Web 3.0: The future of the internet

Web 3 is the 3rd iteration of the internet. Web 3.0 is a decentralized internet to be run on blockchain technology, which would be different from the versions in use, Web 1.0 and Web 2.0.

Context

The 3rd iteration of the internet, a platform currently under development and being built on the concept of edge computing that hopes to democratize the internet. 

What is Web 3?

• Web 3 is the 3rd iteration of the internet. Web 3.0 is a decentralized internet to be run on blockchain technology, which would be different from the versions in use, Web 1.0 and Web 2.0.
• Web 1.0: The internet in the Web 1.0 days was mostly static web pages where users would go to a website and then read and interact with the static information. Even though there were e-commerce websites in the initial days it was still a closed environment and the users themselves could not create any content or post reviews on the internet.
• Web 2.0: Web 2.0 started in some form in the late 1990s itself though 2004 was when most of its features were fully available. It is still the age of Web 2.0 now. The differentiating characteristic of Web 2.0 compared to Web 1.0 is that users can create content. They can interact and contribute in the form of comments, registering likes, sharing and uploading their photos or videos and perform other such activities.
• The platform is currently under development and is being built on the concept of edge computing. 
• It uses the platforms of blockchain, cryptocurrency, NFTs and other such technologies. 
• The basic idea around it is to take advantage of all the world's devices while incorporating "decentralization" as a core principle.
• Although Ethereum's Gavin Wood is credited for the term "Web 3.0", it was actually the New York Times that coined the term way back in 2006.