Computer scientist Gavin Wood invented the term Web3 to describe a newer, decentralised version of the internet powered by blockchain technology. The Web 3.0 era has only just begun, yet it is already resolving many of the problems plaguing previous internet versions. Web 3.0 prioritises privacy, transparency, data ownership, and digital identity solutions above the domination of the internet by a small number of corporations.
Overall, Web3 is driven by a decentralised network of nodes, as opposed to the previous two generations, which relied on centralised servers and client-server architecture. This network is sometimes called the "world computer" since it is globally spread and not controlled by a single body. Because of this, Web3 is often regarded as more secure, trustworthy, and robust than its predecessors. Moreover, since web3 is decentralised, it has the potential to offer users a higher level of privacy and anonymity.
With Web3, you are the owner of your data, which is saved in your cryptocurrency wallet. When you use other online platforms, the firm gathers and monetises your data, but when you use web3, you control your data and can decide how to use it.
If Web 3.0 lives up to its promise, it might result in tremendous economic and societal rewards. A really untrustworthy internet might put consumers in charge of their data, establish a new economy in which money flows directly to those who generate value and facilitate the development of new business models.