Web3: The Next Iteration of the Internet and Compliance Implications

This episode provides an overview of Web3, the next iteration of the internet built on blockchain technology. It distinguishes Web3 from its predecessors, Web1 and Web2, highlighting the shift from centralised control to a decentralised, community-run network. Key technologies supporting Web3 include blockchain, smart contracts, and digital assets like cryptocurrencies and NFTs. The article addresses concerns around Web3, such as evolving regulations and consumer protection, while also presenting real-world examples of its application. It clarifies the difference between Web3 and the metaverse and acknowledges that whilst cryptocurrencies have struggled recently, elements of Web3 are still progressing.