- From NYMag (11-2021):
"WEB2: The internet as we know it today, which is dominated by a few large tech companies, like Facebook, Amazon, and Google, that provide services in exchange for personal data (and, in turn, control what happens to our data — how it’s stored, used, tracked, and monetized).
WEB3: Right now, it’s more of a utopian vision than a reality. Web3, a favorite buzzword of many crypto enthusiasts, is a decentralized version of the internet that runs on a blockchain. In this version, you would be a stakeholder in any entity you contribute to online (so if Facebook had started as a Web3 project, you might have been earning equity — tokens — for all those hours you’ve spent on it since 2006). Think of it as a rebrand of crypto."