What is Web3 ?
Web3 is a term used to describe an idea for the next stage of internet development. The term was introduced in 2014 by Gavin Wood, a cofounder of Ethereum, a blockchain-based software platform. It was described as a decentralized future version of the internet that lessened the influence of the corporations that currently dominate Web 2.0, namely Meta, Amazon, and Google.
In this version of the internet, users are meant to have greater control over their data instead of it being shared with companies that monetize personal information. The result is intended to be an interactive internet experience with increased ownership and privacy of personal data.
Is Web3 the same thing as the metaverse?
Although Web3 and the metaverse overlap, they are not the same in theory or practice. Web3 describes one way today’s internet can evolve. The metaverse is a space where people interact in an immersive, virtual world. They share a vision of the internet as an extension of the real world, but they are not interchangeable terms.
The metaverse can be owned by an organization that acts like a central governing authority (Web 2.0 model), or it can take the form of a peer-to-peer network (Web3).
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