What is Web3?
The progression of the web occurred through 3 generations- Web1, Web2, and, Web3.
In Web1, content creators (developers) were very few and users were mere consumers and nothing more. Whatever was displayed on the web had a static view.
In Web2, software applications were built upon the web and not upon the desktop, and it runs on a single server. Web2 brought about the creation of Facebook, Instagram, Snapchat, Youtube, and many applications that we enjoy today. Web2 had applications and websites with a dynamic and lively view unlike Web1.
In Web2, users were not mere consumers, but also could create content even without the knowledge of programming, by uploading videos, pictures, and, articles.
Web2's business model of operation generated a lot of mistrust when users found out that their activities on the web were sold to third-party agencies and in turn, owned by those agencies, without the consent of the users.
Web2 had many security and privacy breaches.
Privacy breaches should remind you of when the CEO of Facebook was queried for accusations of exploiting user data without their consent.
Security risks are seen in countries where government oppositions can be targeted, traced, and blocked from using their bank accounts because of their political stands.
With Web3, the words decentralized applications, commonly called dapps, came into play.
Here, applications wouldn't be built upon a single server, however, they run on decentralized servers, and data is stored on blockchains, hence, why the apps are called decentralized applications.
Web3 will be incomparably better than Web2, in terms of compensation of creators, security, privacy, and, ownership of content.