What is Web3?
Web3 (also known as Web 3.0) is the next generation of the internet. It is a decentralized ecosystem that integrates the power of blockchain, non-fungible tokens (NFTs), crypto, and decentralized autonomous organizations (DAOs).
In Web3, all data and content are registered on the blockchain, tokenized, and managed in a decentralized peer-to-peer network without central oversight. This means that data cannot be arbitrarily changed as copies of it exist throughout the network. This is a significant improvement over the current generation of the internet (Web 2.0), where data is mainly stored in centralized systems.
The goal is to democratize the internet, put power back into the hands of content creators, and take control away from governments and corporations. Web3 will take many forms, including decentralized social networks.