In the 90s, web1 was about open protocols that were decentralized and community-governed. We had static websites, low bandwidth, and limited hardware. Most of the value accrued to builders+users.
In the 2020s, web2 was about centralized services run by a handful of corporations. Social networking, AI/ML, SaaS, and the gig economy take place.
The web3 era combines the community-governed and fractionalization character from web1 with the modern functionalities of web2 through crypto networks.
