What is Web 3?

Written for a Zapper Layer3 bounty submission.

What is Web 3?

A Beginners Guide to the Popular Phenomenon That is Web 3!

Among cryptocurrency discussions, one of the most popular topics is ‘Web 3’. Yet, it seems to take various forms that may seem unrelated or even confusing at times.

Web 3 is the next step in the evolution of the internet. But, like most monumental changes in the past, this step is perpetuated by many ‘micro-steps’. Each tiny step contributes to a collective goal: unlocking the true potential of the internet, AKA: Web 3. This vision is made possible via innovations in blockchain technologies that allow users to ‘own’ their experience!

What exactly is that vision, though? The Web 3 vision can be summed up as the internet for the people, developed by the people, holding fundamental core values such as transparency, decentralization, and inclusivity. Web 3 is made possible via immutable blockchain verifications and governed by communities via tokens.

What Makes Web 3 an ‘Evolutionary’ Step?

Throughout the evolution of the internet, little attention was put towards the individuals using it. That is, of course, until corporations began using individuals’ data to generate substantial amounts of capital, with the users seeing very little (if any) compensation.

Web 2.0 created an inherent value assigned to every individual who used it without users even knowing it. People realized that these platforms were profiting by collecting their inherent values, even when platforms marketed themselves ‘free.’ It was not long until people realized that these platforms were nothing of the sort. Some may even consider the price paid to use these platforms higher than the value received. That is why there is so much emphasis on individuals ‘owning’ their web experience!

How does Web 3 work?

As mentioned, Web 3 is being developed by and for the user, but how? The answer to that question lies within every protocol, decentralized application, or service that makes an effort to bring digital ownership of intellectual property back into the hands of the users, with the exception of nobody.

More specifically, Web 3 runs on blockchain networks. These blockchain networks provide an immutable source of ‘truth’ in which decentralized applications are built and run. These applications rely on data from the blockchain network’s ‘ledger’ to verify the truth, and there is not one person who can manipulate that data! These decentralized applications and decentralized protocols typically rely on a token to ‘govern’. With this token, users can submit proposals to the community of users to make changes, improvements, or settle any disputes in regards to the protocol!

This decentralized model means that every individual can take ownership of their intellectual property and vote to improve their experience instead of relying on a centralized entity that may have conflicting interests with the users.

Today, users can connect to blockchain networks, buy (or farm) tokens, and take part in governance. Individuals can own their digital identities while also taking ownership of their intellectual property and user experience! There are many different applications and protocols throughout the cryptocurrency ecosystem to suit individuals' various needs. Web 3 is considered the future of the internet, as the builders focus on the experience of the individuals using it, as opposed to profiting at those individuals' expense!

Stepping into Web 3

Many people say that “the journey of a thousand miles begins with a single step,” and this is very relatable when discussing Web 3.! While the vision is still being molded around the values mentioned, the journey is well underway and growing daily. It could be said that every individual that is reading about Web 3 represents another step taken in that journey!

With that, welcome to Zapper Learn, where we aspire to be a reliable source for all users, regardless of wherever they may be in their Web 3 journey!