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Web3 concept

Web2 refers to the version of the internet most of us know today: an internet dominated by companies that provide services in exchange for your personal data.
Web3 refers to decentralized apps that run on the blockchain. These apps allow anyone to participate without monetizing their personal data.

The Differences Between Web2 and Web3

Twitter can censor any account or tweetWeb3 tweets would be uncensorable because control is decentralized
Payment service may decide not to allow payments for certain types of workWeb3 payment apps require no personal data and can't prevent payments
Servers for gig-economy apps could go down and affect worker incomeWeb3 servers can't go down – they use a decentralized network of many computers as their backend

Web3 Limitations

Web3 has some limitations:

  • Scalability – transactions are slower on Web3 because they're decentralized.
  • UX – interacting with Web3 applications can require extra steps, software, and education.
  • Cost – most successful dApps put very small portions of their code on the blockchain as it's expensive.

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Web2 vs Web3