The online world has been constantly changing since its early days. What started as static, developer-generated websites turned to platforms of individual content creation and sharing through social media and advanced, dynamic sites. However, the greatest change is yet to take full effect: Web 3.0 has been testing its wings already, with decentralization, blockchain technology, and tokenization claiming more and more share throughout the years. Read on to see what Web 3.0 means, and what its role is in shaping the online and offline world.
Web 3.0, often referred to as Web3 or web3, is a collective name that encompasses online decentralization, blockchain-based ecosystems, and crypto tokenization in one. Web 3.0 is the latest chapter in the life of the online world, with Web 1.0 being a closed chapter that happened around the early 00s, and Web 2.0 being an ongoing timeframe that is mostly credited to social media and content sharing.
Web 3.0 was actually not introduced by Bitcoin (BTC) in 2008, but rather by Ethereum and its founding team around 2014. Dr. Gavin Wood, the co-founder and former CTO of Ethereum, as well as founder of Polkadot, came up with the term back then, however, it wasn’t until around 2021 that Web 3.0 caught the attention of the masses. Again, Web 3.0 is not the same as cryptocurrencies, but rather what decentralization, and blockchain-based tokenization can bring to the world. The reasons behind Web 3.0’s popularity include its inherently inclusive nature, empowering features, and its revolutionary approach to democratizing finance, governance, and all systems worldwide.
Web 3.0 has various roles to play in the online space. One of its most important tasks is not to change the way we use platforms and systems, but rather to reinvent the fundamentals of the web. This means that Web 3.0 challenges centralization and corporate control, which were unquestioned axioms ever since the Internet came into existence. Web 3.0 aims to be the force that unites individuals around the globe and places control directly into their hands through decentralized, blockchain-based ecosystems and tokenization.
There are multiple crypto projects that classify as the flagship agents of Web 3.0, however, Polkadot (DOT) is by far the most significant of them all. As Dr. Gavin Wood is essentially the inventor of the idea of Web 3.0, and is the founder of Polkadot, too, it’s not hard to see why that is true. Polkadot intends to create a versatile, multi-blockchain ecosystem that, itself, can become the hotspot-hub for Web 3.0’s core development, adoption, and use case demonstration.
The online world has never stopped evolving, and it will likely never cease to change, either. Web 3.0 is its current phase, but it set out to achieve more than its predecessors, namely changing the fundamentals of the World Wide Web rather than improving its capabilities. Decentralization, blockchain-based ecosystems, and tokenization are, and will be, the pulling forces of Web 3.0, and with ambitious goals, they have the potential to change our world as we know it.
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