The first era of the modern internet — roughly 1990-2005 — was about open protocols that were decentralized and community-governed. Most of the value accrued to the edges of the network: users and builders.
The second era of the internet — roughly 2005-2020 — was about siloed, centralized services. Most of the value accrued to a handful of large tech companies.
We are now beginning the third era of the internet — what many call web3 — which combines the decentralized, communitygoverned ethos of the first era with the advanced, modern functionality of the second era. This will unlock a new wave of creativity and entrepreneurship.