Web3 was firstly introduced by Ethereum’s co-founder (and past TOA speaker) Gavin Wood in 2014, and has since followed several conceptual traditions.

The term has arguably caused confusion to some, like the people above. For a less complex explanation, we think of Web3 as the third transition of the web following Web1 and Web2.

Web1 was the birth of the internet. It was static websites, emails and the sound of the modem router desperately trying to bring some internetic action into your Windows98. It was you chatting with your mates on MSN. In hindsight, Web1 consisted of the “read-only” web, with no interaction between users at all.

Web2 saw the introduction of interaction, through the likes of first social media platforms such as Facebook. Here, users are, for the first time, leaving their fingerprints on the Web, by establishing their digital presence. At the same time, these companies are asking for our personal information, in exchange for personalised adverts - this why web2 marked the beginning of the advertising-driven revenue model. Web2 is what our lives look like right now, but as people are becoming more aware of their own data, they are realising the harm these companies are doing on our social fabric. And that’s where Web3 fits in.

With Web3, it is up to the individual to decide how much data they share and how much they want to engage with each online service. The advent of the creator economy, companies with community at it’s core, as well as the adoption of crypto for spending and earning money instead of using outdated infrastructure of banks and payment processors means that every person can participate in the future of the internet.