![]() ![]() Decentralized finance (DeFi) is another key concept in it, users exchange currency without bank or government involvement. Some visions are based around the concept of decentralized autonomous organizations (DAOs). A policy brief published by the Bennett Institute for Public Policy at the University of Cambridge defined Web3 as "the putative next generation of the web’s technical, legal, and payments infrastructure-including blockchain, smart contracts and cryptocurrencies." According to Liu, Zhuotao, et al (2021), three fundamental architectural enablers of Web3 were identified as a combination of decentralized or federated platforms, secured interoperability, and verifiable computing through distributed ledger technologies. Kharif has described Web3 as an idea that "would build financial assets, in the form of tokens, into the inner workings of almost anything you do online". ![]() Specific visions for Web3 differ, and the term has been described by Olga Kharif as "hazy", but they revolve around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs). Executives from venture capital firm Andreessen Horowitz traveled to Washington, D.C., in October 2021 to lobby for the idea as a potential solution to questions about regulation of the web, with which policymakers have been grappling. Particular interest spiked toward the end of 2021, largely due to interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies. The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a "decentralized online ecosystem based on blockchain." In 2021, the idea of Web3 gained popularity. In 2006, Berners-Lee described the Semantic Web as a component of Web 3.0, which is different from the meaning of Web3 in blockchain contexts. Web3 is distinct from Tim Berners-Lee's 1999 concept for a Semantic Web. Web 2.0 is generally considered to have begun around 2004 and continues to the current day. Web 2.0 is based around the idea of "the web as platform" and centers on user-created content uploaded to forums, social media and networking services, blogs, and wikis, among other services. Web 1.0 refers roughly to the period from 1989 to 2004, where most sites consisted of static pages, and the vast majority of users were consumers, not producers of content. Web 1.0 and Web 2.0 refer to eras in the history of the World Wide Web as it evolved through various technologies and formats. ![]() Main articles: History of the World Wide Web and Web 2.0 Billionaires like Elon Musk and Jack Dorsey have argued that Web3 only serves as a buzzword or marketing term. Ĭritics have expressed concerns over the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. The concepts of Web3 were first represented in 2013. ![]() The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as " Big Tech". Web3 (also known as Web 3.0 ) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. ![]()
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