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.