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Web3

This article is about the concept of a World Wide Web based on public blockchains. For the concept based around machine-readability, also called Web 3.0, see Semantic Web.
Not to be confused with Web3D.

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] Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as "Big Tech".[5] The term "Web3" was coined in 2014 by Ethereum co-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][12][13]

  1. ^ Cite error: The named reference :8 was invoked but never defined (see the help page).
  2. ^ Alford, Harry (September 16, 2021). "Crypto's networked collaboration will drive Web 3.0". TechCrunch. Archived from the original on November 10, 2021. Retrieved November 9, 2021.
  3. ^ Khoshafian, Setrag (March 12, 2021). "Can the Real Web 3.0 Please Stand Up?". RTInsights. Archived from the original on March 12, 2021. Retrieved November 9, 2021.
  4. ^ Fenwick, Mark and Jurcys, Paulius, The Contested Meaning of Web3 and Why it Matters for (IP) Lawyers (January 27, 2022). Available at SSRN: SSRN 4017790 or http://dx.doi.org/10.2139/ssrn.4017790
  5. ^ a b Mak, Aaron (November 9, 2021). "What Is Web3 and Why Are All the Crypto People Suddenly Talking About It?". Slate. Archived from the original on November 9, 2021. Retrieved November 9, 2021.
  6. ^ Cite error: The named reference :7 was invoked but never defined (see the help page).
  7. ^ Bodrenko, Andrei I. (December 6, 2013). "METHOD OF ORGANIZING E-MAIL". Retrieved June 10, 2023.
  8. ^ Bodrenko, Andrei I. (October 24, 2013). "Video Calling System and Browser for I2P network". Retrieved June 10, 2023.
  9. ^ Cite error: The named reference :9 was invoked but never defined (see the help page).
  10. ^ Cite error: The named reference :11 was invoked but never defined (see the help page).
  11. ^ Cite error: The named reference :12 was invoked but never defined (see the help page).
  12. ^ "Jack Dorsey Stirs Uproar by Dismissing Web3 as a Venture Capitalists' Plaything". Bloomberg.com. December 21, 2021. Retrieved July 5, 2022.
  13. ^ Macaulay, Thomas (December 21, 2021). "Elon Musk and Jack Dorsey are right to raise concerns about Web3". TNW | Hardfork. Archived from the original on April 18, 2022. Retrieved April 18, 2022.

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