What is Web3? This question is trending all over the world and recently it’s trending in Pakistan as well because the Pakistani Finance Minister Miftah Ismail has said in an interview that he is also unaware of Web3.
The term “Web 3.0” has been coined by the computer scientist Gavin Wood, who is one of the co-founders of Ethereum and founder of blockchain infrastructure company Parity Technologies, laying out his vision for the future of the internet.
The phrase ‘Web 3.0’ has shortened to ‘Web3’, and it has become an internet buzzword recently with high-profile technologists, including Twitter founder Jack Dorsey and Tesla CEO Elon Musk, debating the meaning of the term.
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So what is Web3?
In an interview with CNBC, Gavin Wood has that Web3 is truly decentralized and a more democratic version of the current internet.
Wood said, “Web3 is really sort of an alternative vision of the web, where the services that we use are not hosted by a single service provider company, but rather they’re sort of purely algorithmic things that are, in some sense, hosted by everybody. So it’s like, it’s very peer to peer, right? … The idea being that all participants sort of contribute a small slice of the ultimate service. And thus, no one really has any advantage over anyone else … not in the same sense, at least as, as you know, when you, for example, go to Amazon or you go to eBay or Facebook, where the company behind the service really has absolute power over what it is that they do in providing the service.”
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