In the latest issue of Cryptopedia, Jackson DuMont of Cointelegraph analyzed Web3 and provided an insightful overview of how the next generation Internet works. DuMont discusses the basics of Web3 and how it differs from its Web1 and Web2 predecessors.

Web1 was the first version of the Internet that existed from 1991 to 2003. It used static, readable HTML pages with only simple designs, and DuMont described Web1 users as mere “content consumers”.

On the other hand, Web2 brought innovations such as images, videos, applications, games, and advertising. The second iteration of the Internet was based on the exchange of information between companies and users and developed a centralized social ecosystem.

The term Web3 was first used by one of the founders of Ethereum, Gavin Wood, in 2014. He described this version of the network as decentralized and based on the blockchain, with technologies that verify information through various protocols.

With Web1 in the past and Web2 in the present, Web3 paves the way for a future version of the Internet that is more decentralized and secure. Dumont summarized Web3 as a “read, write, and own” phase of the Internet.

Related Topics: What the hell is Web3 really like?

While Web3 is described as decentralized and owned by the people, the current intended iteration of the third generation Internet has been criticized for being centralized and owned by venture capitalists rather than people. In 2021, Twitter co-founder and former CEO Jack Dorsey warned people that companies own Web3. wrote: “You don’t have Web3.”

Despite the criticism, companies continue to create and invest in the development of Web3 infrastructures. In March, Web3 giant Animoca Brands began targeting social media giants in a bid to accelerate the development of an open metaverse. On the other hand, investor Kathy Hawn recently raised $1.5 billion for the Web3 fund.

Source: CoinTelegraph