What is Web 3.0?

To those building it, Web 3.0 represents the next phase of the internet. One we can all be a part of.

Kyle Turnbull

January 27, 2022 · 3 min read

What is Web 3.0?

What is Web 3.0?

What is Web 3?


At the most basic level, Web 3.0 refers to a decentralized online ecosystem based on the blockchain. Platforms and apps built on Web3 aim not to be owned by a central medium, but rather by their users. To those building it, Web3 represents the next phase of the internet. One we can all be a part of.


Web 1.0 and 2.0


Web 1.0 refers to the decentralized, open protocols, in which most online activity involves navigating to individual static web pages. Web 2.0, which we’re currently experiencing could be defined by the massive share of communication taking place on platforms owned by a handful of powerful global corporations (Google, Facebook, Amazon, etc), who are all subject to centralized governance and regulators. Web 3.0 seeks to break the world free of such control, delivering a more highly connected, yet decentralized version, accessible to all. 


Web 3.0 and building on the failures of Web 2.0. 

  1. Decentralization:  Web3.0 is built, operated, and maintained by its users. They’re usually self-organizing and lack “a central point of failure or control”. Additionally, they’re open-source meaning anyone’s help to build upon this shared infrastructure. This leads to greater freedom of information, interaction, and participation. 
  2. User-empowerment: The user maintains ownership of their personal data, and in some cases, has the option to monetize it. This is distinctly different from Web2.0 where users' personal information and online habits are sold to the highest bidder.
  3. Accessibility: Anyone who is on the network has permission to use the service. Permission is not required for anyone to access services, and no one has the ability to deny individuals access. This opens up an ecosystem of world-class financial services to anyone, anywhere. 

Web 3.0 and Decentralized Finance

Web 3.0 has paved the way for the DeFi revolution, allowing anyone, anywhere, to put their money to work. Without the benefits that blockchain and Web 3.0 offer, DeFi would not be possible. Now anyone with a browser can lend, earn, trade, and swap cryptocurrencies, in a totally private way. No need to open up an account with a centralized exchange.


Digital Wallets and Web 3.0

Much as you would choose a browser to interact with the internet, there are a host of browser-based digital wallets that allow the user to interact with Web 3.0. These wallets are the functional interface that millions are using to participate in decentralized autonomous organizations (DAOs), DeFi protocols, NFT marketplaces, the Metaverse. The list goes on. These ‘gateways’ to Web 3.0 will usher in a new age of crypto wallet, and with it, present different issues. 

As we move forward as a project, we’ll be seeking to develop our own browser extension, allowing DiviWallet users to participate in the decentralized revolution that is Web 3.0. Alongside features such as our Fiat-onramp, and DiviBridge, the Divi Ecosystem will be connected seamlessly to the world of DApps and DeFi. By bringing this functionality to market with a focus on UX and Security, we’ll be contributing greatly to the next age of crypto and the internet, with our “crypto made easy” principle driving us forward as always. 

Recommended reading:

👉 Crypto companies are tempting top talent away from Big Tech to build ‘Web3’ - CNBC

👉 What is Web3? And what Web3 isn’t - CoinGeek

👉 Intro to DeFi

👉 What is a DAO?

 

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  • Web 3.0

Kyle Turnbull

January 27, 2022 · 3 min read

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