# About web3 By [Verazazu](https://paragraph.com/@verazazu) · 2022-10-08 --- Do you remember when you first heard about Bitcoin? Perhaps it was a little excitement about a new technology that will change everything. Perhaps you felt a pang of FOMO when people who came early suddenly accumulated a small fortune — even if it was unclear what this “money” could be legitimately spent on (really expensive pizza?). Perhaps you're just wondering if you should work on a crypto strategy in case it really works in your industry, even if you don't really care one way or another. So if you are reading this article, then you are a modern person who wants to keep up with the times. Let's figure out what is web3 The web has evolved a lot over the years, and the applications of it today are almost unrecognizable from its most early days. The evolution of the web is often partitioned into three separate stages: Web 1.0, Web 2.0, and Web 3.0. In short, Web 3.0 is the third generation web. It’s permissionless, decentralized, and has code designs drawn from open sources. In simpler terms, Web 3.0 processes information with human-like intelligence through the assistance of artificial intelligence (AI) and machine learning, without relying on centralized platforms for data exchanges. Web 3.0 users who participate in governance protocols own a share (token or crypto) that represents their ownership in the decentralized network. Any holders of the governance tokens have the right to vote for changes to be implemented in the network.  Although it's challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation. * **Web3 is decentralized:** instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users. * **Web3 is permissionless:** everyone has equal access to participate in Web3, and no one gets excluded. * **Web3 has native payments:** it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors. * **Web3 is trustless:** it operates using incentives and economic mechanisms instead of relying on trusted third-parties. Web3 gives a lot of possibilities. One of which is the possibility of fast and secure payments. Tokens also introduce a native payment layer that is completely borderless and frictionless. Companies like Stripe and Paypal have created billions of dollars of value in enabling electronic payments. These systems are overly complex and still do not enable true international interoperability between participants. They also require you to hand over your sensitive information and personal data in order to use them. Crypto [wallets](https://everest.link/category/0xc00f480db7754ce2e0f992a1080598e53fc511a0/) like [MetaMask](https://metamask.io/) and [Torus](https://toruswallet.io/) enable you to integrate easy, anonymous, and secure international payments and transactions into web3 applications. Networks like Solana offer several hundred digit millisecond latency and transaction costs of a small fraction of a penny. Unlike the current financial system, users do not have to go through the traditional numerous, friction-filled steps to interact with and participate in the network. All they need to do is download or install a wallet, and they can start sending and receiving payments without any gatekeeping. Web3 is a young and evolving ecosystem. Gavin Wood coined the term in 2014, but many of these ideas have only recently become a reality. In the last year alone, there has been a considerable surge in the interest in cryptocurrency, improvements to layer 2 scaling solutions, massive experiments with new forms of governance, and revolutions in digital identity. We are only at the beginning of creating a better Web with Web3, but as we continue to improve the infrastructure that will support it, the future of the Web looks bright. --- *Originally published on [Verazazu](https://paragraph.com/@verazazu/about-web3)*