There has been a lot of talk about blockchain, Web3 and the future of Internet of Things (IoTs). Web1.0 was the first iteration of the world wide web providing users access to data from almost any corner of the world. For example; Yahoo.com, MSN news and AOL.com.
Web2.0 built better user interfaces (UI) enabling free information sorting thereby enabling users to collectively retrieve and classify the information. This was when the commenting feature was added to websites so that users can communicate with the site owner and each other. For example, medium.com, rootedinkent.us and Youtube.com
Web3.0 is based on blockchain technology, which incorporates concepts including decentralization and token-based economics. They idea is to create products and solutions on a decentralized chain such as peer to peer payments solutions like Bitcoin and Ethereum so that the barrier to participate in cheaper for developers and creators alike.
The irony is that both Bitcoin and Ethereum have become expensive to use when executing transactions because of excessive gas fees (let's not go down this rabbit hole). Therefore, other blockchain projects have emerged with cheaper peer to peer transaction costs such as Solana, Polkdot and Polygon.
The graphic below gives a visual comparison - courtesy of blockchain101.com