What Is Web3

What Is Web3

Featured| Education & Tutorials
December 07, 2025•2 min read

Unless you have been living off the grid, you likely have seen and heard the term Web3 everywhere you look these days.  I’m sure that some of you have likely asked yourself, “What is Web3?”

Web 3 (or Web 3.0) is the third evolution or iteration of the Internet.   Before we delve into what exactly Web3 / Web 3.0 is, it will be helpful to look back at the prior iterations of the Internet that preceded it.

Web 1.0

Web 1.0 refers to the beginning days of the Internet (the late 1990s to early 2000s), which was 100% made up of platform-generated content. These webpages on Web 1.0 were “read-only” pages; meaning, users came to the webpage to consume information. They did not interact with the websites they visited.   This era of the internet consisted of platforms such as Netscape and America Online.

Web 2.0

Web 2.0 refers to when the second iteration of the Internet started dominating the landscape of the World Wide Web in the early 2000s. Websites on Web 2.0 became more interactive. Users not only consumed content on the websites they visited but were also encouraged to interact with and create the content.  With this, social media profiles, blogs, and podcasts exploded in popularity. E-commerce websites also began to appear in greater numbers as Web 2.0 content gained popularity.   This includes platforms such as Facebook, Etsy, Yelp, YouTube, and others.

During this phase, data and privacy have become hot topics with platforms monetizing their users’ data.

Web 3.0

Web 3.0 / Web3 refers to the latest iteration of the Internet. Web 3.0 has been described as an “online ecosystem based on the blockchain.” This new blockchain-based Internet is where new technologies like NFTs, Cryptocurrencies, DAOs, Defi (Decentralized Finance), smart contracts, and the metaverse live.   This includes platforms such as OpenSea.io, MetaMask, and Brave.

Web3 advocates tout that this new blockchain-based decentralized Internet will bring additional privacy to its user’s personal data. The ability for users of Web 3.0 to retain ownership of their personal data and give them the ability to monetize it themselves.

Web3 skeptics believe that Web3 and Web 3.0 are just marketing buzzwords and that the same Big Tech companies will still thrive.

For the foreseeable future, Web 2.0 properties will continue to co-exist with Web 3.0. Only time will tell if the advocate or pessimist’s view of the ownership of user data in Web 3.0 will emerge victorious. For now, all we can do is continue to educate ourselves as this new decentralized blockchain-based Internet grows and enjoy watching the future take shape as it does.

web3 explaineddecentralized webweb3 cryptocurrency
Back to Blog

Important Notices

Digital Assets and Custody are provided by Ibanera LLC and Vault IST DMCC. Ibanera LLC and Vault IST DMCC are not insured depository institutions or banks. Digital assets are not legal tender, are not insured by the Federal Deposit Insurance Corporation ("FDIC"), and are not subject to protections afforded to bank deposits. Digital assets are subject to extreme price volatility and may lose value. Digital assets held in your digital asset account (i.e. rewards wallet or trade wallet) are not insured by any governmental entities, including but not limited to FDIC. As with any asset, the value of digital assets can go up or down and there can be substantial risk that you lose money buying, selling, or holding, in digital assets. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. No bank guarantee and may lose value.

Switch Nodes and the Switch Blockchain are governed by a Distributed Governance Framework, which is distinct from and not controlled by Switch Reward Card DAO LLC (Switch Reward Card). Any value derived from Switch Nodes and Switch Rewards is likely to be uncorrelated with the success or failure of Switch Reward Card.

Switch Reward Card does not sell digital rewards. The Switch Blockchain, which is governed by Switch Node owners, self-governs the distribution of Switch Rewards. Switch Rewards are earned in exchange for work and action on the Switch platform. Switch Rewards are digital rewards designed to have utility on the Switch platform for the purchase of Switch's products and services. Switch Rewards is not an investment product and may never have any value outside of the Switch platform. Switch Node owners should not expect to recognize any value from Switch Rewards other than its utility on the Switch platform. Switch Reward Card does not anticipate correlation between Switch Rewards' value and Switch Reward Card's business activities.

Banking services including USD deposits are provided by Cross River Bank.

Switch Reward Card, DAO, LLC operates as a registered Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN). We are also a proud participant in the FinCEN 314(b) voluntary information-sharing program to help detect and prevent money laundering and terrorist financing.

SWITCH REWARD CARD RESERVES THE RIGHT TO CHOOSE MARKETS AND JURISDICTIONS TO CONDUCT BUSINESS, AND MAY RESTRICT OR REFUSE, IN ITS DISCRETION, THE PROVISION OF SWITCH SERVICES IN CERTAIN COUNTRIES OR REGIONS.

SWITCH ERC-20 Contract Address: 0xb10cc888cB2CcE7036F4c7ECAd8a57Da16161338

© 2026 Switch. All rights reserved | Privacy Policy | Terms