What is Web 3 / Web 3.0?

Web 3.0 is the third generation of the World Wide Web.

It will use semantic web technology and artificial intelligence to give people new ways to connect with one another.

Web 3.0 will be the next stage of development for Web businesses, the stage at which they evolve beyond the interactive and socially engaged websites of Web 2.0 and become more insightful than the informational sites of Web 1.0.

What is The Difference Between Web 3.0 And Web 2.0?

Web2.0 refers to the version of the Internet that most people are familiar with.

Web 2.0 is a term for internet sites that focus on user-generated content, ease of use, and compatibility for users.

Web 2.0 is a term used to describe Internet-based technologies that enable interactive, user-centered content.

Users create most of the content on platforms such as YouTube, Facebook, or Twitter and are able to participate more actively in the creation and evolution of content.

The social and collaborative aspects of Web 2.0 bring users together, but these platforms must often be paid for by users, who thus provide personal and confidential data to the companies that control these platforms.

Web 3.0 is an idea of an upgraded version of the internet that would be more secure and decentralized, protecting users' privacy and their valuable data.

The current internet is both an amazing and frightening place. It can be used for great things or to do terrible things.

It is time to create a new internet that we can feel safer on – one where users’ privacy is valued.

What Does Decentralization Mean?

In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network.

While it is true that a centralized entity is used for audit, in a blockchain this function is performed by all members: nodes perform verification functions and police consensus protocols.

It is worth noting that not all decentralized blockchains are "public" and vice versa.

What Is a Decentralized Market?

In a centralized market, buyers deal with a central organization or company that has full control of the system and ensures transactions go smoothly.

This organization keeps a record of transactions between buyers and sellers for transparency.

Centralized markets are typically owned or controlled by a single entity—a government, corporation, or bank. Decentralized markets allow people to trade with each other as opposed to trading through a centralized exchange.

Virtual markets that use decentralized currency, or cryptocurrencies, are examples of decentralized markets.

Related Terms: