Let’s first understand what is web1 and web2?
Web1, in the traditional telling, refers to the internet of the 1990s and early 2000s. It was the internet of blogs, message boards, and early portals like AOL and CompuServe. Most of what people did on web1 was passively read static web pages, and much of it was built using “open protocols” like HTTP, SMTP and FTP.
Web2 was the next phase of the internet, starting around 2005 or so — the one characterized by social media behemoths like Facebook, Twitter and YouTube. In web2, people began creating and posting their own content, actively participating in the internet rather than passively reading it.
I’m hearing “web3” all over the place – what is it?
Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies like Bitcoin and Ether.
Proponents envision web3 taking many forms, including decentralized social networks, “play-to-earn” video games that reward players with crypto tokens, and NFT platforms that allow people to buy and sell fragments of digital culture. The more idealistic ones say that web3 will transform the internet as we know it, upending traditional gatekeepers and ushering in a new, middleman-free digital economy.
But some critics believe that web3 is little more than a rebranding effort for crypto, with the aim of shedding some of the industry’s cultural and political baggage and convincing people that blockchains are the natural next phase of computing. Others believe it’s a dystopian vision of a pay-to-play internet, in which every activity and social interaction becomes a financial instrument to be bought and sold.
Why are so many people talking about web3 all of a sudden?
Web3 boom reflects the amount of capital, talent and energy pouring into crypto start-ups on the heels of a yearslong crypto bull market. Venture capital firms have put more than $27 billion into crypto-related projects in 2021 alone — more than the 10 previous years combined — and much of that capital has gone to web3 projects. Some big tech companies, such as Twitter and Reddit, have also started experimenting with their own web3 projects. And the industry has become a magnet for tech talent, with many employees of big tech firms quitting cushy, stable jobs to go seek their fortunes in web3.
To access the full article, please visit The New York Times.
