Daniel’s Reviews > Token Economy: How the Web3 reinvents the Internet (Token Economy: How the Web3 reinvents the internet > Status Update

The current Internet was built to connect machines and not humans. Therefore it lacks a native solution for identity management. Server-Centric solutions was built as a layer on top of the Web2. But it has many drawbacks. Every platform needs to implement its own identity management or relay on central 3rd parties like Facebook/Google.
User-Centric identity management solutions are one prime application of the Web3.

Blockchain networks seem to be a driving force of the next generation Internet which reinvent the way that data is stored and managed over the Internet, providing a unique set of data, a universal state layer, that is collectively managed by all nodes in the network. This provides a native value settlement layer for the Internet in the absence of intermediaries. It enables true P2P transactions.

Web3 (token economy) has the potential to revolutionize agreements and value exchange. Web3 changes the data structures in the backend of the Internet, introducing a universal state layer, often incentivizing network actors with a token. The backbone of this Web3 is represented by a series of blockchain networks or similar distributed ledgers.

Web2 (platform wconomy) revolutionized interactions. SocialMedia, e-commerce, and knowledge platforms, bringing producers and consumers of information, goods and services closer together. Web2 allowed the peer-to-peer interactions on a global scale. But always with a middle-man, a platform acting as a trusted intermediary which controls and governs the interaction of the users who do not know or trust each other.

The Web1 (information economy)—World Wide Web, HTTP protocol, browser (client) and server apps—was invented by Tim Bernars Lee in 1989. Web1 revolutionized the information access via increasing the usability of the Internet by visually-appealing and easy-to-navigate websites instead of command-line interfaces which were hard to use and not intuitive.

Invention of the Internet Protocol (IP) connected all the stand-alone computers by providing a data transmission protocol which revolutionized the data transfer by making it much faster and seamless and slashed the transaction cost of information exchange.