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Any web-based platofrm that contains user-generated content is called as web2. property. For example Wikipedia, hub-pages, Squidoo are called as web2.0 properties as they contain user generated contents that are written by people like you and me. These platforms are gaining huge traction and recognition these days because of their importance and reliability in the eyes of Google and other search engines. Since these platforms has a huge number of live traffic that makes them a central point of attraction for search engines like Google. Some of these platforms provide do-follow links while some don't. For example Squidoo provides do-follow link but hub-page don't. If these web2.0 properties are leveraged consciously and meticulously it can reap great benefits for your search engine ranking on search engine result page. Another important thing about these platform is that you can earn money by writing appealing and unique content on these platforms. These web2.0 platforms share a cut of their total ad revenue with the author or writer. So, these platforms have tremendous potential as far as online income is concerned.

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peterkeiller,

Google and Squidoo aren't very good friends anymore. They used to be, until people started exploiting Squidoo for backlinks. Ever since then Squidoo has been trying to keep up with Google's standards.

Hubpages does have do-follow links, your content just has to maintain a certain rating. That's why it pays to write quality content that people like.

Your post title is misleading, it looks like you already have a loose grasp of what Web 2.0 is, you're just posting to gain backlinks, I'm assuming? 

For all who were mislead by the title and want to know what Web 2.0 is:

Web 2.0 refers to the movement of user collaboration on the Internet. Websites aren't a one-way street anymore like they used to be. Now users interact with websites, create their own content, and actually have a say in how the sites they like operate. Social media is an aspect of Web 2.0 that fosters social interaction. Browsing the Web isn't a passive activity anymore, it's constant interaction. That's what Web 2.0 is.

If you're just now catching on to Web 2.0, it's already too late. The new trend is HTML5 and also happens to be a job industry that has grown 350,000% in just 2 years.

Web two.0 is the term provides to report a second generation of the universal that is focused on the ability for people to collaborate & share knowledge online. Web two.0 fundamentally refers to the transition from static HTML web pages to a more dynamic Web that is more organized & is based on serving Web applications to users.

The phrase Web 2.0 in the name of the Web 2.0 conference in 2004. At the time it was supposed to mean using "the web as a platform

Web 2.0 is the web standard for developing websites. This standard has been followed by social networking or sharing websites so many used to think of sites like Digg and Tumblr when they talk about web 2.0.

Web 2.0 describes a set of next-generation Internet technologies. These protocols and tools make it easier to create online applications that behave dynamically, much like traditional PC-based software. They're also highly social, encouraging users to manipulate and interact with content in new ways. Web 2.0 pushes computing power off the desktop and onto the Internet, which means less time and money spent on PC software administration. As a general rule, Web 2.0 tools are also less expensive than traditional software — and many are even free. Because they're Web-based, all you need to get started is an up-to-date browser.

 Web 2.0 basically refers to the conversion from static HTML Web pages to a more dynamic Web that is more organized and is based on serving Web applications to users.

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The concept of "Web 2.0" began with a conference brainstorming session between O'Reilly and MediaLive International. Dale Dougherty, web pioneer and O'Reilly VP, noted that far from having "crashed", the web was more important than ever, with exciting new applications and sites popping up with surprising regularity. What's more, the companies that had survived the collapse seemed to have some things in common. Could it be that the dot-com collapse marked some kind of turning point for the web, such that a call to action such as "Web 2.0" might make sense? We agreed that it did, and so the Web 2.0 Conference was born.

Web 2.0 basically refers to the transition from static HTML Web pages to a more dynamic Web that is more organized and is based on serving Web applications to users. Other improved functionality of Web 2.0 includes open communication with an emphasis on Web-based communities of users, and more open sharing of information. Over time Web 2.0 has been used more as a marketing term than a computer-science-based term. Blogs, wikis, and Web services are all seen as components of Web 2.0.

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Web developers, designers, bloggers, and even major media outlets have been abuzz with talk of "Web 2.0" this year. Though the term bears the familiar version number so often attached to software products, it doesn't actually refer to any one technology. Rather, Web 2.0 is the moniker for an emerging set of Internet-based tools and an emerging philosophy on how to use them.