What is Web3?

Web3 was easily one of the most hyped tech terms of 2021 after NFTs and Metaverse.

• Web 1.0 was the earliest era of the world wide web which included static pages and one-way communication. Web 2.0 allowed interaction with user-generated content, but is heavily centralised.
• Web3 is the iteration that runs on the public blockchains, is permissionless and it’s decentralised with the promise of avoiding a second coming of Big Tech companies like Facebook, Amazon, etc.
• With the hype around cryptocurrency reaching unprecedented peaks this year, the conversation has slowly moved to Web3 and its applications, which promise to disrupt major industries.
• While the chatter around Web3 has seen a spike, many are not sure still of how it will translate into real-world benefits.
• Since most of the Web3 conversation is being led by tech enthusiasts, there are fears that it may just turn into another flavour of the centralised internet we are living with.
• Web3 proponents are promising a complete disruption of doing things, independence from centralised tech giants, a boon for creators and alternative ways of approaching finance. In this reading, we try to do a SWOT (strength, weaknes, opportunities, threats) analysis of Web3 to see if it’s just hype or is there untapped potential?