Web3 - Wikipedia https://en.wikipedia.

org/wiki/Web3

Web3

Web3, also known as Web 3.0,[1][2][3] is an idea for a new iteration of the Internet that incorporates decentralization
based on blockchains.[4] It is often contrasted with Web 2.0, wherein data and content are centralized in a small group
of companies sometimes referred to as "Big Tech".[5] The term was coined in 2014 by Ethereum co-founder Gavin
Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture
capital firms.[5][6]

Contents
Background
Terminology
Concept
Reception
See also
References

Background
Web 1.0 and Web 2.0 refer to eras in the history of the Internet as it evolved through various technologies and
formats. Web 1.0 refers roughly to the period from 1991 to 2004, where most websites were static webpages, and the
vast majority of users were consumers, not producers, of content.[7][8] Web 2.0 is based around the idea of "the web as
platform",[9] and centers on user-created content uploaded to social-networking services, blogs, and wikis, among
other services.[10] Web 2.0 is generally considered to have begun around 2004, and continues to the current day.[9]
[11][5]

Terminology

The term "Web3", specifically "Web 3.0", was coined by Ethereum co-founder Gavin Wood in 2014.[1] In 2021, the
idea of Web3 gained popularity.[12] Particular interest spiked towards the end of 2021, largely due to interest from
cryptocurrency enthusiasts and investments from high-profile technologists and companies.[5][6] Executives from
venture capital firm Andreessen Horowitz traveled to Washington, D.C. in October 2021 to lobby for the idea as a
potential solution to questions about Internet regulation with which policymakers have been grappling.[13]

Web3 is distinct from Tim Berners-Lee's 1999 concept for a semantic web, which has also been called "Web 3.0".[14]
Some writers referring to the decentralized concept usually known as "Web3" have used the terminology "Web 3.0",
leading to some confusion between the two concepts.[2][3] Furthermore, some visions of Web3 also incorporate ideas
relating to the semantic web.[15][16]

Concept
Specific visions for Web3 differ, and the term has been described by Bloomberg as "hazy", but they revolve around the
idea of decentralization, and often incorporate blockchain technologies, such as various cryptocurrencies and non-
fungible tokens (NFTs).[5] Bloomberg described Web3 as an idea that "would build financial assets, in the form of
tokens, into the inner workings of almost anything you do online".[17] Some visions are based around the concepts of
decentralized autonomous organizations (DAOs).[18] Decentralized finance (DeFi) is another key concept; in it, users
exchange currency without bank or government involvement.[5] Self-sovereign identity allows users to identify
themselves without relying on an authentication system such as OAuth, in which a trusted party has to be reached in
order to assess identity.[19]

Reception

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Technologists and journalists have described Web3 as a possible solution to concerns about the over-centralization of
the web in a few "Big Tech" companies.[5][13] Some have expressed the notion that Web3 could improve data security,
scalability, and privacy beyond what is currently possible with Web 2.0 platforms.[16] Bloomberg states that skeptics
say the idea "is a long way from proving its use beyond niche applications, many of them tools aimed at crypto
traders".[17] The New York Times reported that several investors are betting $27 billion that Web3 "is the future of the
internet".[20][21]

Some companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms
in late 2021.[5][22] After heavy user backlash, Discord later announced they had no plans to integrate such
technologies.[23] The company's CEO, Jason Citron, tweeted a screenshot suggesting it might be exploring integrating
Web3 into their platform. This led some to cancel their paid subscriptions over their distaste for NFTs, and others
expressed concerns that such a change might increase the amount of scams and spam they had already experienced on
crypto-related Discord servers.[22] Two days later, Citron tweeted that the company had no plans to integrate Web3
technologies into their platform, and said that it was an internal-only concept that had been developed in a company-
wide hackathon.[23]

Some legal scholars quoted by The Conversation have expressed concerns over the difficulty of regulating a
decentralized web, which they reported might make it more difficult to prevent cybercrime, online harassment, hate
speech, and the dissemination of child abuse images.[15] But, the news website also states that, "[decentralized web]
represents the cyber-libertarian views and hopes of the past that the internet can empower ordinary people by
breaking down existing power structures." Some other critics of Web3 see the concept as a part of a cryptocurrency
bubble, or as an extension of blockchain-based trends that they see as overhyped or harmful, particularly NFTs.[22]
Some critics have raised concerns about the environmental impact of cryptocurrencies and NFTs. Others have
expressed beliefs that Web3 and the associated technologies are a pyramid scheme.[6]

