Web3

Web3 is a term used to describe a set of ideas for a new era of the World Wide Web that prioritizes decentralization and user sovereignty. Proponents argue that by using blockchain-based protocols and open standards, individuals can own and control their data, digital assets, and identities, reducing dependence on centralized platforms characteristic of Web 2.0.

Core technologies include blockchain networks, smart contracts, decentralized storage, and self-sovereign identities. Web3 applications, often called decentralized applications (dapps), run on open, permissionless protocols and communicate through programmable tokens. Governance and economics are often tied to native tokens, which can be used for voting in decentralized autonomous organizations (DAOs) and for participating in decentralized finance (DeFi).

Common components include non-fungible tokens for unique assets, decentralized storage systems (such as IPFS and Filecoin), and interoperable identity frameworks. The aim is to enable seamless cross-platform interactions without relying on single intermediaries.

Critics question whether Web3 achieves true decentralization at scale, noting concerns about energy use, security, user experience, and regulatory uncertainty. Some projects face centralization through venture capital structures or platform lock-in, and the term itself is sometimes used as a marketing label for various blockchain initiatives rather than a cohesive technology stack.

As an evolving concept, Web3 lacks a single standard or governing body. Adoption is uneven across domains, with ongoing debate about practical benefits, trade-offs, and how Web3 technologies will coexist with existing Web 2.0 services.