What is Web3? Explain like I’m 5

People don’t mean a specific app when they say “Web 3.” Instead, they mean a group of projects that are being funded by cryptocurrencies and are working together to build a new decentralized internet infrastructure. These services could include decentralized social media platforms where users can freely debate and express themselves without worrying about being censored by a central authority, as well as decentralized data platforms where users can access information that is not controlled by a single entity.

To fully grasp how web 3 functions, let’s talk about Web 1 and Web 2 first!

Web 1

Initially, the sole purpose of the World Wide Web was to provide access to documents for reading purposes. Web 1.0 was dominated by static, read-only websites. Its principal advantage was its readability. Currently, web pages undergo no form of dynamic processing. Numerous new major sites, product and service information pages, and other sites with one-way communication were discovered. In the 1990s, websites such as Yahoo charged to be at the top of search results, similar to how print newspapers charge for advertisements, regardless of how many people clicked on the link, performing a function similar to that of traditional media. Web 1.0 can be summarized by reference to its four primary characteristics. First, remember that websites cannot have…