Kevin Werbach, author of The Blockchain and the New Architecture of Trust,[24] said that "many so-called 'web3'
solutions are not as decentralized as they seem, while others have yet to show they are scalable, secure and accessible
enough for the mass market", adding that this "may change, but it's not a given that all these limitations will be
overcome".[25]

Liam Proven, writing for The Register, concludes that Web3 is "a myth, a fairy story. It's what parents tell their kids
about at night if they want them to grow up to become economists."[26]

Jack Dorsey, co-founder and former CEO of Twitter, dismissed Web3 as a "venture capitalists' plaything".[4]

See also
▪ Distributed social network

References
1. Edelman, Gilad. "What Is Web3, Anyway?" (https://www.wired.com/story/web3-gavin-wood-interview/). Wired.
ISSN 1059-1028 (https://www.worldcat.org/issn/1059-1028). Retrieved December 3, 2021.
2. Alford, Harry (September 16, 2021). "Crypto's networked collaboration will drive Web 3.0" (https://social.techcrun
ch.com/2021/09/16/cryptos-networked-collaboration-will-drive-web-3-0/). TechCrunch. Retrieved November 9,
2021.
3. Khoshafian, Setrag (March 12, 2021). "Can the Real Web 3.0 Please Stand Up?" (https://www.rtinsights.com/ca
n-the-real-web-3-0-please-stand-up/). RTInsights. Retrieved November 9, 2021.
4. Vlad Savov (December 21, 2021). "Jack Dorsey Stirs Uproar by Dismissing Web3 as a Venture Capitalists'
Plaything" (https://www.bloomberg.com/news/articles/2021-12-21/jack-dorsey-stirs-uproar-by-dismissing-web3-a
s-a-vc-plaything). Bloomberg. Retrieved December 21, 2021.
5. Mak, Aaron (November 9, 2021). "What Is Web3 and Why Are All the Crypto People Suddenly Talking About It?"
(https://slate.com/technology/2021/11/web3-explained-crypto-nfts-bored-apes.html). Slate. Retrieved
November 9, 2021.
6. Read, Max (October 24, 2021). "Why Your Group Chat Could Be Worth Millions" (https://nymag.com/intelligence
r/2021/10/whats-a-dao-why-your-group-chat-could-be-worth-millions.html). Intelligencer. Retrieved November 9,
2021.
7. Cormode, Graham; Krishnamurthy, Balachander (June 2, 2008). "Key differences between Web 1.0 and Web
2.0" (https://firstmonday.org/ojs/index.php/fm/article/view/2125/1972). First Monday. 13 (6). Archived (https://we
b.archive.org/web/20121025113431/http://firstmonday.org/htbin/cgiwrap/bin/ojs/index.php/fm/article/view/2125/1
972) from the original on October 25, 2012. Retrieved November 9, 2021.
8. Carter, Jamie (April 18, 2015). "Back to basics: is Web 1.0 making a comeback?" (https://www.techradar.com/ne
ws/internet/web/is-web-1-0-making-a-big-comeback-1291121). TechRadar. Retrieved December 12, 2021.

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9. Hosch, William L. (September 7, 2017). "Web 2.0" (https://www.britannica.com/topic/Web-20). Encyclopedia

