Most people have a tough time wrapping their heads around what web3 means. In their defense, we’re still early on in the adoption of this next iteration of the web and technology as we know it.
Here is a concise breakdown in layman’s terms:
web2 = centralized
web3 = decentralized
web2 = high % take-rates for platform
web3 = low % take-rates for platform
web2 = platform owns the data
web3 = you own the data, platform just provides a view into
the data
web2 = ███[REDACTED]███
web3 = censorship-resistant
web2 = default closed source
web3 = default open source
web2 = closed interfaces
web3 = open, composable code
web2 = Login with Google / Facebook / Apple
web3 = Connect Wallet
web1 = Read
web2 = Read + Write
web3 = Read + Write + Own
Image Source:
State of Crypto 2022