What is Web3

Web3 is the stage of Internet development, which should follow Web 1.0 (the emergence and beginning of the development of the Internet) and Web 2.0 (the current stage).

The term Web3 was formulated in 2007 by Jason Kalakanis, head of Netscape.com . The entrepreneur believed that in the “Internet of the future” the user will see a new level of high-quality content that will be created by professionals.

Stages of Internet development Stages of Internet development

The key idea of Web3 is decentralization. At the current stage of Internet development, Web 2.0, content belongs not to its authors, but to corporations — which is why people face censorship, leaks of personal data and the “theft” of their works. Web3 should solve this problem and return to the authors the right to own, share and monetize their own content.

But, of course, it’s not just about copyright. In the Web3 concept, users will be able to protect personal information, confirm its authenticity and dispose of it, as well as any acquired assets.

Rahul Rai, co-head of Market-Neutral at BlockTower Capital, a multi-strategic crypto-hedge fund, describes the new stage of the Internet as follows: “Web3, in a broad sense, refers to the Internet, which belongs to its creators, users and authors. Using tokens and decentralized technologies, he seeks to disrupt the activities of centralized intermediaries.”

It should be understood that Web3 is an infrastructure concept that can be implemented thanks to certain technologies. The infrastructure itself consists of three layers: blockchains, smart contracts and decentralized applications (Dapps).

As it was written above, the “new level Internet” should solve several problems at once. Therefore, when talking about Web3, they mention concepts that help solve at least one of them.