What is Web 3.0 ? A must-know for understanding Decentralized Finance. Decentralized Finance (3)

You may have heard of web 3.0 but what is it? What makes it different from web 1.0 and 2.0? Is it just a fancy name for block chain and crypto currencies? Or is there something deeper at play here? Here in this article we will try to answer all your questions about web 3.0.

Before we jump in, first we need to understand that web 3.0 does not have a specific definition. Instead, it is a concept and it is seen as the next evolution of the internet. In order to understand this concept, we need to take a look at web 2.0 and web 1.0.

Web 1.0

Web 1.0 started in 1990s when we saw the beginning of the digital era. During this time, the internet was primarily used to consume information and news. People could communicate only via emails. The information you would normally find in a newspaper or in a library was now available online. But there was not much you could actually do with it. The pages were static, read only versions where users could simply consume the information.

Web 2.0

Web 2.0 arrived around 2004 or 2005. With web 2.0 users no longer just consumed the information, but they were also contributors. With the advanced technologies like JavaScript, html and css, you could express…