web3-gavin-wood-who-invented-the-word-gives-his-vision.html
- ↑ Wood, G. (2018, September 12). Why We Need Web 3.0. Retrieved January 26, 2023, from https://gavofyork.medium.com/why-we-need-web-3-0-5da4f2bf95ab.
- ↑ Dorsey, J.[@jack]. (2021, December 20). You don’t own “web3.” The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into… [Tweet]. Twitter. https://twitter.com/jack/status/1473139010197508098?
- ↑ 5.0 5.1 5.2 Wassamer, S. (2022, September 26). Web3: More Than Just The Metaverse. Forbes. Retrieved January 26, 2023, from https://www.forbes.com/sites/forbesbusinesscouncil/2022/09/26/web3-more-than-just-the-metaverse/?sh=126f252079ab.
