Web3: third-gen internet

Cryptocurrencies, blockchain tech, NFTS - where does the web go next?

-  Charlotte Henry

YOU WILL LEARN What is meant by Web3 and why it will likely matter to you

Web3 is a future version of the internet encompassing cryptocurrencies, NFTs, and the metaverse

Key fact

In the US alone, 40 billion pounds of carbon emissions are caused by Bitcoin mining, the way new Bitcoin is generated, according to research.

We’ve had Web 1.0 and Web 2.0, and recently you’ve probably heard about Web 3.0, aka Web3. Could this ill-defined term really be the future of the internet?

Despite the lack of clarity about what Web3 means, it is broadly understood as an emerging version of the internet based on the blockchain and encompassing cryptocurrencies, NFTs (non-fungible tokens), and the metaverse. That’s because Web3 is, according to its proponents, all about decentralisation, a response to the current era of the web that is dominated by giant platforms such as Facebook and Google.

The Web3 Foundation says its “passion is delivering Web 3.0, a decentralised and fair internet where users control their own data, identity, and destiny.” In Web 2.0, powered by social media, we, the users, are ultimately the product. However, that is not the case in an idealised version of Web3.