Some quotes what is Web 3.0:

In May 2006, Tim Berners-Lee, inventor of the World Wide Web stated:^[16]

People keep asking what Web 3.0 is. I think maybe when you’ve got an overlay of scalable vector graphics—everything rippling and folding and looking misty—on Web 2.0 and access to a semantic Web integrated across a huge space of data, you’ll have access to an unbelievable data resource.

—Tim Berners-Lee, A ‘more revolutionary’ World Wide Web

At the Seoul Digital Forum in May 2007, Eric Schmidt, CEO of Google, was asked to define Web 2.0 and Web 3.0.^[17] He responded:

Web 2.0 is a marketing term, and I think you’ve just invented Web 3.0.

But if I were to guess what Web 3.0 is, I would tell you that it’s a different way of building applications… My prediction would be that Web 3.0 will ultimately be seen as applications which are pieced together. There are a number of characteristics: the applications are relatively small, the data is in the cloud, the applications can run on any device, PC or mobile phone, the applications are very fast and they’re very customizable. Furthermore, the applications are distributed virally: literally by social networks, by email. You won’t go to the store and purchase them… That’s a very different application model than we’ve ever seen in computing.

—Eric Schmidt

At the Technet Summit in November 2006, Jerry Yang, founder and Chief of Yahoo, stated:^[18]

Web 2.0 is well documented and talked about. The power of the Net reached a critical mass, with capabilities that can be done on a network level. We are also seeing richer devices over last four years and richer ways of interacting with the network, not only in hardware like game consoles and mobile devices, but also in the software layer. You don’t have to be a computer scientist to create a program. We are seeing that manifest in Web 2.0 and 3.0 will be a great extension of that, a true communal medium…the distinction between professional, semi-professional and consumers will get blurred, creating a network effect of business and applications.

—Jerry Yang

At the same Technet Summit, Reed Hastings, founder and CEO of Netflix, stated a simpler formula for defining the phases of the Web:

Web 1.0 was dial-up, 50K average bandwidth, Web 2.0 is an average 1 megabit of bandwidth and Web 3.0 will be 10 megabits of bandwidth all the time, which will be the full video Web, and that will feel like Web 3.0.

Source: http://en.wikipedia.org/wiki/Web_3.0

Main keywords for Web 2.0 are openness, collaboration, dynamic, interactive, context sensitive services, third party content. Vast majority of the Web 2.0 doesn’t have a good business model behind it, although recently we have seen a bit more of the ones that do. There is also a tendency that services with a business model tend to move away from Web 2.0 ideology (openness, third party content, content sensitivity). I think that Google AdSense is the best example of Web 2.0 with a great business model.

But what comes next?

I’m not talking about major buzzword Web 3.0, but we may call it Web 2.5 at least . We are going to see business models behind wikis, podcasts etc, so that third parties would also be able to earn revenue. We already have some great examples in that field, but this will become a MUST feature in near future. I believe that creating opportunities for third parties is the next phase in the web and it is almost here.

Context sensitivity, third party content and long tail are creating opportunities for everyone who has ideas, knowledge and will to do something. Everyone will be able to benefit from their knowledge and experience, and what’s most important – the business doesn’t have any borders or limits. One is definitely sure, mobile services are involved as well.