What is web3? (Published 2022)

Web3 will replace centralized platforms with open protocols and decentralized, community-run networks, combining the open infrastructure of web1 with the public participation of web2.

Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies like Bitcoin and Ether.

A web3 version of Facebook could allow users to monetize their own data, or even earn crypto “tips” from other users for posting interesting content. A web3 Spotify could allow fans to buy “stakes” in up-and-coming artists, effectively becoming their patrons in exchange for a percentage of their streaming royalties. A web3 Uber could be owned by th... See more

Web3 is an essential part of the metaverse, because it would allow for the creation of metaverses that aren’t controlled by a single company or governed by a single set of rules.