What is Web3?

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Future’s internet could be web3. In other words we can call it ‘modern web’. For now, it is still being built and there is no precise definition yet.

Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporate concepts such as decentralization and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes 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.

Some experts argue that web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies. Others have raised concerns about a decentralized web, citing the potential for low moderation and the proliferation of harmful content, the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection.

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