The first incarnation of the internet were distributed nodes connected together to have the ability to communicate and exchange data. The connections got centralized by bundling it at ISP’s and the connection itself became commodity.

The second incarnation were distributed participants becoming their own content providers and establishing their information bubbles. The networking got centralized by various social networks and the content distribution became commodity.

The third incarnation is evolving right now with decentralized blockchain technology. Completely trustless participation. How the centralization will be organized and the future is shaped, is still open

Source: https://www.economist.com/podcasts/2022/02/08/web3-the-latest-silicon-valley-buzzword

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