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Web 1.0 = Read Only, static data with simple markup
Web 2.0 = Read/Write, dynamic data through web services
Web 3.0 = Read/Write/Relate, data with structured metadata + managed identity
Some people say that web 2.0 is the network as a OS. By the time of web 3.0 we should have the web behaving more like a single application with many features then an OS with many apps.