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Taken from http://en.wikipedia.org/wiki/Web_2.0 :
“Web 2.0″ refers to what is perceived as a second generation of web development and web design. It is characterized as facilitating communication, information sharing, interoperability, User-centered design[1] and collaboration on the World Wide Web. It has led to the development and evolution of web-based communities, hosted services, and web applications. Examples include social-networking sites, video-sharing sites, wikis, blogs, mashups and folksonomies.