Web 3.0 for dummies

Web 3.0 is a form of Internet that allows people to interact in mutually beneficial ways, without anyone needing to trust each other or a central organization.

Imagine:

• a buzzing marketplace like Amazon, but it's an actual digital bazaar where people can trade without Amazon acting as an intermediary

• sending money across the globe, in a couple of seconds, because transactions are automatically verified, instead of by multiple banks

• a robust social network like Facebook, but without the central servers to control the flow of information, and users own their data

Why should we care? Why does it matter who controls our information?

Because, "the Internet today is broken by design."

Let's look at a brief history of the internet:

• Web 1.0 (Read only): Static websites, pictures of recipe cards, etc. (https://www.cameronsworld.net/)

• Web 2.0 (Read and Write:): Siloed, centralized services that allow users to interact with each other. Creator economy (Facebook, Amazon, etc.)

• Web 3.0 (Read, write, and execute): Internet owned by users. Value goes to participants instead of centralized platforms

The internet in its current form is run by a few major companies. All our data and information is controlled and used to compound wealth, power, and influence in a few greedy hands. The interests of these firms are often not aligned with what is good for the society.

In Web 3.0, ownership and control is decentralized

In simpler words, participants own the internet service they are using, and have the rights to vote for its future. Every piece of information flow is verifiable, thus making intermediaries redundant. Web 3.0 allows users to act for themselves and keep censorship and monopolization away.