What is Web3?

Summary. Web3 is being touted as the future of the internet. The vision for this new, blockchain-based web includes cryptocurrencies, NFTs, DAOs, decentralized finance, and more. It offers a read/write/own version of the web, in which users have a financial stake in and more control over the web communities they belong to.

Is Web3 the future of the Internet?

The New York Times reported that several investors are betting $27 billion that Web3 "is the future of the internet". Some Web 2.0 companies, including Reddit and Discord, have explored incorporating Web3 technologies into their platforms.

How does Web3 democratize the Internet?

Web3 democratizes the Internet so that anyone can participate in these networks, run nodes, build DApps, and enjoy the services of Web3 no matter where, or who, they are. Aside from ushering in a more equitable version of the Internet, Web3 is also spurring the creation of some really exciting new technology.

Is Web3 a headache?

It sounds like a headache. Some people are sceptical about the Web3 utopia. “Web3 is introducing friction, without solving any real problem,” says Ten Oever. A lot of the claims behind Web3 – such as distributed architecture and decentralisation – are better achieved without blockchains, sceptics reckon.