3:10:29 PM PST - Wednesday, November 30th, 2022

Is web3 really the new phase of the internet?  

By Editor - Thu Nov 17, 7:03 am

We are on the verge of a new phase of the web, or so the story goes. Its proponents have labeled it web3 . While last week’s implosion of systemically important crypto exchange FTX showed that the tech industry is far from realizing that vision in terms of execution, the concept of web3 has been a fundamental driver for startups and venture capital over the past few years. If we are truly in the midst of a third wave, it’s important to understand the history of the web, how it evolved and how this new phase — if it is actually one — fits in this chronology. Is the so-called web3 the next logical step for the internet, one that will have a lasting effect on its evolution or something else altogether? We need to place what we call web3 in proper historical context and judge whether its rise truly marked an innovation cycle or is just a simple repackaging of existing tech to make it more palatable to an investor ecosystem hungry for the next big thing. It’s clear that one of the primary motivations for identifying a new phase of the web is the incredible wealth creation that accompanied the first two phases

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Is web3 really the new phase of the internet?

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