Web 2.0 Compare Web3

Aspect of protocol Web 2.0 Web3
Trust model Centralized services, servers and softwareTrust the companies behind them. Decentralized; peer-to-peer; no central authority; no single point of failure Trust is minimized — trust the decentralized protocol.
Governance Power consolidated among digital giants Decentralized autonomous organizations (DAOs), where governance is distributed to stakeholders (governance token holders)
Business model Digital giants and service providers own customer data, which is used to earn revenue. The blockchain network pays transaction validators for their work. Game theory is employed to maintain transaction integrity.
Content Dynamic, user-generatedSource content can be duplicated. User-owned and uncoupled from Web 2.0 services
User participation models Free services in exchange for user data Payments made to intermediaries for running services and software Users own their data and content, and can monetize it. Payments made directly to blockchain transaction validators
User interfaces WebSocial networksMobile apps Decentralized apps (dApps) Centralized marketplaces or services
User authentication methods User IDsPasswords Other authentication Private key that unlocks access to owner’s records on a blockchain; the private key can be in a self-hosted wallet or a third-party wallet.
Financial system Centrally managed by central banks and other financial institutions and networks Run by smart contracts (basically “if, then else” scripts) and blockchain protocolsThere is no centralized control and there are no intermediaries to pay.
Currency Centrally managed, government-backed currency (e.g., currency managed by a bank or a stored-value account provider) Cryptocurrency built into decentralized blockchainUsers act as their own bank, but can delegate to a centralized exchange.
web2.0 & web 3.0

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