Web3

Web3 represents a paradigm shift in how the internet operates, moving from the centralized, platform-dominated Web2 era (dominated by Google, Facebook, Amazon) to a decentralized architecture where users own their data, digital assets, and online identities. Built on blockchain technology, Web3 applications aim to eliminate intermediaries, reduce censorship, and create more equitable digital economies.

The evolution follows three phases: Web1 (1990s-2000s) was read-only static websites; Web2 (2000s-present) introduced user-generated content but concentrated power in platform companies that monetize user data; Web3 aims to be read-write-own, where users control their digital presence through cryptographic keys and tokens. Key Web3 technologies include blockchain networks, smart contracts, decentralized storage (IPFS, Arweave), decentralized identity (ENS, DID), and token-based governance.

Critics argue that Web3 is largely venture-capital-driven hype that recreates existing centralization problems under new labels, with poor user experiences and significant technical barriers to adoption. Supporters counter that Web3 is still in its early infrastructure phase — comparable to the internet in the early 1990s — and that the foundational technology for truly decentralized applications is maturing rapidly. The reality likely lies between these extremes, with Web3 principles being selectively adopted where decentralization provides genuine advantages.