The founder of the Web3 Foundation believes that Web3 is important

According to Dr. Gavin Wood, current centralised systems have fundamental flaws, and that Web3 offers a better alternative.

Foundation for Web3 

Michael Casey of “Money Reimagined” spoke to Gavin Wood, the co-creator of Ethereum and the founder of Parity Technologies, the firm behind Polkadot, about the necessity of a decentralised internet and promoted Web3. This decentralised online environment is referred to as “Web3” by Gavin Wood, who originated the phrase in 2014.

Web 1

On the surface, the promise of a Web3 future looks very similar to that of the current Web2 setup. However, they are essentially different. In contrast to today’s centralised infrastructure, Web3 is a distributed architecture.

‘When you are talking about centralized software, your guarantee are only as good as the centralized entity that is running it because they can change anything they want, they don’t have to tell you,’ Gavin Wood said.

Gavin characterised Web3 as an application platform notion that goes beyond particular technologies in the interview. It is designed to provide an universal protocol for developing a decentralised application that isn’t tied to any particular platform in particular.

Gavin Wood formed the Web3 Foundation in order to promote and protect decentralised software standards and their applications. The Web3 Foundation was founded on the principle that users should be in charge of their own data, identity, and future.

Privacy

According to Gavin Wood, Web2 is built on trust. Institutions are trusted with information and personal data, yet this is a flawed approach. A strong argument can always be made for the misuse of information by these institutions because their business model relies on gaining access to more personal data.

web 2

Web3 is required to update this outdated model. According to Gavin Wood’s comments in another Wired interview, Web3 is about “less trust and more truth.” With Web3, you have access to a trustless logic framework that guards against arbitrary exploitation.

You go from thinking things will work out in a certain way to knowing that a mechanism will work on its own to match your expectations.

Buzzword

The term “Web3” is becoming increasingly popular. Venture capitalists (VCs) are pouring money into Web3-based projects. There will be no slowing down in the development of Web3 in the near future, since it is a logical progression to return control and privacy to the consumers of multiple platforms.

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