Web 1.0 was the static web, and Web 2.0 is the social web, but Web 3.0 will be the decentralized web. It will move us from a world in which communities contribute but don’t own or profit, to one where they can through collaboration.By breaking away from traditional business models centered around benefiting large corporations, Web3 brings the possibility of community-centered economies of scale. This collaborative spirit and its associated incentive mechanisms are attracting some of the most talented and ambitious developers today, unlocking projects that were previously not possible.
Web3, as Ki Chong Tran once said, is “The next major iteration of the internet, which promises to wrest control from the centralized corporations that today dominate the web.” Web3-enabled collaboration is made possible by decentralized networks that no single entity controls. In closed-source business models, users trust a business to manage funds and execute services. With open source projects, users trust the technology to perform these tasks. In Web2, the bigger network wins. In Web3, whoever builds the biggest network together wins.
<div class="article-block block--pullout block--right"> <blockquote> Web3 might not be the final answer, but it’s the current iteration, and innovation isn’t always obvious in the beginning. </blockquote> </div>
In a decentralized world, not only is participation open to all, the incentive structure is designed so that the greater the number of participants, the more everybody succeeds.