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Web3 definition

Web3 is a concept of a decentralized internet that emphasizes peer-to-peer interactions, user control, and interoperability.

Web3 is best known for the technologies that operate in its sphere, like blockchain, smart contracts, and other decentralized solutions.

History of Web3

2008-2009: Bitcoin’s inception

  • An unknown person or a group known only by the name Satoshi Nakamoto published the Bitcoin whitepaper.
  • A year later, the Bitcoin network began and released the first bitcoins.

2013-2015: Ethereum and smart contracts

  • Vitalik Buterin released the Ethereum whitepaper, which proposed a more versatile tool called “a smart contract”.
  • Ethereum was launched. Users employed smart contracts to build decentralized applications.

2017: ICO boom

  • Initial coin offerings (ICOs) provided a way for projects in the space to raise capital. This led to many new projects but also increased scrutiny and Web3 regulation.

2018-2019: DeFi emergence

  • Decentralized finance (DeFi) ventures focused on recreating and improving existing financial systems in a decentralized manner.

2020 and beyond

  • Non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) grew in popularity.

Further reading

Ultimate digital security