Web3 is the new phase of internet development, that will fully roll in in the next 5-7 years.

You have to understand that the internet has developed in phases. Everything started in the early 1990s with Web1. The Internet was decentralized, and people mostly consumed text-based content from self-hosted websites. Nobody really had the option to respond to content they saw.

When the first forums were created the era of web2 interactive internet began. People could now respond to the content they saw on the internet. This later evolved into cloud services, social media platforms and rapid internet centralization, where let's say 20 companies collectively control 90% of the internet traffic. These companies collect user data through sites and apps like Google, Youtube, Facebook, Twitter, Tiktok, e.t.c. and later profit from it by selling ads. And one of the major changes that happened in web2, is that now everyone has a smartphone in their pocket, so everyone can constantly produce and consume text, image and video-based content.

Web3 wants to bring back the decentralized nature of Web1, but also keep the nice user experience of web2, or even improve it through the means of AR, VR and MR. Web3 makes the internet more decentralized through blockchain, zero knowledge and IPFS. When web3 fully rolls in, users could decide what data to share with platforms.

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