Web3 is the upcoming evolution of the internet. Each iteration of the internet has been grounded in specific concepts: While web 1.0 was characterized by static, read-only, and proprietary websites (e.g., Geocities, LiveJournal, etc.), web2 was defined by social media-centric, participatory, and dynamic websites (e.g., Facebook, Twitter, etc.). In contrast, web3 is built on the notion of decentralization. Rather than the internet being governed by a few large, powerful platforms, web3 is based on a decentralized network that anyone can support and manage. Think of it as a return to the early internet values; web3 is an era that eliminates gatekeepers and “news feed” absurdity. Web3 envisions a world that can be constructed on blockchain technology. The development of Web3 is steered by several guiding principles, and while it is challenging to provide an exact definition, we can say it adheres to specific guidelines.

Decentralized

The development of Web3 is directed by several guiding principles, and while it is challenging to provide an exact definition, we can say it adheres to specific guidelines.

Permissionless

Due to its permissionless nature, Web3 welcomes all users without discrimination.

Native Payments

Web3 supports native payments, meaning it doesn’t rely on outdated banking and payment processing infrastructure, but instead utilizes cryptocurrencies for online purchases and transfers.

Trustless:

As it doesn’t depend on trusted third parties, Web3 relies on market forces and economic incentives to function.