Web3 is the coming evolution of the Internet based on Blockchain and Crypto.
Web2 is the present era of platform companies such as Facebook, Google, Apple, Amazon, and others around the world. Web1 was the early-digital behemoths who dominated the scene prior to what is the current form of the "social" Internet.
As we discussed in the section on blockchain and crypto, the coming evolution of the Internet is about trusted decentralized networks where value is co-created and shared amongst the participants. This new crypto-powered vision of the Internet is sort of a reboot of the old Internet, allowing new sets of people and businesses a shot at the new platforms / protocols for how things will get done online.
Blockchain being just the technology layer, the benefits it enables are what everyone is excited about:
Web3 makes content king again, as digital media across the Internet creates value across networks of users and creators.
Web3 puts creators at the top of the economic pyramid as they make products and services as well as content and media and drive culture and commerce across the Internet.
Web3 is about community-driven business networks that drive value for all participants and finally bring power back to people and their immediate and extended networks.
Web3 is about sharing the upside from sales that occur across the network and across the community rather than retaining the value in a centralized business.
Web3 utilizes native crypto payments thanks to the blockchain basis of these decentralized networks and uses wallet addresses as identities for their members.
Web3 is about working together as partners, not viewing the world as a zero-sum game dominated by competition and cut-throat business models.