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The Current Internet
Web2 is the current version of the internet that we use every day, which encourages more online social interaction. It's characterized by centralized platforms and services like Facebook, Twitter, and Google, which control and profit from our data.
- Centralization: Web2 relies on a few powerful companies that control most of the data, content, and services on the internet. This creates risks of censorship, manipulation, privacy breaches, and monopolies.
- Lack of trust: Web2 users have to trust intermediaries to verify transactions, store data, and provide services. This creates inefficiencies, fees, and vulnerabilities.
- Lack of value creation: Web2 users generate a lot of value for platforms through their data and content, but they do not get rewarded or own their digital assets.
The next generation of the internet - Web3 - attempts to tackle these drawbacks by fundamentally changing the way we interact with the web. Next up, we'll explore these concepts in detail.