Brief Introduction to Blockchain and Web3 Terminology
You may be familiar with the term “blockchain” in reference to cryptocurrency, but blockchain has many other meanings as well. The blockchain is a decentralized ledger that can be used to keep track of digital information. The decentralized ledger indicates that there is no central authority, which means the data is more trustworthy. You are in control of your own data.
A Web3 term coined by Ethereum’s cofounder is what blockchain enthusiasts call “the next phase of the internet.” The future is here, and it's all thanks to Web3. This idea for a new iteration of the World Wide Web based on blockchain technology is a concept such as decentralization incorporated into business life, featuring token-based economics. This supports Web3 payments via cryptocurrency, in which money can be sent from one wallet to another by using an open-source protocol rather than a financial institution.
If we are talking about Web3, we need to be aware of what was in Web1 and Web2 for a general understanding of web technologies. So, a little historical reference would be nice too — just a short one, because I appreciate your time. And if you know all about Web1 and Web2, just scroll to the next section.
Web1 was a time when the internet tried to replicate existing media, but it had some limitations. It's also called "read" because people could only view static pages of information, which needed to be downloaded in order to view them. It was a far cry from today’s dynamic websites where content changes constantly on demand and users can do more than just read emails or articles.
In about the year 2004, the next type of internet emerged, called Web2. This "read/write" Web2 began with people being able to upload content as well download it. Even so, Web2 is often referred to within media circles by critics, who point out its negative effects on society because there is no control over what someone else might put in your feed or on social platforms like Facebook. These types of social networks made us more vulnerable than ever before, while also encouraging false rumors.