Britannica. Retrieved November 9, 2021.
10. Hosch, William L. (September 7, 2017). "Web 2.0" (https://www.britannica.com/topic/Web-20). Encyclopedia
Britannica. Retrieved December 12, 2021.
11. O'Reilly, Tim (November 30, 2005). "What Is Web 2.0" (http://www.oreillynet.com/pub/a/oreilly/tim/news/2005/09/
30/what-is-web-20.html). O'Reilly. Archived (https://web.archive.org/web/20130424204457/http://oreilly.com/web
2/archive/what-is-web-20.html) from the original on April 24, 2013. Retrieved November 9, 2021.
12. Nield, David (December 14, 2021). "What Is Web3 and Why Should You Care?" (https://gizmodo.com/what-is-w
eb-3-and-why-should-you-care-1848204799). Gizmodo. Retrieved December 19, 2021.
13. Feiner, Lauren (October 13, 2021). "Prominent Silicon Valley VC firm Andreessen Horowitz embarks on major
crypto policy push in Washington" (https://www.cnbc.com/2021/10/13/vc-firm-andreessen-horowitz-to-make-cryp
to-policy-push-in-washington.html). CNBC. Retrieved November 9, 2021.
14. Shannon, Victoria (May 23, 2006). "A 'more revolutionary' Web" (https://www.nytimes.com/2006/05/23/technolog
y/23iht-web.html). International Herald Tribune. Retrieved November 9, 2021.
15. Harbinja, Edina; Karagiannopoulos, Vasileios (March 11, 2019). "Web 3.0: the decentralised web promises to
make the internet free again" (https://theconversation.com/web-3-0-the-decentralised-web-promises-to-make-the
-internet-free-again-113139). The Conversation. Retrieved November 9, 2021.
16. Zarrin, Javad; Wen Phang, Hao; Babu Saheer, Lakshmi; Zarrin, Bahram (May 15, 2021). "Blockchain for
decentralization of internet: prospects, trends, and challenges" (https://doi.org/10.1007/s10586-021-03301-8).
Cluster Computing. 24 (4): 2841–2866. doi:10.1007/s10586-021-03301-8 (https://doi.org/10.1007%2Fs10586-02
1-03301-8). ISSN 1573-7543 (https://www.worldcat.org/issn/1573-7543). PMC 8122205 (https://www.ncbi.nlm.ni
h.gov/pmc/articles/PMC8122205). PMID 34025209 (https://pubmed.ncbi.nlm.nih.gov/34025209).
17. Kharif, Olga (December 10, 2021). "What You Need to Know About Web3, Crypto's Attempt to Reinvent the
Internet" (https://www.bloomberg.com/news/articles/2021-12-10/web3-is-crypto-s-attempt-to-reinvent-the-interne
t-here-s-what-you-should-know). Bloomberg. Retrieved December 12, 2021.
18. Roose, Kevin (November 5, 2021). "Crypto Is Cool. Now Get on the Yacht" (https://www.nytimes.com/2021/11/05
/technology/nft-nyc-metaverse.html). The New York Times. ISSN 0362-4331 (https://www.worldcat.org/issn/0362
-4331). Retrieved November 9, 2021.
19. Meunier, Thibault; Jo, In-Young (October 1, 2021). "Web3 — A vision for a decentralized web" (https://blog.cloud
flare.com/what-is-web3/). The Cloudflare Blog. Cloudflare. Retrieved November 9, 2021.
20. "Welcome to 'Web3.' What's That?" (https://www.nytimes.com/2021/12/05/business/dealbook/what-is-web3.html)
. The New York Times. December 5, 2021. Retrieved December 16, 2021.
21. Goodkind, Nicole (December 6, 2021). "What is Web3?" (https://fortune.com/2021/12/06/what-is-web3-investme
nt/). Fortune. Retrieved December 16, 2021.
22. Hatmaker, Taylor (November 9, 2021). "NFTs and crypto wallets could be in Discord's future" (https://social.techc
runch.com/2021/11/09/discord-nfts-metamask-crypto/). TechCrunch. Retrieved November 9, 2021.
23. Hatmaker, Taylor (November 10, 2021). "Discord pushes pause on exploring crypto and NFTs amidst user
backlash" (https://social.techcrunch.com/2021/11/10/discord-nfts-crypto-jason-citron/). TechCrunch. Retrieved
November 12, 2021.
24. Werbach, Kevin (2018). The blockchain and the new architecture of trust. Cambridge, Massachusetts: The MIT
Press. ISBN 978-0-262-03893-5. OCLC 1029064460 (https://www.worldcat.org/oclc/1029064460).
25. Miller, Ron (December 14, 2021). "The irrational exuberance of web3 – TechCrunch" (https://social.techcrunch.c
om/2021/12/14/the-irrational-exuberance-of-web3/). TechCrunch. Retrieved December 16, 2021.
26. Proven, Liam (December 15, 2021). "Web3: The next generation of the web is here… apparently" (https://www.t
heregister.com/2021/12/15/web3_apparently_the_next_generation/). The Register. Retrieved December 16,
2021.

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