📢 Shout out to the internet for making all of this possible. We categorize the evolution of the Internet in terms of Web1, Web2, and Web3.
Web1 was the initial version of the internet that was built on open source protocols such as TCP, IP, SMTP, and HTTP. A protocol is a standard way that multiple computers agree to communicate to one another. These protocols govern how information and messages are sent and you can build applications on top of these protocols for free. Web1 made information available to anyone with a computer, and dial-up internet.
Web2 was the next evolution built on free and open source protocols, but unlike the Web1 interaction, people could add their own content to the web. This is how Facebook, Instagram, and many other widely used applications were born. Additionally, instead of maintaining your own server to display your content Web2 companies paid for it and let you use it for free. In other words, we all became the product.
The latest evolution brings us to Web3. Web3 enables everyone on a platform, whether a builder, operator, or user, to own a piece of what they use. Cryptocurrencies such as Bitcoin and Ethereum are the earliest examples of this. Networks built on Ethereum and smart contract based blockchains have created and introduced new models of ownership such as token based models that grant access to communities and exclusive content. Web3 is taking us to a place where we can own a piece of the products and services we use on any network that we participate on. Web3 gives users a money and identity layer enabling governance, ownership, and new models for internet usage and behavior.