There's not a lot of 'simple' information on the web about what the term Web3 is and what it means. Still, it interests me, and I know there will be a lot of new opportunities for artists and creators based on this new technology. There will likely be quite a few new terms and words you may not be familiar with, so I created a quick reference before we get started to help alleviate any confusion. Still, I'll do my best to simplify it and try to explain it to you like I'm giving a lesson to Michael Scott.
Below are some words you'll come across and their meaning in simple terms:
Decentralised - When the transfer of control for something is sent to multiple places rather than one. Essentially, no one person has ultimate control.
Blockchain - A blockchain is a distributed ledger with growing lists of records securely linked together via cryptographic hashes. In essence, this is a ledger of digital transactions.
Smart Contracts - I like to think of these as digital contracts that can automatically execute, control or document events and actions according to the terms of a contract or an agreement.
The Next Generation of the Web
Web 3 refers to the next generation of the World Wide Web, represented by decentralised technologies such as blockchain and smart contracts to enable new forms of online interaction and commerce.
Web 3 aims to give users more control over their data and online identity and to create new opportunities for decentralised applications and services. This contrasts with the current web version, which large centralised companies and organisations largely control.
Below is a brief overview and breakdown of the development of the world wide web thus far.
Web1 (read only)
Web1 is also known as the "World Wide Web," is the first web version which was introduced in the 1990s. It was a static and read-only version of the web, which means that users could only view information on web pages but could not interact with them or contribute their own content.
Web1 was a significant step forward in access to information but it needed more ability for people to contribute their thoughts and ideas. Which, leads us to Web2 that you know and use today.
Web2 (read and write)
Web2 is also known as the "Social Web," was introduced in the early 2000s and built on the foundations of Web1. In addition, it introduced new technologies and applications, allowing more interactive and dynamic web pages. This included blogs, social networking sites, and wikis, allowing users to contribute their own content and interact with others.
Web2 also introduced new ways of sharing and accessing information, such as through search engines and RSS feeds. Web2 is mostly what you're used to seeing when you access the internet and significantly improved over Web1 in user engagement and collaboration.
Web3 (read, write, and own)
Web3 is the third and latest development of the world wide web. People create, consume, and own the upside of their work through tokens. Web3, also known as the "Semantic Web," is the latest version of the web and builds on the capabilities of Web1 and Web2. In addition, it introduces new technologies and applications that allow for more intelligent and sophisticated communication and collaboration on the web.
This includes artificial intelligence, natural language processing, and "smart contracts" for online transactions. Web3 also allows for more seamless integration and interoperability between different websites and applications, making it easier for users to access and share information.
Overall, Web3 represents a significant step forward in terms of the capabilities of the web and its potential to improve communication and collaboration online.
In essence, Web3 refers to the third generation of the World Wide Web, which makes use of decentralised technologies such as blockchain to enable more direct and secure interactions between users. It's goal is to create a more transparent and open web, where users have more control over their data and are not reliant on centralised intermediaries. As an artist and creator myself, I'm very excited about the potential opportunities this upgrade offers.