Web3

<p>Web3 (also known as Web 3.0) is an idea for a new <a href="/facts/Iteration/AMc1p7BL">iteration</a> of the <a href="/facts/World_Wide_Web/wvnTrWFq">World Wide Web</a> which incorporates concepts such as <a href="/facts/Decentralized_web/yTyRzHtx">decentralization</a>, <a href="/facts/Blockchain/8H43GgWy">blockchain technologies</a>, and token-based economics. This is distinct from <a href="/facts/Tim_Berners-Lee/JRv21mt9">Tim Berners-Lee</a>'s concept of the <a href="/facts/Semantic_Web/NFHo9dB7">Semantic Web</a>. Some technologists and journalists have contrasted it with <a href="/facts/Web_2.0/mn8W4Xnu">Web 2.0</a>, in which they say <a href="/facts/User-generated_content/StMc2PQH">user-generated content</a> is controlled by a small group of companies referred to as <a href="/facts/Big_Tech/n3mdHnMK">Big Tech</a>. The term "web3" was coined in 2014 by <a href="/facts/Ethereum/6RfpJ46R">Ethereum</a> co-founder <a href="/facts/Gavin_Wood/T34bJsfR">Gavin Wood</a>, and the idea gained interest in 2021 from <a href="/facts/Cryptocurrency/Rg6JAS8y">cryptocurrency</a> enthusiasts, large technology companies, and <a href="/facts/Venture_capital/yeH3m7zo">venture capital</a> firms. The concepts of web3 were first represented in 2013.
</p><p>Critics have expressed concerns over the <a href="/facts/Distribution_of_wealth/8k7fg8rU">centralization of wealth</a> to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Billionaires like <a href="/facts/Elon_Musk/GFgcp9Im">Elon Musk</a> and <a href="/facts/Jack_Dorsey/qnjYnDqH">Jack Dorsey</a> have argued that web3 only serves as a <a href="/facts/Buzzword/umj6poF9">buzzword</a> or marketing term.
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Web3 open-in-new

Web3