Web 2.0 is a trend in the use of World Wide Web technology and web design that aims to facilitate creativity, information sharing, and, most notably, collaboration among users. (Link to a Short summary)
Why the Web 3.0 Matters and you should know about it
Semantic Web (Web 3.0)
From the O'Reilly School of Technology
writes:
In our initial brainstorming, we formulated our sense of Web 2.0 by example:
| Web 1.0 | | Web 2.0 |
|---|
| DoubleClick |
--> |
Google AdSense |
| Ofoto |
--> |
Flickr |
| Akamai |
--> |
BitTorrent |
| mp3.com |
--> |
Napster |
| Britannica Online |
--> |
Wikipedia |
| personal websites |
--> |
blogging |
| evite |
--> |
upcoming.org and EVDB |
| domain name speculation |
--> |
search engine optimization |
| page views |
--> |
cost per click |
| screen scraping |
--> |
web services |
| publishing |
--> |
participation |
| content management systems |
--> |
wikis |
| directories (taxonomy) |
--> |
tagging ("folksonomy") |
| stickiness |
--> |
syndication |
Like many important concepts, Web 2.0 doesn't have a hard boundary, but rather, a gravitational core. You can visualize Web 2.0 as a set of principles and practices that tie together a veritable solar system of sites that demonstrate some or all of those principles, at a varying distance from that core.

Figure 1 shows a "meme map" of Web 2.0 that was developed at a brainstorming session during FOO Camp, a conference at O'Reilly Media. It's very much a work in progress, but shows the many ideas that radiate out from the Web 2.0 core.
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