What is Web3?

What is Web3?

Web3 is the idea of a new version of the internet that is built on blockchain technology, where users - not corporations - own and control their data, digital identity, and assets. To understand Web3, it helps to know what came before it.

Web1, Web2, and Web3

• Web1 (1990s-2000s): Read-only internet. Static websites where you could read information but not interact much. Think of early GeoCities pages or early Rediff.
• Web2 (2000s-today): Read-write internet. Interactive platforms like Facebook, YouTube, Twitter, and Zomato. You create content, but the platform owns it and profits from your data.
• Web3 (emerging): Read-write-own internet. You create content and own it through blockchain tokens. Platforms are governed by communities, not corporations.

What Web3 Means in Practice

• Your crypto wallet is your identity - no username and password needed, just connect your wallet.
• You own your social media posts, game items, and digital assets as NFTs or tokens.
• DeFi apps give you the financial services of a bank without a bank.
• DAOs let communities make collective decisions about platforms.

Web3 in India

India has one of the world's largest developer communities, and a significant portion are moving into Web3 development. Cities like Bangalore, Hyderabad, and Pune have growing Web3 startup ecosystems. Indian Web3 companies like Polygon (infrastructure), CoinDCX (trading), and ZebPay have global visibility.

Is Web3 Here Yet?

Web3 is still in its early stages. Current applications are often difficult to use, have scaling problems, and lack the consumer-friendly experience of Web2 apps. But the underlying technology is maturing rapidly and many believe it will reshape the internet over the next decade.