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The global cryptocurrency market capitalization reached $3 trillion in 2021 and has plenty of room for more growth. After the metaverse took the internet by storm, Web 3.0 emerged to become one of the new buzzwords in the cryptocurrency realm. While Web 1.0 and Web 2.0 bolstered the growth in the internet world, Web 3.0 focuses on decentralization by giving users the freedom to control their data. But what exactly is Web 3.0?
[Note: Although the terms Web 3.0 and web3 have different origins, they are inevitably becoming interchangeable. For this article, we’ll use the first term.]
Web 3.0 is one of the new buzzwords for the next significant evolution of the internet. Web 1.0 took place from 1990 to 2004, when most websites were static and created by businesses. During this phase, people who saw an opportunity bought domain names to sell later at higher prices to businesses in need of these domains.