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Into Web3: Part 1

What is Web 3?

To understand what Web 3 is, it would be better to first take a look at what came before it. The first version of the Internet, known as Web 1, appeared in the late 1990s and consisted of a series of links and home pages. Websites were not very interactive for users, meaning they generally had a one-sided layout like television or radio. You could hardly do anything but read stuff and post essential content for others to read.

Then Web 2 came out. Some people call it the “read/write” version of the internet, referring to a computer code that lets you open and edit files instead of just viewing them. This version of Internet In allowed people not only to consume content, but also to create their own content and post it on classifieds sites such as Tumblr, Internet forums, and Craigslist. Later, the emergence of social media platforms such as Facebook, Twitter and Instagram took content sharing to new dimensions.

Web 3 can also be described as a “read/write/own” version of the Internet. Instead of just using free technology platforms in return for our data, users can participate in the management and operation of the protocols themselves. This means that people can be participants or shareholders, not just customers or products.

The shares mentioned in Web 3 are called tokens or cryptocurrencies and they represent ownership of decentralized networks known as blockchains. If you hold enough of these tokens, you have a say on the network. Holders of management tokens; they can spend their assets exercising their voice on a variety of issues, such as voting on the future of a decentralized lending protocol.

What can you do on Web 3?

Web 3 enables the proliferation of collaborative governance structures for once centralized products. Content that has become a phenomenon on the Internet, a work of art, a person’s social media posting or anything like that can be tokenized.

One of the areas where the paradigm shift is experienced is the gaming industry. Gamers are constantly complaining about bugs that the developers didn’t fix in their favorite video game, or how the latest patch has upset their favorite weapon’s balance. With Web3, players can invest in the game itself and have a say in how things should be run. Big Web 2 companies like Meta and Ubisoft create virtual worlds partially powered by Web 3.

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