The World Wide Web changed how we access information, and Web2 changed how we interact online. Now, Web3 could revolutionize how agreements and value are exchanged. Web3 updates how data is stored behind the scenes on the Internet. It introduces a universal ledger where every transaction is recorded securely. This ledger uses network tokens to reward those who verify transactions, ensuring everything is accurate and trustworthy. The foundation of Web3 is built on blockchain networks or similar systems that spread out information across many computers.

The Internet we use today has some big problems. We don't have control over our data, and there's no built-in system for transferring value. Our current data systems are based on old concepts where data is stored on a central server and accessed by a client. Whenever we use the Internet, copies of our data are sent to the service provider's server, which means we lose control over it. This situation creates trust issues. Can we trust the people and organizations managing our data to protect it from corruption, whether intentional or accidental? Centralized data storage leads to concerns about security, privacy, and control of personal data. It also causes inefficiencies in the supply chain of goods and services.

Data Monopoly (Single Point Of Failure)

In the early 1990s, the World Wide Web made the Internet easier to use with attractive and easy-to-navigate websites. Over time, the Internet grew and became more advanced. This led to the rise of Web2, which introduced social media, online shopping, and knowledge-sharing platforms. Web2 changed how we interact online, bringing people closer together for sharing information, buying, and selling goods and services. However, these interactions always required a middleman, like a platform, to facilitate and control the exchanges. Now, blockchain networks are driving the next version of the Internet, called Web3. Web3 changes how data is stored and managed, creating a universal layer that all network computers manage together. This new layer allows for direct transactions between people without intermediaries, enabling true peer-to-peer (P2P) interactions. It all began with the creation of Bitcoin.

Data Sovereignity (No Single Point Of Failure)

In Web3, lots of computers work together to take care of data. They follow special rules called a protocol, and everyone agrees on these rules to keep things safe. The people running these computers get tokens, like little rewards, for their help. These rules make sure that even if people don't know or trust each other, they can still make deals online. The universal layer that enables this is so secure, Imagine trying to sneak into one house with a fence and an alarm. That's like messing with data on a regular server. But Web3 is like having to sneak into many houses all over the world at the same time, each with its own fence and alarm. It's so hard and expensive that it's almost impossible to do.