Web3

Web3 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. The term is sometimes confused with the Semantic Web, as both have sometimes been referred to as "Web 3.0". 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 "web 3.0" as applied to blockchain technology 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. 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.