So what is Web 3.0? Web3.0 is simply the next iteration\evolution of the Internet. To understand Web3.0, you will have to understand Web1.0 and Web2.0. We did a Thread on these which you can read below. At the heart of the Internet is Information sharing which was what Web 1.0 handled.

WEB 1.0

 It was Static; meaning, If I had any information to share, I shared it on my computer. You could read it, but nothing more. The important thing here was that, the original owner\creator maintained control. If he\she deleted the document, it is gone. This as you can see, was not very useful, so  it was modified to Web2.0 which is what we use today.

 Web 2.0

In the current version, aka, web 2.0, the ability to Read, Write, Edit and Restore was added. The result was that, you could now share information that anyone can download, update, store and reshape. They can then manipulate that information and it becomes their own creation. Great as this is, it created a bigger problem; the problem of ownership. As you must have noticed, the original creator is our of any money generated from their creation once it has been modified and shared. Hosting companies sprung up everywhere to host and store information created by others; problem is, the owners don’t benefit.

Take Google for instance, Google does not create the information that people search for, but the primary beneficiaries of providing the storage, medium and technically “owners” of the information is Google. Facebook and Instagram are the poster child of this business model. People post their pictures, advertisers pay Facebook; the folks who posted their pictures are not paid. A more interesting example is what is currently going on at Twitter. Elon Musk now owns everything you have posted on the platform. 

Enter Web 3.0

So, the premise behind Web 3.0 is to solve this ownership imbalance; meaning that, whatever you create, you own. If you leave Twitter for example, you take your creations with you. Because Web 3.0 is going to use\uses Blockchain as the underlaying technology, it will use “smart contracts” and Tokens\NFT to monetize ownership. So, if for example I post a picture, I could set how much it is worth; if someone tries to modify it without agreeing to my Smart Contracts, it will not work. This allows me to retain ownership and monetize my picture. But there are problems with the concept too.

Key Concepts:

To understand, we will use a library. Imagine the internet is like a big library full of books.

• Web 1.0 is like a library. You can only read the books, the librarian sat behind an unseen desk where you you can't talk to him or her, or write anything yourself. You just read what's there.
• Web 2.0 is more like an advanced library. Now, you can talk to the librarian and even other readers in the library. You can write your own notes in the books, leave reviews, and share your thoughts. This is like using Facebook, Instagram, or YouTube, where you can post and share things with your friends. If along the way you decide yo write a book, it belongs to the librarian, who houses it. They may decide to share some profits with you.
• Web 3.0 is like newest and modern library. Not only can you read, write, and talk to others, but you also own your books. You can trade them with others, and there's a special system to keep track of who owns what without anyone cheating. This system is called blockchain. It's like having a magical notebook where everyone can see what’s written, but no one can change it unless everyone agrees.