Demystifying Web3

The Decentralized Future of the Internet

"Web3" is a term that's used to describe the next generation of the internet – a more decentralized and democratic version than what we are accustomed to.

Let's break that down:

Our current version of the internet, often referred to as Web2, allows us to interact with various online services. It's the platform where we communicate, shop, watch videos, and much more. Web3 aims to take this a step further.

Imagine the evolution of the web as three stages: Web1 was primarily about spreading information, like static web pages that just delivered content. Web2 introduced interactivity and communication – for example, messaging apps like WhatsApp that allow real-time conversations.

Web3, the next progression, is envisioned to center around creativity and individual ownership. It promises an environment where people can truly own their creations and data, and where artists and creators are empowered.

In our current Web2 model, when you use services like Google, the company holds all your data – your emails, your documents, everything. This model is centralized, meaning a single entity has control. But Web3 is based on decentralized technologies like blockchain, which aim to give you control over your own data.

In the Web2 world, big companies have a lot of power over our personal information and how it's used, largely due to economic pressures. However, Web3 promises a change – a world where individuals can choose how they behave online without compromising on features and functionality.

This shift could have huge implications across various sectors, including education. By eliminating dysfunctional structures, Web3 could be a catalyst for innovation and growth, moving us away from stagnation.

Within just a year, Web3 has profoundly impacted lives globally. "Play-to-earn" gaming models and unique applications of NFTs have empowered individuals from remote and developing regions to enhance their quality of life. Notably, four out of the top six NFT contributors under the age of 18 hail from underprivileged areas.

When Web2 first surfaced, its technological potential was tremendous and spurred considerable progress for humankind. Now, Web3 integrates this potential with a community-oriented ethos that decentralizes and disperses power. This blend of technological capacity and decentralized governance holds immense promise for our collective future.