Web 3 Explained in its Simplest Form

Web 3 is allowing us to have internet-based possessions in the same way we can have physical possessions. In the physical world, we can have ownership of our belongings without needing to rely on a third party. For example, we can hold cash, travel with our passports, or draw on a piece of paper. This is true ownership: we can choose to sell or exchange our belongings with anyone we want, and no one can stop us.?

Unfortunately, internet use today wasn't designed with this in mind. Instead, companies have to fill this void by building databases or storage units to hold our digital belongings - for example, Facebook stores our content, banks store our money, Twitter stores our followers and content, YouTube stores our videos, etc. There are two problems with this:

First, we can't take the things we own from one application to another like we can from one city to another in the physical world. If you want to use Facebook and Twitter, you need to create a new profile for each application. You also need your followers to follow you on both applications, which is odd. In the physical world, there is one YOU but in the digital world, there are hundreds of YOUs - along with hundreds of passwords and usernames, which is terrible. This is because anything you create digitally is owned not by you but by the company or application you created it in.

Another problem is that we must trust companies with everything we do or have on the internet (our money, content, profiles, followers, etc.) so banks can limit our money, Facebook and Twitter can censor our posts, etc. This is not ideal and it differs from the physical world, where we can say what we want.

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WHY IS IT NAMED WEB 3?

Web 3 is simply the updated version of the internet that allows for digital ownership--the third internet, so to speak. Web 1 was the early days of the internet before Google and Facebook where we could only READ webpages. Web 2 was the first upgrade to the internet that allowed us to INTERACT with each other on platforms like Google and Facebook. This was possible because of big tech companies. Web 3 is the second upgrade to the internet which allows for digital ownership without the need for third parties--so you can READ, WRITE, AND OWN your data.

In the next few years, every application or thing we do on the internet will be rebuilt with web3's technology. If you have any questions, you can send me a dm.