Web3 (also known as Web 3.0)[1][2][3] is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.[4] This is distinct from Tim Berners-Lee's concept of the Semantic Web. 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.[5] The term "web3" was coined in 2014 by Ethereumco-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.[5][6] The concepts of web3 were first represented in 2013.[7][8]
Critics have expressed concerns over the centralization of wealth to a small group of investors and individuals,[9] or a loss of privacy due to more expansive data collection.[10]Billionaires like Elon Musk and Jack Dorsey have argued that web3 only serves as a buzzword or marketing term.[11]
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