Introduction to Web3

By Ether Crunch | Ether Crunch | 7 Jan 2024

To understand Web3, the previous versions of it must first be discussed. These include Web 2 and Web 1.

Web 1:
Web 1 was first created in 1989 and was in place from 1990 to 2004. This refers to the first stage of the World Wide Web, characterized by simple websites. These websites were created by a few creators, whereas the rest were just users who would read them. Because of this, Web 1 is known as a read-only web, since only a few people create and others just view the websites. These websites did not have comment sections or any way for users to react to them; they were simply online websites that had some type of content. From this, the limitations are clearly seen: limited content developers, one-way communication, basic design of websites, etc.

Web 2:
Beginning in 2004, Web 2 allowed users to create their content in many different ways: social media, blogging, commenting, podcasting, social networking, etc. Where Web 1 was the read-only web, Web 2 is the read-write web. Many platforms that use Web 2 include TikTok, Twitter, Facebook, and YouTube, but there are far more such platforms. Additionally, Web 2 introduced the concept of monetization from posting content. The limitations include centralized control, censorship, accounts, etc.

Web 3:
The term Web 3 was coined by Gavin Wood, Ethereum co-founder, in 2014, but Web 3 isn’t used as much as Web 2. It is also known as the Read-Write-Own web. Previous versions of the Web relied on trusting companies to act in the interest of the public, but Web 3 is different since it is a decentralized model where users have the power rather than it being controlled centrally. This is achieved in a few ways: NFTs, DAOs, and blockchain. These methods give power to the users by giving them ownership of tokens and items that can’t be taken away and have value. Web 3 is characterized by a few core ideas:

  • Decentralized: While Web 2 is centrally controlled, where website owners and companies control their media and content, Web 3 distributes this control among the developers and users.
  • Permissionless: All users have access to Web 3, with no limitations on entry
  • Native Payments: Instead of using banks and physical payment processes, Web 3 uses crypto to make payments
  • Trustless: Web 2 relied on third parties to process transactions, make payments, etc., but Web 3 uses a system of incentives and

While Web 3 is being used, there is still room for development and further advancements, especially with regard to blockchain and crypto technology.

If you want to learn more, check out the links below:

What is Web 1.0, Web 2.0, and Web 3.0? Definitions, Differences & Similarities

Difference Between Web 1.0, Web 2.0, and Web 3.0

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Ether Crunch
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Basics to blockchain, crypto, and ethereum.

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