In addition to Metaverse, leaders in the field of technology now often mention the term Web3. What is Web3 and has anyone ever called it?
Web3 or Web 3.0 is the predicted evolution of the internet by blockchain, existing technology divided by cryptocurrencies or Non-Fungible Tokens (NFT). Basically, Web3 is a development of versions of Web 1.0 and Web 2.0.
In the early 2000s, the internet was dominated by big content creators and most users were consumers. Changes to Web 2.0 allow users to become players in the industry by sharing their content.
Web3 will be the next step. Users are not just content creators, they are also responsible for the platforms on which content is shared. Centralized entities, such as Facebook, Twitter, and Google, will be replaced by social media platforms and search engines without companies behind them.
Launching IFL Science, former Twitter CEO Jack Dorsey once shared on his social media that users will not be the owners of the future internet that makes this possible. He claims that venture capitalists are already investing in the technology and they will be in control.
"You don't own the 'web3'. Their VC and LP do. It will never escape their incentives. It's ultimately a centralized entity with a different label. Understand what you're getting into..." Dorsey tweeted on Dec. 21.
Another comment came from Elon Musk, as the billionaire took to Twitter to discuss the vague uncertainty of the internet's future. Musk argues, Web3 today is 'more of a marketing buzzword than reality'.