Slide 6

The web we are experiencing today is much different than what it was just 10 years ago. How has the web evolved?

The evolution of the web is often partitioned into three separate stages: Web 1.0, Web 2.0, and Web 3.0.

What is Web 1.0?

Web 1.0 was the first iteration of the web. Most participants were consumers of content, and the creators were typically developers who build websites that contained information served up mainly in text or image format. Web 1.0 lasted approximately from 1991 to 2004.

Web 1.0 consisted of sites serving static content instead of dynamic HTML.You can think of Web 1.0 as the read-only web.

What is Web 2.0?

can think of web2 as the interactive and social web.

In the web2 world, you don’t have to be a developer to participate in the creation process. Many apps are built in a way that easily allows anyone to be a creator.

If you want to craft a thought and share it with the world, you can. If you want to upload a video and allow millions of people to see it, interact with it, and comment on it, you can do that too.

Web2 is simple, really, and because of its simplicity more and more people around the world are becoming creators.

Monetization of Apps

Imagine the early days of popular applications like Instagram, Twitter, LinkedIn, or YouTube and how different they are today. The process usually goes something like this:

Company launches an app
It onboards as many users as possible
Then it monetizes its user base

security and privacy

Web2 applications repeatedly experience data breaches. There are even websites dedicated to keeping up with these breaches and telling you when your data has been compromised.

In web2, you don’t have any control over your data or how it is stored.

What is Web 3.0?

There are a few fundamental differences between web2 and web3, but decentralization is at its core.

Web3 enhances the internet as we know it today with a few other added characteristics. web3 is:

Verifiable
Trustless
Self-governing
Permissionless
Distributed and robust
Stateful
Native built-in payments

WEB3

web3 applications either run on blockchains, decentralized networks of many peer to peer nodes (servers), or a combination of the two that forms a crypto-economic protocol. These apps are often referred to as dapps (decentralized apps), and you will see that term used often in the web3 space.

When you hear about web3, you'll notice that cryptocurrency is often part of the conversation. This is because cryptocurrency plays a big role in many of these protocols. It provides a financial incentive (tokens) for anyone who wants to participate in creating, governing, contributing to, or improving one of the projects themselves.

Imagine, instead, that a new and exciting project is announced that solves a real problem. Anyone can participate in building it or investing in it from day one. The company announces the release of x number of tokens, and give 10% to the early builders, put 10% for sale to the public, and set the rest aside for future payment of contributors and funding of the project.

Stakeholders can use their tokens to vote on changes to the future of the project, and the people who helped build the project can sell some of their holdings to make money after the tokens have been released.

People who believe in the project can buy and hold ownership, and people who think the project is headed in the wrong direction can signal this by selling their stake.

In web3, Identity also works much differently than what we are used to today. Most of the time in web3 apps, identities will be tied to the wallet address of the user interacting with the application.

Glossary

Blockchain (noun)
a publicly-accessible digital ledger used to store and transfer information without the need for a central authority. Blockchains are the core technology on which cryptocurrency protocols like Bitcoin and Ethereum are built.
Centralized (adjective)
a hierarchical structure in which authority and control are concentrated within a small group of decision-makers.
Decentralized (adjective)
a system that operates without the control of a central figure or authority, and replaces it with a distributed peer-to-peer network.
Wallet (noun)
a software application or hardware device used to store the private keys to blockchain assets and accounts. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, they store the private key that proves ownership of a given digital asset.

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