Web3

For the concept based around machine-readability, see Semantic Web. Not to be confused with Web3D.

Web3 (also known as Web 3.0 in some usage) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, tokenomics, and privacy-enhancing technologies. This is distinct from Tim Berners-Lee's concept of the Semantic Web. Some technologists and journalists have contrasted it with Web 2.0, in which they say user-generated content is controlled by a small group of companies referred to as Big Tech. The term "web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.The concepts of web3 were first represented in 2013.

Academic surveys describe Web3 as combining smart contract platforms, peer-to-peer networks, and cryptographic mechanisms, while noting trade-offs involving scalability, interoperability, and governance.

Critics have expressed concerns over the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Billionaires like Elon Musk and Jack Dorsey have argued that web3 only serves as a buzzword or marketing term.

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