Web3, a term coined by Gavin wood in 2014 seems to be the latest buzzword on the internet preaching the trustless and take back control gospel to all who care to listen. This article focuses on the difference between web2 and web3 but before getting into that, let's first discuss what web1, web2, and web3 are.

Web1

Web1 refers to an internet era between the years 1991 and 2000. In this era, the internet was mostly a bunch of static pages. It was sometimes referred to as read-only due to the fact that there was no interaction between the users and the websites.

Web2

Web2, which is our current era (2004 - now) is known as the era of interactivity. Users are able to not only view the web but contribute by creating their own content. Companies collect data on users of their products, first in order to serve them better and keep them hooked on their products but later, to sell to advertisers thereby introducing the age of targeted advertising, lack of privacy, etc.

Web3

Web3 aims to solve this issue. Web3 refers to a decentralized online ecosystem based on the blockchain. In web2, we the users are the product but in web3, the users will be the owners having full control of their data.

Difference between web2 and web3

1. Web2 is centralized while web3 is decentralized. This means that user data is owned by mostly single entities in web2 whereas, in web3, the data is spread across multiple blocks and made transparent to all users.
2. Permissionless: web3 provides a more democratic system with fewer restrictions. Anyone can be part of the network and conduct his or her business with overhead authority. Web2 has a lot of restrictions with governments / corporate bodies overseeing most transactions.
3. Digital Identity control: in web3, users can choose to limit the amount of information they offer about themselves or create a suitable profile that protects their interest. Web2 is designed to force users to let go of their personal information before they can perform most transactions.
4. Better payment infrastructure: web3 uses tokens(coins) to make payment borderless and robust. Users no longer have to depend on banks for the transfer of funds, unlike web2 where banks and other governing bodies can seize, restrict, or generally shut down any transaction.
5. Trustless: every transaction is verified before being added to the blockchain. There is no need for central authority riding on the wave of past reputation overseeing every transaction and sometimes offering little explanation when transactions go wrong.
6. Transparency: every transaction is public on web3. Most web2 companies don't even agree to allow their users to know how their data is being used.

Ps: Thanks to Nestcoin, Blockgames and Zuri for this wonderful learning opportuinity.