Easy as 1.0, 2.0, 3

Web3 is the catch-all term for a better internet. 

"Web3" is the general term for the next iteration of the world wide web. It is built on the concepts of decentralization and openness

By using blockchains and blockchain-based technologies (e.g. cryptocurrencies and NFTs), its proponents aim to give power and ownership back to individual users, instead of centralized organizations. 

Why 3?

The idea is that we've had two iterations of the world wide web so far.

The first era began with the birth of the internet. This Web1.0 consisted mainly of static websites owned by companies. With the advent of social media websites in around 2004, we moved to Web2.0, which is what we're most familiar with today. A small handful of companies (e.g. Facebook, Twitter) host platforms for user-generated content, largely paid for by ad revenue. 

So Web3 is supposed to be the next step.

But... why "Web3?" Why not "Web3.0?"

It's confusing, yes, but Web3.0 is an older term that refers to the semantic web, whose goal is to make the internet machine-readable. We'd recommend sticking with Web3 to avoid confusion. 

Web1.0 - Crawl


1994 Yahoo! homepage*

Web2.0 - Walk


Top social media brands today

Web3 - Run


Decentralized network

Key Pillars

As the concept itself was coined by Ethereum's co-founder (Gavin Wood), let's look at their definition: