Five percent of people — the vocal 5% who dominate Twitter and other social media — are obsessed with “Web3.” Another 5% are sick of hearing about it, leaving around 90% of people with no idea what nerds are talking about.
If you’re in that 90%, and just want to understand what the fuss is all about, this is for you.
Web3 is a collection of the the 21st century’s most impactful technologies, combined to offer humanity the chance for a more fair and people-centric future.
Ownerless Apps: Decentralized Applications (Apps)
Facebook made news recently by changing its company name to Meta. Google did the same a while back, changing its company name to Alphabet. Both wanted to create some distinction between the applications they developed (Facebook, Google) and the companies that take huge profits from those applications (Meta, Alphabet.)
Take that idea one step further… to imagine a world-changing application, without a company taking profits from it? Open Source software took a step in that direction, delegating the work of software development to a community of volunteer contributors. Open source contributors are unpaid, but benefit either from using the software they help create, or by selling ancillary services around it.
What the hell is Web3? Here’s an explanation, in plain English.
(https://medium.com/g20-ventures/what-the-hell-is-web3-heres-an-explanation-in-plain-english-b223108b5ffb)